News
‘VO’ acquires majority stake in Kuwait’s ‘Duwaween Games’
VO, the first Kuwait-based integrated youth platform for incubating young talents, has signed an agreement to acquire a majority stake in ‘Duwaween Games’, a Kuwaiti games mobile application that was recently valued at USD 3.6 million in its first round of funding (Series A).
Founded by Her Excellency Sheikha Ohoud Salem Al Ali Al Sabah in collaboration with Ms. Riham Al Ayyar. Aiming to support Kuwaiti entrepreneurs and young talents.
VO Kuwait announced that the mobile app has a strong potential in rapidly integrating the digital entertainment industry because of its unique high-tech setup that digitalizes Arab traditional games and features it to today’s modern younger population.
Series A Funding
This landmark acquisition came as a strategic move by VO Kuwait to enable Duwaween’s evident traction and consolidate its market position through an ambitious plan that targets various markets in the region and diversifies the cultural games featured in the app.
The deal was one of the most important and initial investments in the smart mobile application because VO Kuwait’s role will go beyond the traditional investor role. Given the magnificent success that VO Kuwait has achieved since its launch in 2021, VO will also provide strategic business and consultancy support to Duwaween to transfer its expertise in the field and contribute to the evolution of the app.
Launched in 2019 by Kuwait Net, an IT innovation company, Duwaween Games was initiated in the market as ‘Koot Posta’. The app since then went through a series of developments and has evolved due to a fruitful partnership that was conducted between Kuwait Net and a Kuwaiti Entrepreneur, Mr. Dawood Maarafie.
Following this partnership, the smart mobile application has integrated the Saudi market through various traditional games such as ‘Al Balout’ and the ‘Hand Game’. Accordingly, Duwaween has quickly gained the demand of young Arab users as well as women in the Gulf market.
Strategic incubation and business support
“Approached by many ideas and potential entrepreneurs, Duwaween Games has definitely caught our attention given its strong potential in crossing various markets in the region and the evident success it showed in the past few years. Amongst other initiatives acquired by VO, we are hopeful that our partnership with Duwaween will result in a spectacular evolution in its market presence and we look forward to contributing to its next stage of growth,” stated Ms. Riham Al Ayyar, CEO of VO, while commenting on the deal.
In her statement, Ms. Al Ayyar stressed VO Kuwait’s commitment towards supporting young talents and potential startups signaling increasing size of success such as Duwaween. She also explained that the acquisition came after a thorough study of Duwaween’s business plan and added: “We are joining efforts with Kuwait Net to execute the innovation and expansion plan of the app. Our goal is to integrate markets beyond Kuwait and fill in a market gap by introducing an Arab ingredient to this profitable sector. Through Duwaween’s rapid success, the need for Arab users to join digital platforms that reflect their cultural and Arab heritage in digital games was clear and our partnership came as a response to this need.”
Future plans and developments
Representing the app’s shareholders and Kuwait Net, Mr. Dawood Maarafie, a Kuwaiti entrepreneur and one of the main shareholders of Duwaween Games, praised the efforts of VO Kuwait in supporting Duwaween and its interest in revolutionizing the smart mobile application in its next stage of business and market growth. Mr. Maarafie also expressed his gratitude to Kuwait Net, the foundational player in the establishment and success of the application during the past few years.
In his statement, Mr. Maarafie said: “The next phase of Duwaween will witness a tremendous change in its business journey. We are confident that the partnership between Kuwait Net and VO Kuwait will lead the application to another level of success and market growth. The application has shown a strong potential since 2019, in a few years we were able to integrate various markets and gain a diverse range of users. Having VO on board will definitely support our ambitious plans in leading various markets and become the number one Arab digital game application in our region.”
He also revealed that there are key developments currently happening to the application as a preparation for the upcoming holy month of Ramadan, a peak time for the app users. In addition, the shareholders of the application are planning for another round of investment to expand the app’s base of shareholders and fulfill its business and expansion plan.
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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