News

Saudi Arabia Plans Digital Twins For 5 Cities, Including Mecca

The project involves the creation of a cloud-based platform that will become central to the Kingdom’s smart city project.

Published

9 months ago

October 25, 2023

Nour Nasir

saudi arabia plans digital twins for 5 cities including mecca

South Korean tech company Naver has signed a contract with the Saudi Arabian Ministry of Municipal, Rural Affairs and Housing (MOMRAH) to build and administer digital twins for five of the country’s biggest cities: Riyadh, Medina, Jeddah, Dammam, and Mecca.

The news comes after a visit from South Korean President Yoon Suk Yeol, who arrived in the Kingdom to discuss deepening economic ties, explaining that “If South Korea, which has cutting-edge technologies and a successful experience of industrial development, joins hands with Saudi Arabia, with its abundant capital and growth potential, we can create synergy stronger than any other nation”.

naver saudi arabia digital twin cities agreement

Naver has already signed a memorandum with MOMRAH to support Saudi Arabia’s digital transformation. Discussions have also taken place with Majed Al Hogail, Saudi Arabia’s Minister of Housing, on digitizing other aspects of city planning, transportation, and public safety.

The digital twin program reflects ongoing efforts to boost decision-making and improve digitization using AI, robotics, and cloud-based solutions. The project will be pivotal in the development of smart city infrastructure and will be used for a wide variety of tasks, including urban planning and flood monitoring.

Also Read: Saudi Arabia Launches Summer 2024 eSports World Cup

“Leveraging Naver’s globally competitive technologies, we aim to spearhead the second wave of export boom to the Middle East. With this project as a starting point, Naver will also act as a bridge for Korean IT startups entering the Middle Eastern market,” announced Chae Seon-ju, President of ESG and External Policy at Naver.

Korean company Naver emphasized that digital twins platform could become the foundation for numerous technologies and services in what could become a continually evolving project. South Korean and Saudi startups could also use the open platform cloud software for urban water management, real estate services, robotics, autonomous driving applications, and traffic planning.

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.