News

Saudi Arabia To Require Individuals To Procure Social Media Ad Licenses

To avoid financial penalties, individuals publishing ads on social media platforms are required to obtain a license before October 1, 2022.

Published

2 years ago

August 5, 2022

David Morelo

saudi arabia to require individuals to procure social media licenses

Soon, it will be more difficult for individuals in Saudi Arabia to advertise on social media because the Saudi Arabian government has decided to make it mandatory for those publishing ads on social media platforms to obtain social media ad licenses.

“This move would contribute to regulate the advertising sector and digital content in the Kingdom,” said acting Minister of Media Dr. Majed Al-Qasabi.

One license will cost SR15,000 ($4,000), and it will be valid for three years. Applications will be accepted through the I’lam platform, and they will be available to all Saudi citizens living in the Kingdom or abroad as well as to the citizens of the Gulf Cooperation Council (GCC) states (Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates).

One Saudi influencer, Abdullah Al-Sabaa, has already applied for his license, and he said that the entire process took only a few minutes. Sabaa believes that the move will help regulate the advertising market on social media — something he sees as a positive development.

With each license come certain conditions and obligations that must be fulfilled. For example, license holders will be required to provide any data requested by the General Commission for Audiovisual Media, and they must stop advertising any content prohibited by a directive issued by the commission.

Also Read: Dubai’s Finance Strategy For 2026 Hopes To Achieve Financial Sustainability

To avoid financial penalties, individuals publishing ads on social media platforms are required to obtain a license before October 1, 2022.

The United Arab Emirates already requires individuals to obtain a similar license. The UAE license also costs $4,000, but it’s valid only for one year instead of three.

The global social media advertising market was valued at a little over $180 billion in 2021, and it’s estimated that it will reach $330 billion by 2025. What are your thoughts on social media ad licenses?

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.