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Grey Group (WPP) acquires a majority stake in hug digital                                            

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Grey Group (WPP) acquires a majority stake in hug digital                                            

Grey Group has acquired a majority stake in hug digital – a leading independent regional digital marketing agency, based in the Middle East. Founded in 2009 by Oussama Jamal and Timothy Michael Baker, hug digital is one of the largest and fastest growing, 360°digital agencies in the MENA region.

The full extent of the services offered by hug digital encompasses handling their clients brands’ social assets, content creation, influencer marketing, digital products development, full-fledged digital campaigns, web and mobile app development (UX / UI), on-ground and digital activations, media planning & buying as well as digital research, analysis and social listening.

Headquartered in Dubai (UAE) and with offices in Egypt, India, Kuwait and Saudi Arabia, the agency has a headcount of 160+ full-time staff. Their impressive clientele list includes more than 70 international, regional and local brands such as;

  • Americana (Hardees, TGI Fridays, Krispy Kreme)
  • Al-Futtaim (Al Futtaim automotive group, Toyota, Honda, Lexus), Majid Al Futtaim (Ski Dubai, Magic Planet, iFly, Little Explorer, LEGO)
  • Commercial Bank of Dubai
  • Dubai Tourism
  • Alwaleed Philanthropies (KSA)
  • Rafal Real Estate (KSA)
  • Shell (Egypt & UAE)
  • Festival City Group (Egypt)
  • Sarai and Taj City by MNHD (Egypt)
  • Toys ‘R’ Us (Egypt)
  • Allianz (Egypt)
  • Emaar Misr (Egypt)

“We’re incredibly excited about our new partnership with Grey Group.” stated Oussama Jamal, Chairman of hug digital. He added, “As a team, we are very eager to take our digital know-how and intimate knowledge of digital in the MENA region and scale this with Grey Group. The acquisition means access to incredible resources that will enable our personnel to excel further and service our digital partners and brands even more.”

As chairman and CEO, Jamal and Baker will continue to head the hug digital operations whilst working closely with Nirvik Singh (Chairman and CEO, GREY GROUP, Asia Pacific, Middle East and Africa) to set the overall strategic digital direction and growth for the region.

The acquisition is expected to bring additional benefits to the clients of hug digital, including access to Grey Group’s vast offerings such as its in-house broadcast production facility, GreyWorks, its shopper-marketing agency, Grey DPI, and its highly-regarded creative and design technology company, Vinyl-i. Similarly, Grey Group’s clients from across the globe will benefit from the digital technology and local expertise of Hug Digital.

“Grey Group is rapidly establishing a strong leadership position in the MENA creative and digital space. The partnership with Hug Digital is an excellent strategic fit to lead with ground-breaking digital work especially as it has always been Grey’s commitment to constantly deliver quality value-added services to our clients. With this acquisition, we are heading in the right direction.” said Nirvik Singh, Chairman and CEO of Grey Group Asia Pacific, Middle East and Africa.

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Saudi Fintech Lendo Signs MOU with J.P. Morgan

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Saudi Startup Lendo Joins Forces with J.P. Morgan to Enhance SME Financing

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.

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TA Telecom Introduces AnteThink: A New AI Decision Support Tool

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**TA Telecom Introduces AnteThink: A New AI Decision Support Tool for Enhanced Decision-Making**

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.

TA Telecom Introduces AnteThink: A New AI Decision Support Tool for Enhanced Decision-Making

Credit: Antethink

AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.

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GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028

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GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028

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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