Finance World Magazine| Edition: October 2024
This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East." Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE. In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.
This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East."
Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE.
In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.
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Funding & Investment News<br />
UAE Climate Tech Coral<br />
Secures $3M Funding<br />
Coral, a pioneering UAE-based<br />
climate tech startup focused on<br />
carbon emission management and<br />
offsetting solutions, has successfully<br />
closed its seed funding round at AED<br />
11M. The funding was spearheaded<br />
by a group of experienced tech investors<br />
with a combined 40 years in the<br />
industry. Coral’s AI-driven platform<br />
streamlines carbon data collection,<br />
footprint evaluation, reporting, and<br />
offsetting, enabling businesses to<br />
manage their emissions effectively.<br />
The platform allows e-commerce<br />
companies to integrate a one-click<br />
offset option at checkout, enhancing<br />
the sustainable shopping experience<br />
for customers. Coral aims to scale its<br />
operations and enhance its team to<br />
promote carbon neutrality globally.<br />
Its Emissions Management System<br />
is live for various clients, including<br />
partnerships with international climate<br />
organisations, positioning Coral for<br />
significant impact in the expanding<br />
carbon market.<br />
UAE Bonds and Sukuk<br />
Raise $6.8B, Boosting<br />
Investment Appeal<br />
The UAE Ministry of <strong>Finance</strong> announced<br />
the successful raising<br />
of AED 25B ($6.8B) through<br />
government bonds and dirham-denominated<br />
Islamic Treasury Sukuk<br />
programmes initiated in 2022. By the<br />
end of August, these programmes had<br />
attracted significant investor interest,<br />
underlining the UAE’s status as a competitive<br />
global investment hub. To date,<br />
the ministry has issued AED 11.2B in<br />
government treasury bonds and AED<br />
13.8B in Islamic sukuk. Additionally,<br />
in May, the ministry repaid AED 4.85B<br />
in two-year treasury bonds, reducing<br />
the total outstanding bonds to AED<br />
6.35B. In the first half of <strong>2024</strong>, the<br />
UAE emerged as the second-largest<br />
issuer in the Gulf Cooperation Council<br />
bond market, raising $20.6B through<br />
65 issuances, an increase from $15.4B<br />
and 58 issuances the previous year.<br />
This robust activity reflects the UAE’s<br />
initiatives to enhance its financial<br />
market landscape.<br />
MENA HR Venture Cercli Secures $4M in Seed<br />
Funding Led by Afore Capital<br />
Cercli, an HR tech startup based in<br />
the MENA region, secured $4M<br />
in seed funding, led by Afore<br />
Capital in its first MENA deal. The<br />
funding, drawn from Afore’s $150M<br />
fund III, also saw participation from<br />
COTU Ventures, Y Combinator, Rebel<br />
Fund, and prominent figures from<br />
leading regional unicorns like Kitopi<br />
and Careem. Cercli, co-founded by<br />
Akeed Azmi and David Reche, aims to<br />
simplify payroll and HR management<br />
across MENA, addressing the region’s<br />
$2B payroll market, where compliance<br />
issues and human error drive up costs.<br />
By offering a unified platform, Cercli<br />
enables businesses to handle payroll,<br />
HR, and contractor management seamlessly.<br />
Since its early <strong>2024</strong> launch, the<br />
company has seen 25% monthly growth<br />
and processed over $23M in employee<br />
salaries across 31 countries, reinforcing<br />
its rapid expansion.<br />
UAE-based Web3 Streaming Platform Myco<br />
Secures $10M in Series A Funding<br />
UAE-based Web3 streaming<br />
platform myco secured $10M<br />
in its Series A funding, with<br />
contributions from prominent venture<br />
investors across MENA, North America,<br />
and Europe. Notable participants<br />
include Daman Investments, Aptos<br />
Labs, B Digital, Mocha Ventures, and<br />
Enjinstarter. The funding round also<br />
attracted strategic angel investors and<br />
88 accredited investors via Republic.<br />
com. This capital injection, raised at<br />
a post-money valuation of $80M, was<br />
facilitated by Daman Investments and<br />
Republic Crypto. Myco recently reported<br />
its first profitable year, with an<br />
EBITDA of $1M and revenue of $7.5M<br />
for the 2023-24 fiscal year. Additionally,<br />
myco announced a multimillion-dollar<br />
partnership with Aptos Foundation,<br />
aiming to relaunch its native utility<br />
token on the Aptos Blockchain in Q4<br />
<strong>2024</strong>, alongside a wallet infrastructure<br />
migration.<br />
Tariq Khan, Former Shuaa Capital Chief, Invests<br />
in Irish Firm Quintas<br />
Former Shuaa Capital CEO Fawad<br />
Tariq Khan has announced his<br />
new venture, Exnite, with a<br />
significant investment in Irish firm<br />
Quintas Capital, acquiring a 17% stake.<br />
Following his resignation from Shuaa<br />
Capital in 2023, Tariq Khan highlighted<br />
this multi-million euro deal as<br />
a strategic opportunity to leverage<br />
Quintas’s established presence and<br />
expertise in the Irish market. This<br />
marks his second major initiative after<br />
founding AI company Agentplex with<br />
ex-SHUAA MD Jassim Alseddiqi and<br />
entrepreneur Anand Chhatpar. Tariq<br />
Khan will join Quintas’s board alongside<br />
Kevin MacSweeney, the former<br />
chief investment officer of Broadlake.<br />
Established in 2022, Quintas Capital<br />
focuses on equity investments for<br />
high-net-worth clients and advises the<br />
Employment Investment and Incentive<br />
Scheme (EIIS) Innovation Fund, which<br />
offers tax relief for SME investments<br />
in Ireland.<br />
74 www.thefinanceworld.com Oct <strong>2024</strong>