News

Sheikh Hamdan Says Amazon Is Vital To Dubai’s Digital Growth

The eCommerce powerhouse will feature 100,000 small and medium enterprises by 2026.

Published

1 year ago

March 15, 2023

Nour Nasir

Amazon

Amazon currently displays 50,000 local and international retailers on the Amazon.ae arm of its website but intends to double this figure by 2026, spotlighting 100,000 small and medium businesses while offering training and qualifications to help launch applications on digital platforms.

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, applauded Amazon’s announcement, which fits well with the UAE’s plans for digital economy expansion.

sheikh hamdan amazon dubai digital economy expansion

“Dubai has positioned itself as a thriving center for the digital economy [and] I welcome Amazon’s plans to showcase 100,000 businesses, including local SMEs, on Amazon.ae by 2026,” said Sheikh Hamdan on Twitter.

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The initiative would give Emirati companies a global platform, aligning with the Dubai Economic Agenda D33 aim to double the size of the economy over the next ten years, transforming Dubai into one of the world’s top three global cities.

Amazon’s announcement will offer UAE entrepreneurs a broader reach to worldwide markets, putting their products in front of 300 million customers. Business owners will also be able to outsource fulfillment to Amazon, alleviating any potential shipping headaches.

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”.

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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.