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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.
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.
Emotional triggers are increasingly influencing purchase decisions in the MENA region, particularly during Eid Al Adha, with campaigns that evoke feelings boosting sales by up to 70%. The online gifting market is projected to grow from $1.8bn to $6.38bn by 2030, driven by a tech-savvy population and mobile commerce, which accounted for 47% of online purchases in the UAE in 2024. Key gifting trends include a preference for electronics and home goods, with floral gifts, especially peonies, seeing significant sales increases.
In 2024/2025, six Arab countries, including five from the GCC, ranked among the world's top startup ecosystems, reflecting a surge in entrepreneurship amid regional challenges. The UAE leads globally for the fourth year with a score of 7.1, followed by Saudi Arabia (4th globally, 6.3), Bahrain (7th, 5.8), Oman (8th, 5.7), Qatar (11th, 5.6), and Jordan (18th, 5.0). These nations are enhancing their entrepreneurial landscapes through strategic reforms and initiatives, attracting significant investment in sectors like fintech and e-commerce.
The Arab world is rapidly emerging as a startup hub, with six nations ranking among the top global ecosystems for 2024/2025, driven by government initiatives and a focus on sectors like fintech and e-commerce. The UAE leads with a score of 7.1, followed by Saudi Arabia at 6.3, benefiting from Vision 2030 reforms. Bahrain, Oman, Qatar, and Jordan also show significant progress, highlighting the region's entrepreneurial potential.
Cisco Systems' executive vice president now owns 191,184 shares valued at approximately $11.6 million after a recent sale, which decreased their position by 1.07%. Over the past 90 days, insiders sold 14,635 shares, while institutional investors hold 73.33% of the stock. Analysts have raised Cisco's price target to $73.00, suggesting a potential upside of 14.74%. The company reported earnings of $0.96 per share, exceeding estimates, and announced a $15 billion share repurchase plan, indicating management's belief in the stock's undervaluation.
Rosenblatt Securities raised ANSYS's target price from $335 to $340, maintaining a "neutral" rating. Deutsche Bank AG reduced its stake in the company by 24.2%, while various hedge funds adjusted their holdings. ANSYS reported a quarterly EPS of $1.64, missing estimates, with revenue of $504.89 million, an 8.2% increase year-over-year.
Calo, valued at $250 million, is set to expand into the UK market, integrating Fresh Fitness Food and Detox Kitchen customers by May 2025. The company aims to offer customizable, ready-to-eat meals and plans further European and U.S. expansion, targeting health-conscious consumers. Meanwhile, Maza Ventures, a new Jordan-based seed fund, focuses on supporting deeptech startups from the MENA region, emphasizing transparency and a founder-first approach in its investment strategy.
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global islamic finance assets reach 3.9 trillion with strong growth in 2024
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