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The global Islamic finance industry grew by 14.9% in 2024, reaching US$3.88 trillion in total assets, with significant contributions from Islamic banking, sukuk, and takaful. The sector is expanding into non-traditional markets, driven by fintech innovations and a positive outlook for growth, particularly in emerging economies. Projections indicate the Islamic fintech sector will exceed US$300 billion by 2027, with strong growth anticipated in sukuk and Islamic banking.
Nio is set to supply batteries to McLaren for its hybrid models, utilizing its in-house developed 4680 large cylindrical battery cells, with small-scale production starting next year. This collaboration is backed by CYVN Holdings, which has invested $3.3 billion in Nio and recently acquired McLaren's automotive business. Nio will also resume R&D on its 46105 battery cells and a 120-kWh battery pack in partnership with Forseven, aiming for mass production in the near future.
CoinDCX's Chief Technology Officer, Vivek Gupta, is set to resign by the end of June 2025 after five years with the company, which has faced a 45.27% profit drop amid regulatory challenges in India's cryptocurrency sector. The company is pivoting towards international markets, particularly the MENA region, to diversify revenue as it navigates declining trading volumes domestically. Despite these hurdles, CoinDCX is hiring for over 100 positions, indicating a commitment to growth and adaptation in a complex regulatory landscape.
Newborn Town Inc. has launched its global headquarters at Hong Kong Science Park, marking a significant step in its expansion strategy. The company, which has seen remarkable growth in the MENA region, attributes its success to targeted market focus and innovative AI solutions that have driven substantial revenue increases. Despite strong financial performance, Newborn Town's market valuation remains low, suggesting a disconnect between its achievements and investor perceptions.
UAE’s EIGHTClouds has secured $20M to enhance its F&B and hospitality sectors, reflecting the Arab world's rise as a startup hub amid global uncertainties. The UAE leads globally in entrepreneurship for the fourth year, supported by reforms and a projected 4.7% GDP growth in 2025. Other Arab nations, including Saudi Arabia and Bahrain, are also making significant strides in fostering entrepreneurial ecosystems.
Qatar-based ShipBee has secured $235K in pre-seed funding to develop an AI-powered logistics ecosystem amid a burgeoning entrepreneurial landscape in the Arab world. The Global Entrepreneurship Monitor highlights six Arab nations among the top startup ecosystems for 2024/2025, with the UAE leading globally for the fourth consecutive year, followed by Saudi Arabia and Bahrain. These countries are benefiting from strategic reforms and initiatives aimed at fostering innovation and economic diversification.
Transamerica Life Bermuda has received regulatory approval from the Dubai Financial Services Authority to operate in the Dubai International Financial Centre, enhancing its presence in the Middle East. This move allows the insurer, which specializes in life insurance for high-net-worth individuals, to tap into a growing financial ecosystem that includes over 125 insurance entities. Adnan Ladki has been appointed as Head of DIFC operations to spearhead regional engagement and expansion efforts.
BENEFIT has launched the fourth edition of its Masar Fintech Internship Programme, aimed at providing Bahraini youth with practical experience in the fintech sector. This year, 40 participants will receive advanced training and hands-on workshops, enhancing their skills and preparing them for the evolving demands of the industry. The initiative supports Bahrain’s Vision 2030 by fostering a knowledge-based economy through talent development.
Saudi Arabia's non-oil exports surged to SR80.72 billion in Q1 2025, with the UAE as the top destination at SR21.32 billion, reflecting a 33.91% increase. Imports also rose by 7.3% to SR222.73 billion, driven by machinery and electrical equipment. Overall merchandise exports declined by 3.2% due to a drop in oil exports.
Saudi Arabia's imports rose 7.3% year-on-year to SR222.73 billion in Q1 2025, with machinery and electrical equipment leading at SR57.40 billion. Non-oil exports also increased by 13.4% to SR80.72 billion, driven by strong demand from the UAE, China, and India, aligning with Vision 2030 goals for economic diversification.
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global islamic finance assets reach 3.9 trillion with strong growth in 2024
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