News

Riyadh Will Become Home To The Second Snap Creator Studio Globally

AR is expected to play a major role in making the metaverse come to life, and Snap could be an important player in the rapidly emerging successor to the internet.

Published

2 years ago

November 4, 2021

David Morelo

riyadh will become home to the second snap creator studio globally

Snap has announced that it will launch its second Snap Creator Studio in 2022, and the company chose Riyadh as its location.

The first Creator Studio was opened by Snap in Paris to support local creators in delivering experiences for Snapchat and provide publisher brands with a physical point of contact. The Riyadh location, the first of its kind in the region, will serve the same purpose.

Saudi Arabia was an easy choice for Snap because Snapchat has a monthly addressable reach of more than 19.5 million in the Kingdom, with 90 percent of its users being 13-34-year-olds, a demographic that advertisers see as highly attractive.

“The decision to open a Creator Studio in Saudi Arabia reflects the level of creativity we see on Snapchat amongst local users, the high levels of engagement on the app, and our desire to deepen the level of support that we can provide to the creator community and our business partners,” said Hussein Freijeh, General Manager for MENA at Snap.

Snap hopes that the Creator Studio will help attract talented content creators, Lens developers, and people interested in working on Snapchat Games, Minis, Layers, and other offerings. Drawing on its global network of creatives and technical experts, it will provide ample in-person and virtual skill-sharing opportunities.

“The new Creator Studio will thus help inspire the next generation of creators about the possibilities of using the Snap camera across the arts, education, media, and cultural sectors,” added Freijeh.

Also Read: SpaceX To Launch The Arab World’s Most Advanced Satellite In 2023

Inspiring the next generation of Snap creators shouldn’t be too difficult because over 80 percent of consumers in Saudi Arabia already believe that Augmented Reality (AR) will be both useful and important in the next five years, according to Snap’s own data.

Several major tech companies have very recently announced their push towards the metaverse, most notably Meta and Microsoft. AR is expected to play a major role in making the metaverse come to life, and Snap could be an important player in the rapidly emerging successor to the internet.

News

du Considers Adding Crypto & Investment Tools To New Service

The company plans to bridge gaps in one of the financial market’s most underserved demographics, according to its CEO.

Published

1 day ago

April 23, 2024

Nour Nasir

du considers adding crypto and investment tools to new service

The Emirates Integrated Telecommunications Company, better known as Dubai-based du, is contemplating incorporating cryptocurrency and investment tools into its recently launched financial technology platform, according to CEO Nicolas Levi.

According to Levi, the potential enhancements would enable improved portfolio management for investors. The new tools and features would be realized through future partnerships while continuing to adhere to strict UAE regulations.

“Cryptocurrencies are being used as an investment. Will we have an investment product one day potentially? I’m not saying no to that. Will we use crypto for our own transactions? There are some plans with the [UAE] central bank to work on that,” Levi said in a recent interview.

The UAE Central Bank does not currently recognize cryptocurrencies as legal tender. However, the regulator began implementing its own form of digital currency back in March 2023, known as Digital Dirham. Additionally, the UAE Central Bank’s endorsement of legitimate crypto enterprises for banking services underscores the Emirates’ commitment to addressing real-world financial needs.

Also Read: Lebanese Newspaper Builds AI President To Beat Political Crisis

du Pay, the company’s inaugural venture into the FinTech sector, had a soft launch earlier this month after UAE Central Bank authorization. Offering an array of financial services like domestic and international transfers, bill payments, recharges, and salary receipts through a unique IBAN, du Pay marks a significant strategic move by the telecom firm into the digital finance space.

The rising trend of mobile-based financial services in the UAE, including digital wallets and online payments, mirrors global trends. Statista projects the digital payments market to balloon to $16.7 trillion by 2028, at a CAGR exceeding 9.5% from 2024’s estimated $11.53 trillion.