News

IDC To Explore Future Of Saudi Digital Economy At CIO Summit

The event will take place at the Fairmont Riyadh on September 13-14 and bring together IT and telecom leaders, digital pioneers, and industry thought leaders.

Published

12 months ago

August 15, 2023

Joanna Melki

idc to explore future of saudi digital economy at cio summit

Spurred by an influx of foreign investment and a $7 trillion development plan for Saudi Arabia’s giga projects, ICT spending in the Kingdom is set to top $34.5 billion this year. The government sector will be the country’s largest IT spender in 2023, with the budget for AI, IoT, cybersecurity, and data analytics exceeding $574 million.

These issues will sit at the heart of this year’s IDC Saudi Arabia CIO Summit, taking place at the Fairmont Riyadh on September 13-14. Under the theme of “Enabling the Digital Economy’s Leaders”, the event will bring together IT and telecom leaders, digital pioneers, regulators, and industry thought leaders. A panel of expert speakers will discuss the current state of the Saudi digital economy, assessing its impact on citizens, customers, and employees while outlining best practices and strategies to drive future success.

“To harness the full potential and widespread benefits of the digital economy, governments and businesses must implement strategies to measure and cultivate it,” said Jyoti Lalchandani, IDC’s group vice president and regional managing director for the Middle East, Turkey, and Africa. “Creating regulatory environments and nurturing talent will be critical to success. Today, technology plays an ever-increasing role in enabling, measuring, and reporting on sustainability initiatives and diversity and inclusion drives, with government and business leaders prioritizing these issues on their digital agendas”.

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IDC chief research officer, Meredith Whalen, will open the summit with a keynote titled “Strategies for the CIO and Enterprise Innovation”, where she will highlight IDC’s latest research on the move toward industry ecosystem innovation and tech decentralization.

“CIOs are no longer just technology leaders,” says Whalen. “They are strategic partners who have a critical role to play in driving enterprise-wide growth, and it is important that they fully understand what needs to be done now and in the future to create an environment for long-term sustainable innovation. The IDC Saudi Arabia CIO Summit is the perfect place for CIOs to learn from their peers, network with industry leaders, and get the insights they need to succeed in the digital age”.

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

1 day 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.