News
El3ab.com unleashes its new portal, receives EGP 2M investment from A15
El3ab, Egypt’s classic gaming hub, relaunches its portal with more games and with its first ever app based game “Estimation Kings,” with investment from A15, to reconnect with its loyal fan base.
Since its birth, El3ab grew rapidly to become the region’s leading gaming hub thanks to a base of highly engaged and loyal gamers. Yet, as the market changed, El3ab did not manage to keep pace with competitors who catered to increasingly more sophisticated gamers. The flash games El3ab relied on were no longer sufficient to keep El3ab’s fan base engaged. This lack of innovation cost El3ab dearly.
To help El3ab regain its position as the Middle East’s gaming hub, the team had to step-up their game; they upgraded the portal and all the portal’s games to HTML5 and partnered with other renowned gaming hubs and featured their games on the portal as well as a way to offer their fan base more options. “The goal is to re-engage El3ab’s loyal fan base and attract new ones with a look and feel that is not just hip and friendly, but also more diverse.” Said Assem Emam, El3ab’s General Manager.
When A15, the leading technology investor, first started working with El3ab, the team quickly realized the vast potential of El3ab and committed to updating the portal and its games to adapt to the latest technology. “El3ab is a potential sleeping giant and it’s high time we [A15] gave it some attention and gave its loyal customers the quality experience they deserve.” Said Tamer Azer, A15’s Investment and Venture Development Director. “A15 will support El3ab’s new team both through a direct 2M EGP investment and through our venture development arm and help it grow through our network of portfolio companies that have 16 offices across the MENA region.” Added Tamer.
Alongside its relaunch of the portal, El3ab’s team wanted to launch its first app based game to further re-engage their loyal fan base and they believed that Estimation would be their best bet to make that happen. “This decision was based on what research told us people in the region and abroad wanted and El3ab’s long history of card gaming experience.” Said Assem Emam. Despite the game’s huge popularity among millions of youth, game developers ignored releasing a high quality version with specs to cater to today’s youth. And that is precisely why El3ab decided to introduce the all new “Estimation Kings.”
“Estimation Kings” is El3ab’s first new release that operates on all devices using different operating systems. The game is similar to some renowned card games such as Spade and Jacks yet with more challenge built into it. We believe that Estimation kings will jumpstart the market with its state of the art user experience. It is El3ab’s first child that has received due care and attention in its upbringing.
It is projected that the revenues generated by the gaming industry in the MENA region will reach $3.2 billion in 2016 compared to over $70 billion globally, according to Lebanon’s Telecommunications Minister Boutros Harb.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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