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The Arab region's GDP rose by 1.8% to $3.6 trillion in 2024, driven mainly by growth in Saudi Arabia, the UAE, Egypt, Iraq, and Algeria, which account for over 72% of the total GDP. Looking ahead, a positive outlook for 2025 anticipates a growth rate of 2.9%, bolstered by increased oil production and major investments, particularly in Saudi Arabia under the Vision 2030 program.
A wave of investments is propelling the growth of startups across the MENA region, with significant funding rounds in fintech, healthcare, and e-commerce. Notable highlights include PayTabs acquiring a 51% stake in PayTabs Egypt, and Klaim raising $10 million to enhance medical insurance claims processing. Other startups like Motery and Longevity Wellness Hub are also securing funds to expand their innovative solutions in their respective sectors.
A wave of investments is propelling the growth of startups across the MENA region, with significant funding rounds in fintech, healthcare, and e-commerce. Notable highlights include PayTabs acquiring a 51% stake in PayTabs Egypt, Klaim raising $10 million for healthcare fintech expansion, and Aya securing $1.5 million for its modest fashion e-commerce platform. These developments reflect strong investor confidence in innovative business models and emerging technologies.
Valu has emerged as Egypt's leading financial super-app, boasting over 700,000 active users and launching co-branded credit and prepaid cards that achieved 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores.In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services. Companies like MyFatoorah and MNT-Halan are making significant strides, while cross-border expansion is anticipated, positioning the region for a robust future in the global fintech landscape.
Valu has emerged as Egypt's leading financial super-app, boasting over 700,000 active users and launching co-branded credit and prepaid cards that achieved 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores.In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services. Companies like MyFatoorah and MNT-Halan are making significant strides, while cross-border expansion is anticipated, positioning the region for a robust financial future.
The Financial Services Authority in Oman has mandated that all private hospitals and clinics offering insurance-backed services must connect to the Dhamani platform by the end of March, as per Ministerial Decision 83/2023. Failure to comply will result in removal from insurance company networks, hindering their ability to provide insurance-backed health services. Dhamani enhances health insurance technology by streamlining medical treatment approvals and payment processes.
The Financial Services Authority in Oman has mandated that all private hospitals and clinics offering insurance-backed services must connect to the Dhamani platform by the end of March, as per Ministerial Decision 83/2023. Failure to comply will result in removal from insurance provider networks, hindering their ability to offer insurance-backed health services. Dhamani enhances health insurance technology by streamlining medical treatment approvals and payment processes.
In June, the inaugural Asia Economic Summit will facilitate crucial dialogues on regional policies and the economic future. Meanwhile, Amazon is considering launching a standalone payments app in India to compete with Google Pay and PhonePe, leveraging its existing user base. In Qatar, Yuno's entry into the fintech market aligns with the country's ambitions to become a global fintech leader, supported by government initiatives and a growing demand for financial services among expatriates.
In June, the inaugural Asia Economic Summit will facilitate crucial discussions on regional policies and the economic and digital future. Meanwhile, Amazon is considering launching a standalone payments app in India to compete with Google Pay and PhonePe, leveraging its existing user base. In Qatar, US payment firm Yuno has established its regional headquarters, aligning with the country's ambitions to become a fintech leader, supported by government initiatives and a growing market for cross-border remittances.
Oman has introduced a new 'slabs' system for court fees, unifying costs for initial litigation and appeals based on the financial claim's value. This reform aims to lower litigation costs, particularly for small and medium-sized businesses, while enhancing the efficiency and transparency of the judicial process through the 'Qadaa' electronic portal. The changes are part of Oman's efforts to improve its judiciary's global standing and attract investment.
OMN
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Arab region GDP grows 1.8 percent to 3.6 trillion in 2024
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13:49 16.03.2025
mena startups secure significant funding to drive regional growth and innovation
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21:01 15.03.2025
mena startups secure significant funding to drive regional growth and innovation
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21:01 15.03.2025
fintech revolution in mena drives growth and innovation in 2024
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00:50 15.03.2025
fintech revolution in mena drives growth and innovation in 2024
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00:50 15.03.2025
hospitals face deadline to connect with new health insurance platform in oman
13:05 14.03.2025
hospitals and clinics face deadline to connect with new health insurance platform
13:05 14.03.2025
amazon explores standalone payments app in india to challenge competitors
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08:00 12.03.2025
amazon explores standalone payments app in india amid fintech growth in qatar
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08:00 12.03.2025
Oman introduces new court fee structure to enhance legal access and efficiency
18:43 10.03.2025
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