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iMENA Group has successfully raised $135 million in a pre-IPO funding round, led by Sanabil Investments and other prominent investors. The funds will enhance iMENA's stake in its key businesses—OpenSooq, SellAnyCar, and Jeeny—while supporting expansion and operational synergies. The company has restructured as a Saudi Closed Joint Stock Company, positioning itself for a potential public listing.
Mati Carbon, a startup utilizing enhanced rock weathering, won the $50 million Carbon Removal XPRIZE for its innovative approach to carbon capture on small farms in India. The competition, backed by Elon Musk, aimed to find scalable solutions to remove atmospheric CO2, with Mati's method demonstrating significant potential for both carbon sequestration and agricultural benefits. The prize money will help expand their efforts to support farmers across the Global South, targeting a gigaton of carbon removal.
Saudi Arabia's economy is projected to grow by 3% in 2025, with an increase to 3.7% in 2026, according to the IMF. This growth outpaces the global average of 2.8% for 2025, while inflation is expected to remain stable at 2.1%. The Kingdom is set to outperform several Gulf neighbors, with Bahrain at 2.8% and Qatar at 2.4%.
Shares of JD.com and Meituan plummeted on April 22, 2025, amid rising competition in China's food delivery sector, with JD.com down 8.1% and Meituan 8%, marking a seven-month low. The fierce rivalry has led to price cuts and increased costs as both companies hire full-time couriers, contributing to a 25% stock decline since March 2025. As the market matures, Meituan is focusing on international expansion, while JD.com emphasizes domestic growth through aggressive subsidies and hiring strategies. Labor conditions are becoming a critical battleground, with both companies facing scrutiny over profitability and operational costs.
Indian nationals in Gulf states, despite comprising only a quarter of the diaspora, contribute nearly 40% of India's bank remittances, sending home $118.7 billion in the fiscal year 2023-24. This trend is driven by the nature of their migration, as many work alone to support families back home, often through informal channels that may significantly increase actual remittance figures. Experts predict that Gulf migration will remain significant for the next 15 to 20 years, despite shifts in remittance patterns from other regions.
Indian nationals in Gulf states, making up just over a quarter of the diaspora, contribute nearly 40% of India's bank remittances, totaling $118.7 billion in the fiscal year 2023-24. The majority work alone, sending money home to support families, with actual remittances likely higher due to informal channels. Despite a shift in remittance sources, Gulf migration is expected to remain significant for the next 15 to 20 years.
Indian nationals in Gulf states, despite comprising just over a quarter of the diaspora, contribute nearly 40% of India's remittances, sending home $118.7 billion in the fiscal year 2023-24. This significant share is attributed to their focus on work and saving, as many live alone and send money back to support families. The actual remittance figures are likely higher due to informal channels, with Gulf migration expected to remain strong for the next 15 to 20 years.
Seesaw is expanding into government-level education initiatives in the MENA region, providing data-rich dashboards and advanced assessment tools as governments invest in digitized education. Meanwhile, Turkish startup Boby.ai has raised $1.25 million to develop AI-powered mobile apps, leveraging gaming expertise to create user-friendly solutions. Additionally, Wafeq and Comfi have partnered to enhance SME financing in the UAE, enabling users to convert invoices into instant working capital.
Oil prices declined as concerns over the escalating US-China trade war threaten global economic growth and fuel demand. Brent crude fell to $64.54 a barrel, while US West Texas Intermediate dropped to $61.28, both losing about $10 since the start of the month. Analysts predict a modest rise in global oil demand in late 2025, with significant cuts in US oil rigs reflecting a cautious outlook amid the trade tensions.
GCC economies, having built resilience through reforms and diversification, must accelerate regional integration and expand ties with emerging markets to mitigate the long-term impacts of US tariffs. While short-term shocks can be absorbed, prolonged trade conflicts could expose structural weaknesses, particularly for hydrocarbon-dependent nations. Strengthening domestic demand and supporting SMEs are essential for navigating future challenges and enhancing economic stability.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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