Back to all finance news

Tabby raises $160m, becomes MENA’s most ‘valuable’ fintech

Since its last funding round in October 2023, Tabby has nearly doubled its annualised transaction volume to over $10bn while maintaining profitability

Neesha Salian
Neesha Salian

12 February, 2025

Tabby raises $160m, becomes MENA’s most ‘valuable’ fintech
Image: Tabby

TT

16

Tabby, the Middle East and North Africa’s leading financial services and shopping app, has secured $160m in a series E funding round, pushing its valuation to $3.3bn and making it the most valuable fintech company in the region.

The round was led by global investor Blue Pool Capital and Saudi Arabia’s Hassana Investment Company, with additional participation from existing backers STV and Wellington Management.

Since its last funding round in October 2023, Tabby has nearly doubled its annualised transaction volume to over $10bn while maintaining profitability.

Tabby expands product portfolio

The company has also expanded its product portfolio with the acquisition of Saudi-based digital wallet Tweeq and the introduction of new financial tools, including the Tabby Card for flexible payments beyond checkout and Tabby Plus, a subscription service. Other offerings include longer-term payment plans, Tabby Shop for deal discovery, and Tabby Care, a buyer protection programme.

The new capital will be used to accelerate the expansion of Tabby’s financial services, including digital spending accounts, payments, cards, and money management tools.

Strengthens position with upcoming IPO

The company aims to contribute to Saudi Arabia’s Vision 2030 by supporting the kingdom’s transition to a cashless economy. The financing round also strengthens Tabby’s position as it prepares for an upcoming IPO.

“This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers,” said Hosam Arab, the company’s CEO and co-founder. “We’re focused on creating tangible impact — helping people take control of their finances with tools that are accessible, effortless, and built for their everyday lives.”

Christopher Wu, chief investment officer at Blue Pool Capital, praised the company’s growth and efficiency: “Tabby’s ability to innovate and deliver exceptional products is truly impressive. Their strong revenue growth and operational efficiency set them apart from other fintech companies globally. We are incredibly excited to support the team on their mission.”

Ahmed Al Qahtani, chief investment officer for Regional Markets at Hassana Investment Company, added: “We’ve been consistently impressed with Tabby’s ability to execute and achieve such strong momentum in a short period. Their dedication to delivering innovative products and solutions to their customers reinforces our conviction in its future, and we’re thrilled to continue our partnership as they redefine financial services in the region.”

The app has more than 15 million registered users and more than 40,000 sellers, driving an annualised sales volume exceeding $10bn.

Read: Tabby’s Hosam Arab on payment trends, IPO plans and 24 Fintech

In other news, Dubai Government, represented by Digital Dubai and the Department of Finance, has integrated Tabby into DubaiPay — the unified hub for service providers and government entities. This integration enables round-the-clock deferred payment services, offering citizens, residents, and visitors in the UAE a seamless and secure way to make payments.

By introducing flexible installment options, the initiative enhances customer convenience and empowers users to manage their financial commitments more effectively.

How Abu Dhabi’s E1H is driving innovation in sports and entertainment

Guillaume Dufond of Ethara, and Jamie Cunningham of OneToWatch, discuss how E1H aims to shape the future of sports and entertainment in the UAE and beyond

Neesha Salian
Neesha Salian

11 February, 2025

How Abu Dhabi’s E1H is driving innovation in sports and entertainment
Image: Supplied

TT

16

Abu Dhabi is set to become a global hub for sports and entertainment entrepreneurship with the launch of E1H, a pioneering innovation hub by Ethara and OneToWatch.

Designed to support startups from ideation to commercialisation, E1H offers mentorship, investment opportunities, and industry access to entrepreneurs in sectors such as esports, fan engagement, sustainability, and digital experiences.

Here, Guillaume Dufond, ED Strategic Development at Ethara, and Jamie Cunningham, ED at OneToWatch, discuss how E1H aims to shape the future of sports and entertainment in the UAE and beyond.

Jamie Cunningham

What inspired the creation of the E1H?

E1H was created to stimulate the sports and entertainment economy. We’re here to support entrepreneurs and foster the next generation of innovative businesses, whether they’re based in the UAE or internationally. Through our access to expertise, commerce and capital, we will also connect entrepreneurs and investors to drive meaningful growth in the industry from our hub at Yas Marina Circuit.

How does E1H intend to help local and international startups and entrepreneurs move from ideation to commercialisation? What’s the USP?

Joining the E1H ecosystem will hugely benefit new startups and entrepreneurs, both in the UAE and internationally. It is a unique opportunity to join the region’s first dedicated sports and entertainment Innovation Hub. E1H offers a six-week structured Incubator programme featuring a dedicated mentor, access to industry experts, regular events, a unique workspace and a pitch to investors. We will announce our Xcelerator programme soon.

What kind of mentorship, investment, and industry access can entrepreneurs expect to receive?

Each E1H member will be paired with a mentor with relevant business experience to help refine, challenge and grow their business or concept. Members will also participate in weekly workshops covering topics from capital raising to business modelling to strategic partnerships, all of which are essential to new business growth.

We will connect entrepreneurs to our partner network of both corporate and government partners to test member products/services with a view to a commercial partnership. At the end of the Incubator, each member will pitch to local and international investors.

What are the key selection criteria for applicants looking to join E1H across both programmes?

E1H is open to startups across all sectors of sports and entertainment, with a focus on those driving innovation. Key sectors include content, experiential, esports and gaming, health and wellness, sustainability and technology. Obviously, a business with a specific concept which is relevant to Ethara’s portfolio of venues and events stands a good chance of being considered for the incubator programme. Ultimately, E1H is looking for founders with fresh ideas ready to shape the future of the industry.

What is an ideal outcome for the E1H Incubator? What does success look like?

Success for the Incubator programme is seeing startups progress from a concept into a commercially viable proposition, securing investment and having an impact in the sports and entertainment industry locally – and eventually globally. Overall E1H aims to create an ecosystem in sports and entertainment in Abu Dhabi which is driven by innovation.”

———————————————————————————————————————————————————————————————–

Guillaume Dufond

How did the partnership between Ethara and 1TW come about?

The partnership between Ethara and ONETOWATCH came together as we share the vision to drive innovation and growth in Abu Dhabi’s sports and entertainment economy. At Ethara, we have incredible industry experience from the events we run and venues we operate, while ONETOWATCH specialise in sports investment. Together, we’re creating an ecosystem to give the next generation of entrepreneurs the expertise and resources they need in the industry to succeed.

Why is the UAE, and MENA more broadly, an ideal environment for fostering entrepreneurial growth in sports and entertainment — especially in the case of international entrepreneurs?

The UAE and the wider MENA region are great places to develop a sports or entertainment startup. With the attraction of global events and a strong focus on community participation, there is an opportunity for entrepreneurs to innovate and grow.

International entrepreneurs will gain access to our network of local experts, investors and industry contacts, assisting development in the region and advancing business growth.

Building on the success of F1 and the sold-out Coldplay concerts, there’s a growing demand for cutting-edge solutions in fan engagement, venue tech, sustainability, digital experiences, and much more. Where do you see the most exciting growth potential in the sector over the next five-10 years and how does E1H aim to nurture entrepreneurs to advance innovation in these areas?

With the 2024 Abu Dhabi Grand Prix and Coldplay concerts drawing a combined 400,000 people, it’s clear there’s a huge demand for sports and entertainment in Abu Dhabi. The industry is constantly evolving, with exciting growth in sustainability, fan experience, health and wellness, technology, esports, gaming and content.

E1H is here to drive innovation in these areas by giving entrepreneurs access to mentorship, industry connections and investment, helping turn great ideas into successful businesses.

These events show the UAE’s ability to blend global appeal with local execution. What kind of long-term impact will E1H have on the local sports and entertainment ecosystem?

E1H will strengthen Abu Dhabi and the UAE’s sports and entertainment ecosystem by supporting the next generation of entrepreneurs and start ups. As global events continue to thrive here, E1H will bring innovative ideas to areas across fan engagement, technology and sustainability. In the long term, E1H will reinforce the UAE’s position as a global hub of sports and entertainment attracting talent from around the world to Abu Dhabi.

What’s next for E1H beyond its initial launch?

We will soon announce the launch of our Xcelerator, a 52-week programme for established businesses looking to develop Abu Dhabi as a regional or global headquarters. Applications for our 6-week Incubator programme are open until February 21st, with the programme set to begin on April 28.

In June, we will host our first investment forum, bringing together our partners and marking the official launch of the Xcelerator programme.

Etihad Salam Telecom’s next leap: AI, 5G, and Saudi Vision 2030

Abdullah Mohammad Khorami, Chief Business Officer at Etihad Salam Telecom Company, discusses emerging trends and strategic partnerships

Gulf Business
Gulf Business

11 February, 2025

Etihad Salam Telecom’s next leap: AI, 5G, and Saudi Vision 2030
Abdullah Mohammad Khorami, Chief Business Officer at Etihad Salam Telecom Company.

TT

16

As Saudi Arabia accelerates its digital transformation under Vision 2030, Etihad Salam Telecom Company is at the forefront of shaping the kingdom’s telecommunications landscape.

At LEAP 2025, the company showcased its strategic advancements in AI, 5G, and digital infrastructure, reinforcing its role in driving innovation across key sectors. Gulf Business spoke with Abdullah Mohammad Khorami, Chief Business Officer at Etihad Salam Telecom Company, to discuss emerging industry trends, strategic partnerships, and how the company is positioning itself as a leader in the evolving digital ecosystem.

In your view, what are the emerging trends in telecommunications, and how is Etihad Salam Telecom Company positioning itself to lead in these areas under your leadership?

The telecommunications sector is currently undergoing a rapid evolution, driven by the emergence of ground-breaking technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and 5G. Etihad Salam Telecom Company is actively positioning itself as a leader in this transformative phase, strategically leveraging AI to drive sustainability and efficiency throughout its operations. The company’s participation in LEAP 2025 underscores its commitment to incorporating these emerging technologies to fuel future growth and innovation. Etihad Salam Telecom Company is not only looking to bolster its core services but is also aiming to play a pivotal role in the broader digital transformation touching critical sectors, including transport, healthcare, utilities, and retail. This ambition is in collaborative synch with the initiatives of the Saudi government, underlining Etihad Salam Telecom Company’s visionary approach to influencing the digital landscape domestically and possibly beyond.

With over 20 years of experience in IT, networking, and telecommunications, what key lessons have you learned, and how are you applying them in your role as Chief Business Officer at Etihad Salam Telecom Company?

Key lessons have been learned about the significance of adaptability, strategic foresight, and the value of partnerships. In my current role, these insights guide a proactive approach towards embracing technological advancements and emphasize the importance of strategic collaborations. This strategy is essential in securing Etihad Salam Telecom Company’s competitive edge in the market, allowing us to stay ahead in a rapidly evolving industry landscape. We constantly refine our operations and strategies to ensure sustained success and leadership in the telecommunications sector.

Given your strength in building strategic partnerships, what types of collaborations are you looking to establish to drive Etihad Salam Telecom Company’s mission forward?

Etihad Salam Telecom Company’s strategic approach to partnerships concentrates on aligning with entities that can strengthen its mission and enrich its service offerings. Pursuing additional data center partnerships is a key aspect of this strategy, highlighted by the company’s strategic collaboration with TLS, which aims to broaden its service spectrum and bolster the national digital infrastructure. Moreover, Etihad Salam Telecom Company is setting its sights on collaborations with global tech giants to introduce advanced AI capabilities to the region, and to develop AI-ready data centers.

At the forefront of Etihad Salam Telecom Company’s collaborative efforts is its partnership with EdgeNext, unveiled at LEAP 2025, which aims to boost EdgeNext’s service delivery and network capabilities in Saudi Arabia. This partnership will take advantage of Etihad Salam Telecom Company’s data center colocation and internet services, along with enhanced connectivity offered through the Saudi Internet Exchange. Additionally, Etihad Salam Telecom Company’s collaboration with ACES is set to revolutionize internet speeds in residential areas, promising up to 25 gigabits per second, facilitated by an Open Access Agreement that will augment network services and digital empowerment in Riyadh.

Etihad Salam Telecom Company is also extending its advanced connectivity and ICT solutions to revolutionize the operational efficiency, resource management, and service delivery of the National Water Company, in line with Saudi Arabia’s ambitious digital and economic transformation goals. Another significant partnership is with Genesys, aimed at transforming customer interactions through the integration of AI, automation, and cloud-based technologies into a comprehensive telecommunications solution, tailored to meet the evolving demands of Saudi consumers.

We have partnered with ServiceNow to accelerate SME growth in Saudi Arabia by offering integrated digital solutions and workflows, streamlining business operations to foster innovation and efficiency within the fast-growing sector. We announced a strategic partnership with Elm to deliver innovative smart city solutions and digital transformation services by combining Elm’s technological expertise with Salam’s telecommunications infrastructure, enhancing urban living and sustainability in Saudi Arabia.

Etihad Salam Telecom Company is advancing SME growth in Saudi Arabia through strategic partnerships with Applivary for Mobile Device Management and Dahua for CCTV surveillance, providing SMEs with scalable, innovative solutions to enhance operational efficiency, security, and customer service, thus reinforcing its commitment to SME digital transformation and support.

How does Etihad Salam Telecom Company’s digital transformation strategy align with the objectives of Saudi Vision 2030, and what initiatives are you spearheading to contribute to this vision?

Etihad Salam Telecom Company’s digital transformation strategy is intricately woven into the broader objectives of Saudi Vision 2030, with a particular focus on accelerating digital transformation across critical sectors. By operating pivotal data centers in major cities such as Riyadh, Al Khobar, and Jeddah, and actively seeking out strategic partnerships, Etihad Salam Telecom Company is laying down the infrastructure foundation essential for Saudi Arabia’s ambitious digital leap forward. The company’s efforts in boosting AI, the Internet of Things (IoT), and cloud services infrastructure are making significant contributions towards achieving the comprehensive digital transformation goals set forth in Saudi Vision 2030. This alignment not only underscores Etihad Salam Telecom Company’s role as a catalyst in the nation’s digital evolution but also highlights its commitment to fostering a technologically empowered future for Saudi Arabia.

You’ve emphasized empowering teams and delivering impactful results. What approaches are you implementing to foster a culture of innovation and high performance within Etihad Salam Telecom Company?

Emphasizing the empowerment of teams and the delivery of impactful results, Etihad Salam Telecom Company is implementing several approaches to foster a culture of innovation and high performance. Initiatives aimed at skill development and career advancement are key components of this strategy, ensuring that the team remains competitive and well-informed about the latest industry trends and technologies.

Furthermore, Etihad Salam Telecom Company’s Saudization strategy is aligned with the broader goals of the national vision, making strides in attracting and retaining a diverse workforce. Etihad Salam Telecom Company is cultivating a work environment that values diversity, fresh perspectives, and innovative thinking by placing a strong focus on inclusivity and representation of women and youth. These efforts demonstrate a clear commitment to developing a workforce that not only reflects the demographic makeup of Saudi Arabia but also contributes to the dynamic, knowledge-based economy envisioned for the future.

LEAP 2025: AI data centre, key tech deals signed

The data centre will boast of a a capacity of 1.5 gigawatts in Oxagon – the floating industrial city being developed in the Red Sea.

Nida Sohail
Nida Sohail

11 February, 2025

LEAP 2025: AI data centre, key tech deals signed
Image credit: Supplied photo

TT

16

DataVolt and Saudi Arabian giga-project NEOM have announced a $5bn partnership to establish the first fully sustainble AI data centre in the country.

The data centre will boast of a a capacity of 1.5 gigawatts in Oxagon – the floating industrial city being developed in the Red Sea.

Read: LEAP 2025 starts in Riyadh, unveiling $14.9bn in AI investments

Michael Champion, CEO of Tahaluf, the company which co-organises LEAP with the Saudi Ministry for Communications and Information Technology (MCIT) and the Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), emphasised on the fact, it is halfway though LEAP 2025, that the platform has already surpassed the confirmed investments of previous editions and have surpassed US$40 billion in total confirmed investments since we launched LEAP four years ago.

Important: How LEAP 2025 is shaping Saudi Arabia’s tech ambitions

Other investment announcements

Mobily

Other than the data centre, Mobily, the Saudi Arabian telecommunications services company, announced an investment of $911m in strategic projects to develop digital infrastructure, including submarine cable projects and the development of data centres across the country.

Zoom

Zoom also announced a $75m investment to boost AI and innovation and also establish new data centres in order to create a support structure for tech companies as well as government entities.

Saudi Arabia Railways and SKYFive

The other Saudi entities such as Saudi Arabia Railways (SAR) and SKYFive announced the investments of $51m and $100m respectively. Saudi Arabia Railways intends to invest in private fibre-optic networks, while SKYFive, which is the leading telecommunications and internet services provider for aircraft intends to invest in non-terrestrial communications services focused on advocating the advanced air mobility sector.

AI and data centres took the lead at LEAP 2025 this year, with other major investment collaborations between the local as well as the international businesses.

Tahaluf CEO Mike Champion on LEAP’s meteoric rise in Saudi Arabia

A driving force behind LEAP’s rapid expansion in Riyadh, Mike Champion gives us an insider’s view on how Tahaluf is reshaping the region’s event landscape

Gareth van Zyl
Gareth van Zyl

11 February, 2025

Tahaluf CEO Mike Champion on LEAP’s meteoric rise in Saudi Arabia
Group editor of Gulf Business, Gareth van Zyl (left), interviewing Tahaluf CEO, Mike Champion (right).

TT

16

As Saudi Arabia cements its position as a global hub for large-scale events, Tahaluf is playing a pivotal role in driving this transformation.

At the helm is Mike Champion, who has overseen the rapid expansion of the company and its flagship event, LEAP 2025. In just a few years, LEAP has become one of the world’s most attended tech events, attracting billions in investment and some of the biggest names in sports and technology.

In this Gulf Business interview, Champion discusses the highlights of LEAP 2025, the steps taken to improve the event experience, and how Tahaluf has emerged as a dominant force in the global events industry.

He also sheds light on Saudi Arabia’s dynamic approach to growth, the impact of major infrastructure investments, and what’s next for Tahaluf as it continues its remarkable trajectory.

Watch the interview below. An edited transcript appears further below.

What are the key highlights of this year’s LEAP 2025 event?

The highlights really depend on who you are. If you’re someone who cares about technology in sports, then your key highlight is going to be the sports tech stage. We’ve got amazing brands speaking, from Chelsea to Spurs to La Liga and Formula E. Patrice Evra is moderating, and we have legendary footballers like Andrea Pirlo, Francesco Totti, and Iker Casillas attending.

If your focus is securing investment, whether it’s millions for a startup or billions for a larger entity, then it’s all about meeting the 1,600 investors we have at the event. Collectively, they manage over $5tn in assets. We’re talking about senior decision-makers from the biggest private equity firms, VCs, sovereign wealth funds worldwide — including the likes of Sequoia and Andreessen Horowitz.

For some people, a major highlight might even be how we’ve managed to fix the traffic issues from last year. Did you notice that?

Yes, there’s practically a highway into the venue now.

We had such a brilliant show last year, but people told us the traffic was a challenge. So, we worked closely with our partners at Tahaluf and SELA, who operate Riyadh Season and sponsor Newcastle United, to find a solution. We built a larger highway, added extra roads, redesigned the one-way system, and created 5,000 additional parking spaces. We tested it on two shows, and now the issue is resolved.

Customer satisfaction is a crucial measurement for us. It’s not just about getting high-profile speakers; it’s also about ensuring a great experience. People should be able to focus on the event rather than worry about long queues.

That’s what’s interesting about hosting events in this part of the world. There’s a challenge in one year, but by the next year, it’s fixed.

That’s the beauty of working in Saudi Arabia. If you look at Heathrow’s Terminal 5, it took 16 years from planning to completion — 10 years just for approvals and six years for construction. Here in Saudi, they don’t have time to wait that long. And honestly, no one wants to wait 16 years for infrastructure projects. The government deploys capital and talent to make things happen fast.

The same philosophy applies to events. Instead of taking 30-40 years for LEAP to grow into a major event like in other regions, they want it to happen in three or four years. That’s why they deploy capital and use their influence to accelerate the process. That’s part of the secret sauce.

Let’s talk numbers. How’s attendance looking this year? How many exhibitors are on board?

Last year, we became the world’s most attended tech event. This year, we’re not just aiming to add another 10,000 or 20,000 attendees — there’s a point where it becomes too many people. Instead, we’re focused on strength in depth.

We want attendees who are relevant, influential, and have something valuable to share. That could be someone deploying capital, someone who has invented a groundbreaking technology, or someone looking to adopt new innovations.

We’ve invested heavily in targeting the right audience, working with specialist media partners and marketing strategies to ensure we bring in the right people. We measure success through meaningful meetings set up via our app, engagement levels, registration-to-attendance conversions, and the seniority of attendees.

We’re up in double digits across all those key metrics, including the amount of capital available for deployment. By the end of the show, we’ll be able to share some solid figures, but so far, it’s tracking really well.

In terms of top speakers, who are some of the key names this year at LEAP 2025?

We have over 1,000 speakers, and we don’t invite anyone unless they have something truly valuable to say.

Personally, I always enjoy seeing His Excellency Abdullah Alswaha, the Minister of Communications and Information Technology. He’s a fantastic speaker with great stage presence, but more importantly, he always brings real announcements — major deals and billions of dollars in investment.

I’m also excited about the Ocean Cleanup team. They’re working on a purpose-driven business tackling the Great Pacific Garbage Patch. That’s something everyone can support, regardless of politics. No one wants to see marine life trapped in plastic.

People attend events for three reasons: fear, greed, and to shake the hand of greatness. Fear — because if they don’t attend, they might miss critical industry knowledge. Greed — because they want to advance their career or make money. And finally, shaking the hand of greatness — meeting legends. I’m a big Nottingham Forest fan, and while our speakers haven’t played for Forest, I can’t wait to meet Andrea Pirlo, Francesco Totti, and Iker Casillas.

Let’s talk about Tahaluf as a business. How is it performing, and how has the company evolved since 2022?

Tahaluf has built internationally recognised brands. If you work in tech or events, you’ve likely heard of LEAP. The same goes for Cityscape in real estate — it’s known globally for facilitating massive deals.

We’re also bringing the biggest global events to Saudi. Money 20/20, the world’s leading fintech event, has chosen Saudi Arabia as its next home. (24 Fintech, which we launched last year, will become Money 20/20.) CPHI, the world’s biggest pharma event, debuted in Saudi in December, and we’re expanding it. We just launched SuperReturn, a major investor event.

Financially, last year we quadrupled our operating profit — growing from mid-double-digit millions to solid mid-double figures. Revenue doubled, showing 100 per cent year-on-year growth.

We’ve moved from a fast-growing startup to a mature business with predictable double-digit revenue and profit growth. That means more jobs, a larger team, and strong financial reporting. You’ll see even more exciting developments in the next few years.

Mike Champion, thank you for speaking with us.

Good to see you again. Thanks a lot!

Sharjah: New fee exemption for citizens to take affect from April 1

This resolution amends Council Decision No. (5) of 2013

Nida Sohail
Nida Sohail

11 February, 2025

Sharjah: New fee exemption for citizens to take affect from April 1
Image credit: Getty Images

TT

16

The Sharjah Council has issued a decision granting UAE citizens in the emirate of Sharjah an exemption from paying sewage fees.

According to a Wam report, the exemption will take effect on April 1. This resolution amends Council Decision No. (5) of 2013, which addresses municipal fees and violations in Sharjah.

Important: Low-income retirees registered in Sharjah to receive supplementary grants

The original decision set the sewage management fee at 1.5 fils per gallon of water consumption, based on the bill issued by the Sharjah Electricity, Water, and Gas Authority.

This change was announced during a meeting chaired by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of the Executive Council (SEC), held at the ruler’s office. The meeting also addressed other government-related issues, including business development and efforts to improve services in line with Sharjah’s comprehensive development across various sectors.

More news in finance