News

Oracle Is Planning To Build Two New Cloud Regions In Morocco

The data centers will be situated in Casablanca and Settat, bringing the global tech company’s number of MENA facilities to eight.

Published

2 months ago

May 30, 2024

Nour Nasir

oracle is planning to build two new cloud regions in morocco

Oracle is planning to open two new data centers in Morocco, which are expected to boost one of North Africa’s fastest-growing IT ecosystems and add to the influx of investments in the MENA technology scene.

The facilities are to be built in the capital, Casablanca, and the southern city of Settat. They will support digital transformation in Morocco and across North Africa while bringing the number of Oracle’s global cloud regions to 72. The company will offer dedicated, public, hybrid, and multi-cloud services to both enterprises and start-ups, as well as universities and government agencies.

“As one of the largest economies in Africa […] Morocco offers unique growth opportunities for businesses that are aiming to accelerate their expansion by deploying the latest digital technologies,” explained Richard Smith, executive vice president for technology in Europe, the Middle East and Africa at Oracle.

The rate of adoption for cloud services in the Middle East continues to grow, driven by a technology-savvy young consumer base and a rapidly evolving digital landscape. The technology sector in Morocco is one of Africa’s fastest-growing and is now a vital component of its economy.

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Overall, Morocco’s economy continued to strengthen last year, with real gross domestic growth expected to reach around 3.5% in the medium term.

“Oracle’s strategic investment marks a significant milestone in North Africa’s digital transformation journey,” noted Jyoti Lalchandani, regional managing director for the Middle East, Turkey, Africa, and India at market intelligence firm IDC.

Including the latest news about Morocco, Oracle’s MENA cloud regions have now increased to eight. In South Africa, the company has data centers in Johannesburg, and another is planned for Kenya. Meanwhile, the Middle East has centers in Abu Dhabi, Dubai, and Jeddah, with two additional facilities planned for the Saudi capital, Riyadh, and the high-tech city of Neom.

Related Topics:Cloud Computing Morocco Oracle

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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”.

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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.