The Authority has distributed various projects under different financing programs, such as the In-Country Value Programme, Industrial Projects Financing Programme, Service Projects, Working Capital Financing Programme, Incubated Institutions and Business Accelerators Financing Programme, Handicraft Products Financing Programme, Home and Production Works, Street Vendor Works, mobile commercial activities, contract financing program, and financing for small and medium enterprises awarded contracts by companies affiliated with Oman Investment Authority.

Out of the 244 projects, 161 were industrial, commercial, and service projects, and 44 were contract projects.

The contract financing program specializes in financing contracts (tenders or purchases) based on the work award letter from the awarding entity.

Meanwhile, 29 projects were working capital financing projects, which cover the daily needs of an organization’s operational expenses.

This includes costs such as purchasing raw materials, semi-manufactured goods, merchandise, warehouses, spare parts, salaries and wages, transportation expenses, and other costs necessary to maintain the continuity of the production process from purchasing raw materials to selling the product.

Most of the funded projects were in Muscat Governorate, with 108 projects worth more than OMR 10 million.

This was followed by North Al Batinah Governorate, which financed 31 projects worth more than OMR 3 million, and South Al Batinah Governorate, which financed 19 projects with a total value exceeding OMR 1 million.

The Dhofar Governorate had 19 funded SME projects, South Al Sharqiyah Governorate had 15, Al Dhahirah Governorate had 18, Al Dakhiliyah Governorate had 13, North Al Sharqiyah, Al Wusta, and Buraimi Governorates had six projects each, and Musandam Governorate had three projects.

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According to a report by the New York Times, the government of Saudi Arabia is planning to create a fund of approximately $40 billion to invest in artificial intelligence.

The Public Investment Fund (PIF) of Saudi Arabia has been discussing a possible partnership with venture capital company Andreessen Horowitz and other financiers in recent weeks.

The report suggests that PIF and Andreessen Horowitz have discussed the possibility of the U.S. firm setting up an office in Riyadh.

The plan is to launch the artificial intelligence fund in the second half of 2024, and other venture capitalists may join the fund.

PIF officials have indicated that the country is interested in supporting various tech start-ups associated with artificial intelligence, including chip makers and large-scale data centers.

The report suggests that the fund’s plans could still change.

Last month, PIF’s governor Yasir Al-Rumayyan pitched the kingdom as a possible hub for Ai activity outside the U.S., citing its energy resources and funding capacity.

Al-Rumayyan had said that the kingdom had the “political will” to make Ai projects happen and ample funds it could deploy to nurture the technology’s development.

Neither PIF nor Andreessen Horowitz have commented on the news yet.

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The Abu Dhabi Projects and Infrastructure Centre (ADPIC) has approved a budget of AED 66 billion (USD 17.96 billion) for 2024.

The budget will be utilized across 144 projects in various sectors, including housing, education, tourism, natural resources, and quality of life.

The Abu Dhabi Media Office announced that over AED 59 billion has been assigned for housing and public facilities, including the development of communities.

AED 4 billion has been allocated to education and human capital, and over AED 1.1 billion has been designated for boosting tourism.

Additionally, AED 50 million will be used for projects focused on enhancing the emirate’s natural resources.

According to ADPIC, nearly 13,000 housing units will be developed for UAE citizens in Abu Dhabi, Al Ain and Al Dhafra.

The investments will also focus on developing social spaces, such as mosques, community and sports centers, retail offerings, police and civil defense facilities, parks, public spaces, walk lanes, playgrounds, and specialized cycle tracks.

ADPIC has also announced investments in the vocational training and education sectors, including capacity expansions of schools and training centers, renovations, and launching projects that support early childhood learning and human capital development.

The budget also includes allocations for creating and maintaining cultural destinations and buildings to support the emirate’s tourism sector.

To strengthen food security, a series of investments in diverse aquaculture farms, including breeding, raising, and harvesting fish and shellfish, has also been planned.

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FlapKap is the regionally contextualized version of Clearco and Wayflyer and the first company of its type in the Middle East. Its primary value propositions are twofold: first, it offers online businesses AI-based insight to help them optimize their advertising spend and maximize profits. Then, it offers these businesses revenue-based flexible payment terms, on that advertising spend, to ensure sustainable growth without cash constraints.

Currently operating in the UAE and Egypt, FlapKap will soon launch in Saudi Arabia. The company also expects wider MEA expansion and rapid merchant acquisition.

FlapKap’s management team has a proven entrepreneurial track record in e-commerce, media, and digital banking. Co-founder/CEO is Ahmad Coucha – the co-founder of MENA’s leading advertising agency Kijamii and a Harvard graduate. The founding team also includes Khaled Nassef, co-founder/CTO and formerly of German neobank N26 and Amazon; Amr Gamal, COO, former McKinsey and P&G; and Sherif Bichara, FinOps Manager, formerly at Helios and Lazard.

Ahmad Coucha, co-founder and CEO of FlapKap, said:

“We are delighted to announce our launch and fundraise, and have the backing of such an esteemed investor as A15 – one of the leading venture capital firms in the MENA region. It is a testament to our business model and validates our strategy.

 “We have taken a proven international business model, and adapted it for the Middle East. Our solution empowers SMEs and startups to grow sustainably, without losing equity, and to help manage their cashflows. With a first-mover advantage and a huge market opportunity, we are excited to extend the growth opportunities we have unlocked for our early clients to the whole region.”

FlapKap’s market opportunity is substantial. In 2017, Bain & Company reported the wider MENA e-commerce market was worth $8.4 billion, with an annual growth of 25% since 2014, and predicted the market to reach $28.5 billion by 2022. FlapKap expects these figures to have increased substantially due to accelerated adoption catalyzed by the COVID-19 pandemic.

Karim Beshara, General Partner at A15, said :

 “A15 is proud to lead the fundraise for FlapKap and to back its CEO, Ahmed Coucha, for –our second venture together. FlapKap is not only a visionary company with an excellent business model, but it is creating real tangible value for the region by helping SMEs grow. It also has a first-mover advantage in a significant market, all of which creates a very bright future.”

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