News
Dubai Starts App Development Program To Train 1,000 Emiratis
The scheme, called “Create Apps in Dubai” should triple the number of app creators by 2025.
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On Wednesday, Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, launched a new ecosystem for developing digital applications and growing the pool of local talent within the emirate.
The scheme, known as Create Apps in Dubai, aims to transform Dubai into one of the world’s “most attractive destinations” for business opportunities. By 2025, the program should also have trained over 1,000 Emiratis and tripled the number of app creators. Additionally, 100 new national app projects will become available in digital stores over the next two years.
“The exponential growth of digital applications and platforms has created a new global competition for technological leadership. Dubai seeks to be at the forefront of this global race by providing a platform for fostering the development of 1,000 highly-skilled UAE nationals whose ideas and innovation will create a vibrant applications sector in Dubai,” says Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Dubai is seeking to solidify its position as a global capital of the digital economy, with the Dubai Economic Agenda (D33) plan preparing to help 30 private companies achieve $1 billion in value.
Also Read: ChatGPT Is Accelerating The AI Revolution In The Middle East
With global smartphone sales exceeding $448 billion and 2 million new apps and games created in 2021 alone, the sector represents a massive opportunity for investors, entrepreneurs and tech startups to thrive.
Create Apps in Dubai will be overseen by the Dubai Chamber for Digital Economy, and support development plans to “empower UAE citizens to play key roles in realizing the country’s digital vision”, a recent statement said.
The UAE’s digital economy will be worth $140 billion by 2031, up from nearly $38 billion, according to recent figures from the Dubai Chamber of Digital Economy.
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.
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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.
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