Latest news with #DigitalEconomyStrategy
Mid East Info
24-06-2025
- Business
- Mid East Info
ruya announces strategic partnership with Ignyte to empower the UAE's Start-up ecosystem - Middle East Business News and Information
Ajman, UAE – 24 June, 2025 : At the Dubai AI Festival this April, ruya and Ignyte have formalized their strategic partnership, bringing together ruya's digital-first Islamic banking expertise and Ignyte's government-backed, all-in-one start-up ecosystem to accelerate innovation across the UAE. The UAE's start-up scene remains the region's most active, recording 188 funding rounds in 2024—the highest in MENA and Dubai is now recognised as one of the top five cities worldwide for FinTech. Launched in early 2024 and licensed by the Central Bank of the UAE, ruya has quickly redefined banking with a fully Shari'ah-compliant digital platform and community centres that blend cutting-edge technology with a commitment to fairness, transparency and social responsibility. By eliminating hidden fees, minimum-balance requirements and lengthy onboarding, ruya ensures that entrepreneurs—from fintech start-ups and SME founders to freelancers and family businesses—can access the financial tools they need without friction. Ignyte, launched under Dubai's Digital Economy Strategy by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum in October 2024, has grown into the Emirates' premier ecosystem for founders, connecting more than 2,500 start-ups with mentors, investors and over 250 exclusive perks designed to drive growth and global expansion. This partnership will see ruya championing that ecosystem through co-hosted events, mentorship programmes and a branded presence across Ignyte's channels, embedding ethical Islamic finance at the heart of Dubai's entrepreneurial journey. 'For founders navigating a fast-evolving market, the fusion of digital agility and principled banking is game-changing,' said Christoph Koster, CEO of ruya. 'Our alliance with Ignyte means that ethical financing and community support go hand-in-hand, empowering the UAE's next generation of innovators to scale with confidence'. 'By partnering with ruya, we are ensuring that our founders achieve success with integrity and community support. This collaboration equips entrepreneurs with the resources to innovate while promoting a culture of sustainable growth. Together, we aim to establish a strong foundation for the UAE's rapidly growing start-up scene, driving both local and global success.' said Mohammad Alblooshi Chief Executive Officer of DIFC Innovation Hub. Looking ahead, this strategic collaboration will not only enhance access to capital and expertise but also reinforce the UAE's vision to double its digital economy to AED 280 billion by 2031. By weaving together, the strengths of ruya's community-focused Islamic banking model and Ignyte's dynamic startup platform, the partnership exemplifies how public-private synergy can fuel sustainable growth and position the Emirates as a global leader in fintech and entrepreneurship. For more information on how to start investing in virtual assets through ruya , please visit . About ruya (رويا): Headquartered in Ajman and launched in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic banking, designed for individuals and businesses alike. Licensed by the Central Bank of the UAE as a Specialised Bank, ruya delivers a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door branches that serve as hubs of education and support. For media inquiries: pr@ Website: Twitter/X: myruyabank Instagram: myruyabank LinkedIn: ruya Facebook: myruyabank TikTok: @myruyabank YouTube: @myruyabank Snapchat: myruyabank About Ignyte: Ignyte is part of the Dubai Digital Economy Strategy under the vision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. It is a leading global start-up ecosystem that empowers founders. As a digital hub for innovation, investment, and entrepreneurship, it provides access to world-class mentors, investors, and over 250 exclusive perks and resources from leading corporates and industry partners. Ignyte aims to transform the start-up landscape and position the region as a global centre for innovation and business acceleration. It bridges the gap between entrepreneurs and opportunities by fostering collaborations, offering tailored programmes, and facilitating access to capital. Ignyte's mission is to empower 100,000 start-ups, connect over 5,000 investors, and unite 5,000 industry-leading mentors. Key initiatives include streamlining business setup, supporting future founders, and accelerating corporate innovation. For more details, visit For media inquiries: jean@ Website: Twitter/X: Ignyte_AE Instagram: @ LinkedIn: Facebook: @ YouTube: @Ignyte-ae
CairoScene
13-05-2025
- Business
- CairoScene
PayPal Partners With Ignyte to Support UAE Startups
PayPal has partnered With Ignyte to help startups and SMBs streamline cross-border payments and drive digital growth as a founding partner in the platform. May 13, 2025 PayPal has partnered with Ignyte, a global platform for startups and SMBs, to streamline cross-border payments and support digital growth. As a founding partner, PayPal will help entrepreneurs manage transactions more efficiently in today's digital economy. The partnership aligns with PayPal's ongoing efforts to back innovation in the UAE and the broader Middle East. Ignyte, launched in October 2024 under Dubai's Digital Economy Strategy, offers startups access to mentors, investors, and over 250 business tools and perks. The initiative aims to strengthen the region's position as a global hub for entrepreneurship and innovation.
Mid East Info
16-04-2025
- Business
- Mid East Info
Dubai's leading tech hub to showcase talent and innovation shaping the future of tech at inaugural GITEX Asia
The regional hub for tech leaders including IBM, Google, and Microsoft will showcase Dubai's dynamic digital economy in Singapore Dubai Internet City and in5, TECOM Group's start-up incubator, will attend GITEX Asia as part of a delegation led by Dubai's Department of Economy and Tourism Dubai, UAE: Dubai Internet City, the enabler of the Middle East's digital economy, will join a delegation led by Dubai's Department of Economy and Tourism (DET) at GITEX Asia, taking place on 23-25 April in Singapore. The region's leading tech hub, part of TECOM Group PJSC, will showcase the dynamism and innovation of Dubai's digital economy at the first edition of GITEX Asia. Dubai Internet City has been instrumental in enabling globally impactful innovation for 25 years, contributing significantly to digital transformation efforts and encouraging the adoption of advanced technologies. Today, Dubai Internet City generates 65% of Dubai's technology sector GDP and has facilitated the creation of more than 125,000 jobs since its inception in 1999, according to the Dubai Internet City – Impact Assessment study conducted in partnership with Accenture and released this February. Participating at GITEX Asia, Dubai Internet City, which has added AED 100 billion to Dubai's GDP over the past 15 years alone, will reinforce its commitment to accelerating the city's position as an internationally impactful tech hub. 'Digital transformation thrives through collaboration with global technology policymakers and industry leaders, and GITEX Asia is a springboard to showcase the robust fundamentals of Dubai's world-class digital economy to international peers and partners,' said Ammar Al Malik, Executive Vice President of Commercial at TECOM Group and Managing Director of Dubai Internet City. 'We look forward to showcasing the transformative potential of Dubai Internet City's ecosystem and fostering partnerships that will shape the future of the technology sector, strengthening Dubai's and the UAE's position as a preferred global destination for business, investment, and innovation, in line with the visionary Dubai Economic Agenda 'D33' and the UAE Digital Economy Strategy.' Dubai Internet City's presence at GITEX Asia will showcase success stories from its vibrant ecosystem of 4,000 customers – including multinational giants, Fortune 500s such as IBM, Google, and Microsoft, and start-ups – and more than 31,000 professionals. The district's offering is further strengthened by 19 Innovation and research and development (R&D) Centres operated by global leaders including 3M, IBM, HP, Ericsson, and Cisco. in5, the start-up and entrepreneurship incubator founded by TECOM Group in 2013, has supported more than 1,000 start-ups across the tech, media, design, and science sectors since its inception, and will join Dubai Internet City at GITEX Asia. Dubai Internet City will be located at DET's stand, HB-C80, in Hall B of Marina Bay Sands during GITEX Asia. Alongside in5, Dubai Internet City is part of TECOM Group's portfolio of business districts and services, which includes Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Industrial City, and Dubai Design District (d3). About Dubai Internet City: Dubai Internet City, one of TECOM Group PJSC's 10 business districts, is the cornerstone of the dynamic regional digital economy. The pioneering hub has fostered the growth of 4,000 businesses and a vibrant community of 31,000 professionals since its establishment in 1999. Driving innovation across diverse sectors, Dubai Internet City has served as a strategic uniting platform for multinational firms, Fortune 500 leaders, and agile start-ups for 25 years by enabling collaboration, cutting-edge advancements, and sustained growth.
Hi Dubai
05-02-2025
- Business
- Hi Dubai
E-commerce and Gifting Markets in MENA Soar in 2024, UAE and Saudi Arabia Lead Growth
Flowwow, a UAE-based gifting marketplace, and Admitad, a partner marketing platform, have released their joint 2024 report on the e-commerce and gifting markets in the Middle East, revealing impressive growth across the region. The market, valued at $1.8 billion, saw significant increases in online orders, with the UAE and Saudi Arabia leading the charge—7% and 9% growth, respectively. The report analyzed over 6.8 million online orders from across the MENA region, including Turkey and Pakistan, highlighting Saudi Arabia, the UAE, and Kuwait as top contributors by gross merchandise value (GMV). Growth was driven by strong consumer spending and digital expansion, with online gaming seeing the largest jump in orders (32%). B2B services and fashion also saw notable increases, growing by 25% and 23%, respectively. The UAE's gifting market stood out, experiencing record-breaking growth with a 200% increase in 2024. Dubai emerged as the leader, with the highest average order value at $96, driven by the city's dynamic retail ecosystem and high purchasing power. Flowers were the most popular gift category, making up 43.5% of total purchases. With government initiatives such as the UAE's Digital Economy Strategy and Saudi Arabia's Vision 2030 fueling digital transformation, MENA's e-commerce sector is poised for continued growth. The rise of AI-driven personalization, mobile shopping, and the influence of platforms like TikTok are reshaping consumer behaviors, particularly among Generation Z. Looking ahead, MENA's $50 billion e-commerce market is expected to thrive, with the gifting segment contributing significantly to the region's economic growth. News Source: Flowwow
Khaleej Times
30-01-2025
- Business
- Khaleej Times
UAE leads Mena's $1.8 billion e-commerce boom
The e-commerce landscape in the Middle East is undergoing a remarkable transformation with the region recording a 30 per cent surge in online orders. The UAE and Saudi Arabia have emerged as frontrunners in this booming market, contributing significantly to the gross merchandise value (GMV) of online sales. A recent study from Flowwow, a UAE-based gifting marketplace, and Admitad, a partner marketing platform, highlights that the UAE experienced a 7.0 per cent increase in online orders, while Saudi Arabia saw a 9.0 per cent rise. This growth underscores their dominance in the region's e-commerce sector, which is currently valued at $1.8 billion The study, which analysed more than 6.8 million online orders across Mena, including Turkey and Pakistan, identifies Saudi Arabia, the UAE, and Kuwait as top contributors to the region's online sales, driven by robust consumer spending and digital expansion. Turkey and Egypt follow closely in the GMV rankings, bolstered by their large populations and increasing Internet penetration. Other countries such as Morocco, Pakistan, Qatar, Algeria, and Bahrain are also witnessing growth, particularly in mobile commerce. The UAE's e-commerce sector is thriving, with an impressive increase in average order values (AOV). The AOV in the region grew from $30 in 2023 to $35.6 in 2024. Notably, the UAE's AOV jumped from $89 to $102, while Saudi Arabia's rose from $49.6 to $52.5. These statistics indicate a growing trend of consumers opting for higher-value purchases. The study also highlights the top product categories driving order growth in 2024. Online gaming took the lead with a remarkable 32 per cent increase in orders, followed by B2B services at 25 per cent and fashion at 23 per cent. In the UAE, the demand for B2B online services surged by 32 per cent, with online gaming also showing a strong growth of 30 per cent. Other notable categories include electronics (+19 per cent), home goods (+18 per cent), and car products (+16 per cent). 'The rapid development of e-commerce and gifting markets, coupled with support for local SMEs, is driving economic growth and creating new opportunities in the region,' said Slava Bogdan, CEO of Flowwow. 'The record-breaking results of 2024 set the stage for exponential growth ahead, with expectations of a fourfold increase in the coming years.' Factors contributing to this growth include government initiatives aimed at digital transformation in both the UAE and the broader Mena region. Programmes such as the UAE's Digital Economy Strategy and Saudi Arabia's Vision 2030 are pivotal in fostering a more efficient online ecosystem, ultimately benefiting both businesses and consumers. As Mena e-commerce evolves, there is a noticeable shift towards AI-driven personalisation and community-oriented strategies. Platforms like TikTok and Pinterest are emerging as key shopping hubs for Generation Z, reflecting a changing consumer landscape. However, while AI streamlines operations, the importance of human-centric customer service remains crucial for building trust and loyalty. The gifting sector in the UAE is witnessing unprecedented growth, with recent research indicating a projected CAGR of 14.7 per cent from 2024 to 2030. The influx of over 200 nationalities and a strong culture of gift-giving during occasions such as weddings and birthdays is driving this trend. Flowwow's data reveals that the Mena gifting market is expected to reach $6.38 billion by 2030, with the UAE attracting more than 13,000 customers in 2024, resulting in a staggering 20,782 gift orders annually. The UAE market has seen remarkable revenue growth of 212.6 per cent, with the number of gift purchases increasing by 198.21 per cent and the number of buyers growing by 160.03 per cent compared to 2023. Dubai leads the sales with over 11,000 customers annually and the highest average order value at Dh352, followed by Ras Al Khaimah (Dh295), Abu Dhabi (Dh229), Ajman (Dh188), and Sharjah (Dh175). The average order value in the UAE increased by 4.92 per cent, reaching Dh254.69.
