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Kaspersky has identified GriffithRAT, a sophisticated malware targeting the global fintech sector, with confirmed victims in the UAE, Egypt, Türkiye, and South Africa. Distributed via Skype and Telegram as deceptive financial documents, it enables attackers to extract sensitive information, including login credentials and keystrokes.This malware is linked to cyber mercenary activities, highlighting the increasing professionalism and commercialization of cyber threats. Kaspersky advises users to exercise caution when downloading files and to enhance their cybersecurity awareness through training and strong authentication measures.
Turkish authorities have detained 13 individuals, including Papara's founder Ahmet Faruk Karslı, amid allegations of money laundering and illegal betting activities linked to the fintech company. The investigation revealed that over 26,000 accounts were used for illicit online betting, with transactions totaling approximately 12.9 billion lira (around US$330 million). In response, the central bank has imposed temporary transaction limits on Papara and appointed the Savings Deposit Insurance Fund as trustee to oversee the platform.
Startups in the MENA region are gaining momentum, with significant funding and acquisitions highlighting the innovation ecosystem. Notable developments include UAE's Tech Universal Ventures acquiring FixSquad and ELVA11, while fintech startup Stitch raised $10 million, and Qashio secured $19.8 million to expand into Saudi Arabia. Additionally, COREangels MEA launched a $10 million fund for early-stage fintech startups, and BirdEye and Gainz also reported successful funding rounds to support their growth.
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.
The recent lifting of Western sanctions on Syria has sparked cautious optimism among Syrians, signaling potential economic recovery and improved living conditions. Professionals like graphic designers, who have faced immense challenges under sanctions, now envision a future with better access to technology and financial systems. However, significant hurdles remain, including a crippled banking system and the need for comprehensive reforms to fully realize these opportunities.
Startups in the MENA region are gaining momentum, with significant funding and strategic acquisitions highlighting the innovation ecosystem. Notable developments include Stitch raising $10 million for its API-driven platform, Qashio securing $19.8 million for expansion into Saudi Arabia, and Tech Universal Ventures acquiring FixSquad and ELVA11 to enhance digital infrastructure. Additionally, COREangels MEA launched a $10 million fund for early-stage fintech startups, while M&A activity surged by 31% in Q1, driven by the UAE and the tech sector.
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.
UAE shoppers face a choice between investing in gold bars, which offer high purity and resale value, and '0% making charge' jewellery, primarily from smaller retailers. While gold prices have surged, leading retailers caution that zero making charges may compromise quality and ethics, emphasizing the importance of transparent pricing in the jewellery industry.
Germany is considering a 10% digital service tax on major tech companies like Google and Facebook, led by Chancellor Friedrich Merz. This proposal aims to address the significant revenue these firms generate in Germany while contributing minimally in taxes, aligning with a global trend of taxing digital giants. However, it may provoke international backlash, particularly from the U.S., which has threatened tariffs against countries imposing such taxes.
Turkey has secured a method to continue paying for Russian natural gas imports, utilizing Austria's Raiffeisen Banking Group after US sanctions on Gazprombank expired. This workaround allows Turkey to process payments through a subsidiary in Russia not affected by sanctions, with US approval.Additionally, Turkish Foreign Minister Hakan Fidan is set to visit Russia for talks with high-level officials, including President Vladimir Putin, focusing on enhancing bilateral relations in trade, energy, and tourism.
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