Spinneys' shares soared 11% on Dubai Financial Market debut
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Spinneys' shares soared 11% on Dubai Financial Market debut
Spinneys' stock experienced an 11% surge upon its debut on the Dubai Financial Market. During its first day of trading, the company's shares climbed by as much as 11%, ultimately settling with a nearly 5% increase at $0.44.
Opening at $0.46, surpassing the initial offering price of $0.42, the IPO managed to generate $375 million in funds after attracting orders totaling over $19 billion.
This achievement stands as a rare feat for a private family-owned enterprise in Dubai. This successful listing represents the third prosperous IPO in the UAE this year, following the successful debuts of Parkin and Agility Global.
Qsalary and Itqan Capital partner to launch an investment fund worth $80M
Qsalary and Itqan Capital have joined forces to introduce an investment fund totaling $80 million. This fund, valued at 300 million Saudi Riyals, presents unique investment prospects for individuals aiming for financial advancement coupled with security and transparency.
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Qsalary provides a digital platform and app designed to facilitate expedited salary payments, thereby alleviating financial pressures and decreasing administrative expenses for businesses. Currently operational in Saudi Arabia and Egypt, Qsalary intends to broaden its reach to Gulf Cooperation Council countries in the near future through collaborations both locally and internationally.
Egypt aims to convince Apple to build a factory in the country
A stark warning has been issued by Sameer Abdullah Naas, president of the Union of Arab Chambers. He predicts that Artificial Intelligence (AI) could eliminate close to 40% of back-office jobs worldwide, with a significant impact on the Arab world. Naas emphasizes the need for a multi-pronged approach. Governments, educational institutions, and the private sector must work together to reskill the workforce and prepare future generations for an AI-driven job market. Adapting educational systems and fostering public-private partnerships are essential steps to navigate the challenges and opportunities presented by this technological revolution.
Egypt-based MNZL raises $3.5M Seed led by P1 Ventures
MNZL, a company based in Egypt, has secured a $3.5 million Seed funding round, with P1 Ventures taking the lead. Established in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL offers a platform allowing users to convert their assets, such as homes and cars, into liquidity for their projects and needs.
The funding round saw contributions from P1 Ventures, Localglobe, and Ingressive Capital. Furthermore, additional support came from 500 Startups, Flat6Labs, First Circle Capital, ENZA Capital, Beenok, and various angel investors. With this infusion of capital, MNZL plans to enhance its technology and expand its operations, thereby empowering more Egyptians.
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