{"id":581344,"date":"2023-02-08T00:00:00","date_gmt":"2023-02-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/a-usd-10-bn-emirati-tech-fund-could-be-looking-at-egyptian-firms\/"},"modified":"2023-02-08T00:00:00","modified_gmt":"2023-02-08T00:00:00","slug":"a-usd-10-bn-emirati-tech-fund-could-be-looking-at-egyptian-firms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/a-usd-10-bn-emirati-tech-fund-could-be-looking-at-egyptian-firms\/","title":{"rendered":"A USD 10 bn Emirati tech fund could be looking at Egyptian firms"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INVESTMENT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Local<\/span><span style=\"font-weight:700\"> firms could get a piece of a new USD 10 bn Abu Dhabi tech fund: <\/span><span>Emirati AI firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.g42.ai\/\" style=\"\">G42<\/a><\/span><span> is setting up a USD 10 bn tech fund \u2014 dubbed 42X Fund \u2014 to invest in tech <\/span><span>firms in Egypt, Saudi Arabia, Singapore, Indonesia, China, and Israel, people familiar with the matter told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-07\/abu-dhabi-ai-firm-plans-to-hire-across-asia-for-10-billion-fund?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\">. The AI firm is also looking into partnering on investments with a number of unnamed hedge funds. G42 is backed by Abu Dhabi wealth fund Mubadala, and is chaired by UAE royal Sheikh Tahnoon Bin Zayed, who also heads ADQ, another wealth fund that targets investments in emerging markets. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FINTECH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Fawry to boost Orange Egypt\u2019s e-wallet services:<\/span><span style=\"\"> EGX-listed e-payment giant Fawry <\/span><span>inked an agreement on Monday with mobile network operator Orange Egypt to add more payment services to the Orange Cash e-wallet, the telecoms firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/Orange-Fawry.pdf\" style=\"\">said (pdf)<\/a><\/span><span> yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Paymob + Khazna partner up:<\/span><span style=\"\"> Retailers on Paymob\u2019s network will be able to offer <\/span><span>services by financial super app Khazna through their integrated POS devices per a partnership agreement signed by the two companies, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/paymob-and-khazna-partner-to-expand-access-to-digital-financial-services-in-egypt-afju2ckv\" style=\"\">press release<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INFRASTRUCTURE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">New logistics zone in the works near Libyan border:<\/span><span style=\"\"> A coalition of three local firms <\/span><span>will build, manage, and operate an integrated logistics zone in the city of Salloum under an MoU signed with the General Authority for Land and Dry Ports, the Transport Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/pfbid02kBiindVRsAD1AoWRBHLSsuhFk9JkSpD9hPAXNge7JVjfWonT4T8m6eMxhp1RS5LLl\" style=\"\">said<\/a><\/span><span> yesterday. The three firms \u2014 <\/span><span>Misr Europe for Industrial Developmen<\/span><span>t, Middle Ea<\/span><span>st Development (Mirad<\/span><span>), and Le<\/span><span>nza Egyp<\/span><span>t <\/span><span>\u2014 have developed a financing plan for the zone through the <\/span><span>European Investment Bank<\/span><span>, the ministry said, without giving further details. Local media had previously reported that <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/03\/e-finance-to-launch-cloud-computing-platform-this-month-86089\/\" style=\"\">China\u2019s AVIC<\/a><\/span><span> had received the authority\u2019s approval <\/span><span style=\"font-weight:400;\">to build an EGP 5 bn logistics zone in Salloum. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">POLITICS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More pre-trial detainees released:<\/span><span style=\"\"> Authorities released 35 pre-trial detainees <\/span><span>yesterday, Tarek El Awady, a member of the Presidential Pardon Committee, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/elawady2\/posts\/pfbid0QzKoS89UFZEh5yh2TumD9fGvNw3NgYM2V8nHNQCeVAuCit4vmHiT1TsD5qqMoQs8l\" style=\"\">said<\/a><\/span><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>INVESTMENT- Local firms could get a piece of a new USD 10 bn Abu Dhabi tech fund: Emirati AI firm G42 is setting up a USD 10 bn tech fund \u2014 dubbed 42X Fund \u2014 to invest in tech firms in Egypt, Saudi Arabia, Singapore, Indonesia, China, and Israel, people familiar with the matter told [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581345,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,72,519,183,7111,125,1459,1370,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam","tag-fawry","tag-fintech","tag-infrastructure","tag-investment-watch","tag-khazna","tag-paymob","tag-trade","wpautop","entry"],"acf":{"mongo_id":"7dfed384-ca00-437a-9449-7457d32d3d2c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/digital-payments-1600px-1.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581321],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.c1989bdf-8961-4b49-88bb-14b9c5044a72.mp3"},"yoast_head":"<!-- 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