News

BMW To Test Its iX5 Hydrogen Model In The Middle East

In spring 2023, BMW will debut the small-series hydrogen-powered demonstrator vehicle with a view to enabling carbon-free mobility in the region.

Published

2 years ago

December 9, 2022

Nour Nasir

bmw to test its ix5 hydrogen model in the middle east

BMW

The BMW Group has begun the manufacture of a small-series hydrogen-powered car, known as the iX5 Hydrogen model, with work taking place at the firm’s Munich Research and Innovation Centre.

The car will be the first Sports Activity Vehicle (SAV) to feature this futureproof fuel source after a successful round of intense hydrogen fuel cell testing in demanding conditions. Once ready, the iX5 Hydrogen will head to the Middle East in the spring of 2023, where it will become a technology demonstrator of carbon-free mobility.

As for the car itself, the iX5 Hydrogen features an electric motor and high-performance battery positioned in the rear axle, using the same BMW eDrive technology that can also be found in the company’s electric and plug-in hybrid models.

bmw ix5 hydrogen engine

Across the Middle East, clean energy adoption has become a strategic priority, with several countries aiming for net-zero emissions targets by 2050. As part of a more significant push into alternative energy sources, the region aims to capture a large portion of the global hydrogen market.

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“Hydrogen is a versatile energy source that has a key role to play as we progress towards climate neutrality,” says Frank Weber, board member of BMW AG.

The charging infrastructure for typical electric vehicles isn’t uniformly spread across the Middle East, where, for obvious reasons, petrol still dominates as a fuel source. BMW’s hydrogen fuel cells are highly desirable in these kinds of scenarios, as they allow faster fueling and longer ranges than a typical EV could achieve.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.