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UMG And DGMC Collaborate To Establish “Music City” In The UAE
The partnership hopes to bolster the Middle East’s music community and promote industry growth with cutting-edge facilities and education academies.
In a significant move for the local music industry, Universal Music Group (UMG), a global leader in music-based entertainment, and DGMC, an emerging creative facility and global destination, have unveiled a strategic collaboration aimed at bolstering the music community in the Middle East.
The partnership aims to cultivate a vibrant and sustainable music ecosystem, with its flagship project, “Music City”, set to be established in the UAE. The initiative will serve as a regional center catering to both local talents and international artists and songwriters.
The collaboration includes the establishment of cutting-edge recording studios, the launch of educational academies, and the introduction of a comprehensive label dedicated to supporting local and regional artists across various facets of their careers, including recording, touring, branding, and merchandising.
At its core, the UMG-DGMC partnership is committed to fostering growth and nurturing the talents of artists and songwriters in the region, with a focus on unlocking their creative and commercial potential.
Rasha Khalifa Al Mubarak, Chairwoman of DGMC, expressed excitement about the partnership, stating, “We are thrilled to partner with UMG, the world’s leading music group, on this unique and exciting endeavor. Building a state-of-the-art music infrastructure and providing industry services to support aspiring musical artists is critical to our leadership’s vision to promote culture and the arts”.
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Adam Granite, Executive Vice President of Market Development at Universal Music Group, added: “We have long recognized the potential in the Middle East and are incredibly proud to be working with world-class partners like DGMC. We share their excitement and vision to harness this potential and nurture the next generation of recording artists and songwriters. Our partnership will create a powerful platform for the incredible talent in the region and accelerate their careers at home and abroad”.
To make “Music City” a massive success, ambitious development plans include the construction of three new Capitol Studios recording studios, marking the first-ever expansion of Capitol Studios outside of Hollywood. These studios will feature cutting-edge facilities such as Dolby Atmos mixing rooms, recording studios, green rooms, writer’s rooms, and rehearsal studios. Additionally, a range of immersive music experiences for fans is in the pipeline.
News
Paymob Extends Series B Funding To $72M Amid Continued Growth
The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.
Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.
The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.
This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.
Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.
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The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.
Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.
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