Gulf Bank Reports Q3 2024 Earnings and Highlights Key Financial Developments
Kuwait’s financial system remains resilient, bolstered by stable oil prices and the government’s renewed commitment to economic diversification through large-scale investments.
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Gulf Bank held its third quarter 2024 earnings webcast on Monday 04, November 2024, to present and discuss the Bank’s financial performance. The webcast was organized by EFG Hermes and presented by Waleed Khaled Mandani, Acting Chief Executive Officer of Gulf Bank, and David Challinor, Chief Financial Officer of Gulf Bank. The discussion was moderated by Dalal AlDousari, Head of Investor Relations at Gulf Bank.
Operating Environment
Mr. Waleed Mandani, Acting Chief Executive Officer of Gulf Bank, commenced the webcast with key updates regarding Gulf Bank’s operating environment during the third quarter of 2024. Mandani stated: “Recent global economic developments have marked a turning point, particularly with central banks adjusting their monetary policies in response to evolving economic conditions. Most notably, the U.S. Federal Reserve recently implemented a 50-basis points rate cut, signaling a shift in focus from inflation control to supporting growth in the face of slowing economic momentum.”
Mr. Mandani added “On the local front, the Central Bank of Kuwait followed the Fed’s lead by announcing a 25-basis points rate cut. This action underscores the Kuwaiti regulator’s commitment to maintaining a balance between fostering economic growth and ensuring financial stability. Lower borrowing costs are expected to stimulate demand for credit, particularly in consumer lending, as well in vital sectors such as construction and real estate, areas that are crucial for driving the Kuwaiti economy forward.” He added: “Kuwait’s financial system remains resilient, bolstered by stable oil prices and the government’s renewed commitment to economic diversification through large-scale investments. This focus, particularly on advancing key initiatives under the New Kuwait Vision 2035, strengthens the prospects for local banks to continue playing a vital role in financing national development. Gulf Bank is well positioned to play a crucial role in financing these developments, leveraging our strong relationships with both public and private sector stakeholders.”
Loan Growth
When questioned about the loan growth during Q3 2024, Mr. Challinor noted: “Year to date gross loans and advances have grown 6%, which has been dominated by corporate lending with retail being relatively flat. Clearly the current rate environment has significantly reduced the appetite for retail borrowing, but we’d expect this to recover as rates start falling.” He added: “In terms of the outlook, we gave guidance at the beginning of the year that full year loan growth would be around mid-single digits. We’re on track to meet this and may even outperform subject to converting some of the pipeline in Q4.”
Operating Expenses
In terms of operating expense Mr. Challinor mentioned: “We’ve managed to keep operating expense growth to just 4%, year on year, which is very low compared to other banks in the system.” He added: “There was, however, an increase in other expenses from Q2 to Q3 due to a combination of one-offs and increased consulting/advisory expenses, but the underlying operating expenses remained relatively flat.”
Margins
Regarding margins and the impact from the recent rate cut, Mr. Challinor remarked: “On a year-to-date basis the margin is flat to last year, but we did lose a few basis points from Q2 to Q3. As I said on the Q2 investor call, the cost of funds peaked in Q1, and since then we’ve had 2 quarters in succession of falling cost of funds. The market remains very liquid and clearly the expectations are for further rate cuts. So, on the cost of funds side, we’d expect this to continue to fall.” He added: “Now, clearly, we saw the CBK lower the discount rate by 25 basis points in September after the Fed lowered by 50. So, the local discount rate now sits at 4%. We’d expect this to continue to move lower but perhaps not at the same pace as the Fed. After the local rate cut, we repriced our corporate assets and all new retail business will now be booked at the new prevailing rate.”
Credit Cost
When asked about the credit cost and reasons behind the pickup this year, Mr. Challinor noted: “The credit costs for Q3 were KD 14.2m which were higher than what we saw in both Q1 and Q2. If we look at retail and corporate in turn. For retail, the Q3 credit cost continued to be elevated but was lower than Q1 and Q2.” He added: “On the corporate side, we had an account that moved into stage 3 which had been classified as stage 2 for a significant period of time. Now, if we look at the asset quality indicators, they continue to remain very strong. The NPL percentage is 1.3%. The stage 2 percentage has further dropped and is now only 2.9%, which is probably the lowest in the Kuwaiti banking system, and certainly the lowest the bank has seen since the introduction of IFRS 9.”
Potential Merger with Boubyan Bank
Regarding the latest updates related to the potential merger with Boubyan Bank, Mr. Waleed stated: “We have first made an announcement on 30th July, 2024 regarding the Board’s approval of a proposed potential merger with Boubyan Bank to create a unified, Sharia-compliant entity, and the recommendation to move forward to carry out the needful actions to commence the initial feasibility study and necessary due diligence for the merger, aligned with the Central Bank of Kuwait’s (CBK) guidelines for the merger process. Additionally, on 17th September 2024 we signed a Memorandum of Understanding (MOU) with Boubyan Bank, establishing the foundation for independent assessments to ensure that the best interest of both banks’ shareholders and investors is maintained. And most recently, we have announced CBK’s approval to the selection of the consultancy firms that will be carrying out the feasibility study and due diligence for the potential merger including Goldman Sachs as the Investment Consultant, PricewaterhouseCoopers as the Financial and Tax Consultant, International Counsel Bureau as the Local Legal Consultant, and Freshfields Bruckhaus Deringer as the International Legal Consultant.” He added: “I would like to reiterate our commitment to complying with all applicable laws and the instructions of the Central Bank of Kuwait, as well as the relevant regulatory authorities. We will also ensure that any significant developments in this regard are disclosed in a timely manner.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Sahm Capital joins the Arab Federation of Capital Markets (AFCM), reinforcing regional growth. With CMA licenses and a 1M+ user trading app, it expands into investment banking and fund management.
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Sahm Capital is excited to announce its official membership in the Arab Federation of Capital Markets (AFCM), further solidifying its commitment to the growth and development of the Arab capital markets.
Founded in 1978, AFCM aims to enhance the efficiency and transparency of capital markets across the Arab region, including the GCC, Levant, and Arab African countries. With oversight of 18 exchanges and 8 Clearing Houses, AFCM works to harmonize regulations, promote market development, and adopt new technologies to advance securities trading in the region.
A Strong Partnership for Growth
This membership presents an exciting opportunity for Sahm Capital to collaborate with other market leaders, share expertise, and develop stronger investment strategies that will contribute to the continued growth of Arab capital markets. Sahm Capital is committed to playing a pivotal role in strengthening the MENA financial landscape and expanding its access to regional and international investors.
Sahm Capital’s Growth and Future Vision
Founded in 2022 and fully licensed by the Capital Market Authority (CMA) of Saudi Arabia, with license number [license no. 22251-25], Sahm Capital has rapidly grown into a leading player in the region. In October 2023, the company received licenses for Dealing, Advising, and Custody services, followed by the launch of the Sahm trading app in December 2023. The app, a first-of-its-kind platform, has already surpassed 1 million users, positioning it as one of the fastest-growing trading platforms in the region.
In addition to its brokerage licenses, Sahm Capital secured Managing and Arranging licenses from the CMA in October 2024, positioning the company to offer a wide range of financial services, such as investment banking, managing investments and operating funds.
After three years of deepening its roots in Saudi Arabia, Sahm Capital is now ready to expand its reach across the Arab world. With a focus on delivering high-quality financial services, Sahm aims to help investors realize their full potential in an opportunity-rich capital market.
Sahm Capital’s Chairman of the Board, Steven Chou, shared his thoughts on the significance of this achievement: “Joining the Arab Federation of Capital Markets is an important milestone for us as we continue to build upon our success in Saudi Arabia and extend our presence across the wider Arab world. We look forward to working closely with AFCM to drive innovation and development in the region’s capital markets.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The UAE Federal Tax Authority has extended a grace period for taxpayers who haven’t updated their tax records, allowing submissions until March 2025 without administrative fines, and mandates notification within 20 days.
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Taxpayers who have not yet updated their tax records are being reminded by the Federal Tax Authority (FTA) to take advantage of the extended grace period, which permits submissions until the end of March 2025 without subjecting them to administrative fines.
The Cabinet decision on the Executive Regulations of the Federal Decree-Law on Tax Procedures mandates that registrants use the authorized form and procedure to notify the FTA of any changes to their data within 20 working days.
Penalties could be imposed for noncompliance within this time limit.
UAE tax authority waives penalties for record updates before March 2025 deadline
According to the FTA, the information that needs to be updated includes the type of legal entity, partnership agreements for unincorporated partnerships, articles of association or comparable documents, business name and address, email address, trade license activities, business nature, and any address from which the registrant conducts business.
A grace period from January 1, 2024 to March 31, 2025, during which registrants can amend their records without incurring administrative fines, was implemented by the Cabinet last year in an effort to promote compliance.
As per the FTA, “administrative penalties that were previously imposed during the grace period due to failure to update the registrants’ information within 20 working days will be waived and reimbursed.”
In addition to providing additional facilities to streamline tax procedures across business sectors and improve a more effective contribution to the expansion of the national economy, the Authority emphasized that the goal of this decision is to “continue supporting taxpayers and encourage them to comply with tax procedures and legislation.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
RemotePass and Wafeq have partnered to automate payroll accounting for UAE and KSA businesses. The two-way native integration syncs payroll and financial data, reducing processing time by 80% and allowing businesses to focus on growth.
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RemotePass, a UAE-based global payroll platform, and Wafeq, a UAE-based accounting software provider, have partnered to fully automate payroll accounting for businesses in the UAE and KSA. This integration seamlessly syncs payroll and financial data from RemotePass to Wafeq’s accounting system in real-time, eliminating manual entry, reducing errors, and ensuring compliance.
The two-way native integration eliminates manual entry ensuring accurate, efficient payroll reconciliation for businesses in the UAE and KSA on both platforms, resulting in an 80% reduction in payroll and expenses processing time.
“We’re excited to partner with Wafeq; our integration enables businesses in the region to put payroll processing and financial data synchronization on autopilot, allowing them to focus on growing their business,” said Kamal Reggad, CEO of RemotePass.
A Shared Vision for Scaling Businesses
RemotePass and Wafeq provide localized platforms tailored for businesses in the Middle East, serving many shared clients and addressing the unique challenges faced by companies in the UAE and KSA.
Key Benefits of the Integration:
- Seamless integration – Payroll data from RemotePass is automatically reflected and categorized in Wafeq’s accounting platform providing real-time financial visibility and improved accuracy
- Error-Free Financial Records – Manual reconciliation and categorization errors are eliminated, ensuring payroll accuracy in financial reports.
- Time-Saving Automation – Finance teams no longer need to manually input payroll data, reducing administrative work.
Empowering Businesses with Financial Automation
By integrating two leading regional SaaS solutions, companies in the UAE and KSA can now better manage payroll and financial records with greater efficiency. This collaboration is a significant step toward simplifying payroll accounting and helping businesses scale with confidence.
“At Wafeq, we are committed to empowering businesses with seamless financial automation. Our partnership with RemotePass allows companies in the UAE and KSA to streamline payroll accounting effortlessly, reducing errors and saving valuable time. This integration is a game-changer for finance teams looking to enhance efficiency while staying fully compliant with local regulations,” said Maher Aoun, VP of Sales and Business Development, Wafeq.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
Careem Pay, a UAE-based payments platform, has expanded its remittance service to Egypt, enabling UAE residents to send money directly to Egyptian bank accounts at competitive rates, facilitating transfers to major remittance corridors.
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Careem Pay, the payments platform within the Careem app, expands its remittance service to Egypt, allowing UAE residents to send money directly to bank accounts in Egypt quickly and at competitive rates.
Careem Pay facilitates money transfers to some of the largest remittance corridors in the world, including India, Pakistan, the UK, Europe, and the Philippines, providing a quick and simple way to support families, manage finances, or contribute to investments abroad.
The UAE is home to a large Egyptian expat population, making Egypt one of the top five recipients of remittances from the UAE. In recent years, the overall market size of remittance from the UAE to Egypt has been estimated at approximately USD 10 billion.
Mohammad El Saadi, VP of Careem Pay, commented: “We’re excited to expand our money transfer service to an important segment of the UAE population. Many Egyptian expats in the Emirates routinely send money home to support their families or manage their personal finances. We offer some of the best rates in the market – in fact we’re 50% cheaper than banks. Our transfers are near-instant, with some completed in as little as seconds. Careem Plus members are also guaranteed rates better than the rates seen on Google, allowing them to save hundreds with each transfer.”
The new corridor launch comes in time for Ramadan, a period when remittances typically see a spike as customers increase financial support to their families for charitable purposes and upcoming Eid celebrations.
Careem Pay’s mission is to simplify financial services in the region through a comprehensive payments platform that offers seamless P2P and international transfers, bill payments, and other digital wallet services.
To make an international money transfer through Careem Pay, download or open the latest version of the Careem app and select ‘Send Money’ on the home screen.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
In 2025, investors are shifting their strategies from mega-cap tech stocks to a balanced approach, focusing on diversification, high-quality investments, and strategic hedging. Diversified ETFs are gaining popularity, with global markets attracting capital. Sector rotations are underway, and hedging is crucial. Bond ETFs offer steady income and portfolio stability.
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Stock market volatility is nothing new, but 2025 has proven to be a year where investors are forced to rethink traditional strategies. The once-reliable playbook of riding mega-cap tech stocks to victory is being replaced by a more balanced approach, one that emphasizes diversification, high-quality investments, and strategic hedging.
As market turbulence continues, investors are adjusting their strategies, moving away from concentrated risk in a handful of overvalued names. Rather than placing all bets on a few high-growth stocks, diversified exchange-traded funds (ETFs) are gaining popularity as a means to hedge against single-stock risk. In addition, global markets—particularly in Europe, Asia, and Japan—are attracting fresh capital as investors seek to broaden their exposure beyond the US, Lale Akoner, Global Markets Analyst at eToro commented.
With corporate reforms in Japan and a growing number of undervalued opportunities in European equities, international exposure is back on the radar. This helps mitigate the concentration risk posed by the US market’s reliance on a small group of tech giants.
“Investors are increasingly turning to global markets and diversified assets to build more resilient portfolios”, says Lale Akoner, Global Markets Analyst at eToro. “The shifting landscape in both the US and abroad is prompting a rethink in how and where to deploy capital.”
As part of this shift, the focus is returning to fundamentals. Investors who were burned by speculative frenzies, such as those seen with the Magnificent 7 tech stocks, are pivoting toward high-quality companies with strong balance sheets, resilient earnings, and dependable cash
flows. The priority is now on substance over hype.
Sector rotations are also underway. Defensive sectors like healthcare, utilities, and consumer staples are experiencing renewed interest as investors look for shelter from market volatility. Financials, once beaten down by uncertainty, are showing signs of life, buoyed by rising net
interest margins and an improving lending environment. Meanwhile, defense stocks are benefiting from a surge in global military spending, and clean energy continues to attract capital, driven by government incentives and long-term policy support.
Hedging remains a critical component in investor strategies. With lingering inflation concerns and shifting rate cut expectations, commodities like gold are once again taking center stage as a buffer. Bond ETFs are also making a strong comeback, offering steady income and portfolio
stability amid continued market uncertainty.
Even cryptocurrency, once viewed as a high-risk asset, is regaining its place in the conversation. Bitcoin and Ethereum, as the dominant players with the largest networks, most adoption, and significant institutional backing, are emerging as safer bets for those seeking exposure to this
emerging asset class.
“The days of mega-cap tech stocks single-handedly driving the market may be behind us,” says Akoner. “2025 is shaping up to be a year where broader leadership, quality, and strategic diversification take precedence. Investors who are able to play both offense and defense will be
the most likely to succeed in this evolving market.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
In this interview, Mr. Hage discusses the evolving trade landscape, the urgent need for food security solutions, and how digital transformation can shape a more sustainable future for the region.
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The Middle East and North Africa (MENA) region is experiencing major shifts in trade, food security, and digital commerce. While global trade partnerships have expanded, challenges remain with the region’s reliance on food imports and oil exports. At the same time, e-commerce is playing a growing role in improving food distribution and strengthening economic resilience.
To explore these critical shifts, we speak with Mr. Mohamed Hage OAM, President and National Chairman of the Australia Arab Chamber of Commerce and Industry, co-producer of the report “Transforming Trade: Addressing Food Security and Embracing E-Commerce in the MENA Region.” In this interview, Mr. Hage discusses the evolving trade landscape, the urgent need for food security solutions, and how digital transformation can shape a more sustainable future for the region.
“Transforming Trade: Addressing Food Security and Embracing E-Commerce in the MENA Region,” examines key economic shifts in the region. What are the most significant trends shaping MENA’s trade, food security, and digital economy today?
The research highlights three major themes shaping the region’s economic landscape: the diversification of trade, the persistent challenge of food insecurity, and the rise of e-commerce. While MENA has expanded its trade relationships, particularly with Asia, heavy reliance on oil exports still limits job creation and economic resilience. Food insecurity, exacerbated by climate change, conflicts, and economic instability, remains a pressing concern. Meanwhile, digital transformation is unlocking new economic opportunities and playing a crucial role in food distribution and accessibility. These interconnected factors present both opportunities and vulnerabilities in MENA’s path toward sustainable development.
How has MENA’s trading landscape evolved, and what challenges remain?
Over the last two decades, the region has increasingly shifted its trade focus toward Asia. For example, trade between the Gulf Cooperation Council (GCC) and Emerging Asia surged from $383 billion in 2021 to $516 billion in 2022, marking a 34.7% increase. This shift reflects a strategy to diversify beyond traditional Western partners.
However, progress remains uneven, as many economies continue to rely heavily on oil exports. This dependence makes MENA vulnerable to global market fluctuations, especially during price downturns, restricting job creation and weakening economic stability.
Another challenge is the region’s limited engagement in high-value industries. Currently, only 4.2% of MENA’s manufactured exports fall into the high-technology category, compared to 24.5% in East Asia. To strengthen its position in global markets, MENA must invest in technology-driven sectors, advanced manufacturing, and research-intensive industries.
Food security remains a major concern across MENA. What are the key factors contributing to this crisis?
MENA’s food security crisis stems from structural challenges, including heavy reliance on imports, climate change, political instability, and economic disparity. Over 50% of the region’s food is imported, leaving it vulnerable to global price fluctuations and supply chain disruptions. Water scarcity and frequent droughts limit agricultural output, making self-sufficiency difficult. Wars in Syria, Yemen, and Libya have further strained food supply chains, leaving millions in hunger. Meanwhile, inflation in Lebanon, Egypt, and Tunisia has significantly reduced purchasing power, worsening food affordability.
The disparities within the region are striking. Wealthier nations like the UAE and Qatar rank among the most food-secure globally due to their ability to source food internationally, while countries facing conflict struggle with severe shortages. Addressing these disparities requires long-term strategies that go beyond emergency food aid, focusing on sustainable agricultural investments and resilient supply chains.
You highlighted in the report that e-commerce is a potential solution to food insecurity. How does digital transformation contribute to solving this issue?
E-commerce presents a transformative opportunity in multiple ways. Digital marketplaces enhance efficiency by connecting suppliers with consumers directly, reducing food waste, and optimizing supply chains. Small and medium enterprises (SMEs) can access larger markets through online platforms, allowing local farmers to sell their produce without reliance on intermediaries. The COVID-19 pandemic accelerated digital adoption, proving that online platforms can sustain food availability even during crises.
Despite its potential, challenges such as logistical inefficiencies, limited payment infrastructure, and consumer trust issues persist. However, with the right investments and policies, e-commerce has the power to reshape MENA’s approach to food security. Governments must focus on improving digital infrastructure, enhancing cybersecurity, and building trust in online transactions to fully unlock the benefits of this digital shift.
What policies or initiatives would help MENA overcome these economic and food security challenges?
Addressing these challenges requires a multi-faceted approach. First, economic diversification must go beyond oil, with stronger investments in technology, manufacturing, and agri-tech. Second, sustainable agriculture should be prioritized through water-efficient farming, controlled-environment agriculture, and renewable energy use in food production. Third, e-commerce infrastructure must be strengthened by improving digital payment systems, logistics, and cybersecurity to build consumer trust. Finally, regional cooperation is crucial—cross-border agreements on shared resources like water management and food trade can help mitigate the impact of climate change and conflicts.
By aligning these strategies with long-term policies, MENA can create a more resilient and sustainable economic framework that reduces its dependence on external markets and strengthens food security.
What is the outlook for MENA’s economic and food security future?
MENA faces both challenges and opportunities in shaping its future. While vulnerabilities persist, digital transformation, trade diversification, and sustainable policies can drive long-term economic resilience. E-commerce, in particular, offers a unique opportunity to modernize food supply chains and promote economic empowerment.
To realize these benefits, MENA must foster greater collaboration between governments, businesses, and international organizations. If executed effectively, these strategies can ensure that the region not only secures its food supply but also thrives in an increasingly digital global economy. The path forward requires investment, innovation, and cooperation, but with the right approach, MENA can achieve long-term economic stability and food security.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Crypto markets experienced a dip following President Trump’s White House Crypto Summit and the establishment of a strategic bitcoin reserve. The reserve will be capitalized with bitcoin obtained through federal government forfeiture processes. Major altcoins, like Ethereum and Solana, saw declines of 9% to 11%. A weaker U.S. dollar and lower interest rates may provide a more favorable environment for crypto assets.
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Crypto markets experienced a dip this week, despite a historic event in the United States—President Trump’s hosting of the first-ever White House Crypto Summit, followed by the signing of an executive order to establish a strategic bitcoin reserve and digital asset stockpile. Simon Peters, crypto analyst at eToro, shared insights on the developments, highlighting the market response. The summit, attended by leading figures from the U.S. crypto industry, marks the first time a direct line of communication has been established between the highest levels of U.S. government and the crypto sector. One of the central topics of discussion was President Trump’s executive order, signed a day before the summit, which created a bitcoin reserve and digital asset stockpile.
David Sacks, the White House’s AI and Crypto Czar, took to X (formerly Twitter) to summarize the executive order and its significance. Key takeaways from his post, as well as subsequent fact sheets released by the White House, indicate that the reserve will be capitalized with bitcoin obtained through federal government forfeiture processes, including criminal and civil asset forfeiture proceedings. Notably, the U.S. government confirmed that it would not sell any bitcoin deposited into the reserve, which will likely alleviate selling pressure on the market. Approximately 200,000 bitcoin, valued at around $18 billion, will now be retained by the government rather than being sold, a positive signal for existing bitcoin holders.
However, some market participants were left disappointed as the fact sheet did not confirm any plans to purchase additional bitcoin beyond those obtained through forfeiture. While the executive order authorizes the Secretaries of Treasury and Commerce to develop budget-neutral strategies for acquiring more bitcoin, no confirmations of future purchases were provided. Regarding the digital asset stockpile, which would include assets other than bitcoin, the government also stated it would not acquire additional assets beyond those already seized through forfeiture proceedings.
Following the summit, major altcoins, including Ethereum and Solana, saw declines of 9% to 11%, although they have since rebounded slightly.
Simon Peters commented: “We’re at a crossroads. Market sentiment is still weighed down by tariffs, which could result in further short-term price declines. However, a weaker U.S. dollar and lower interest rates may provide a more favorable environment for crypto assets and other risk assets. U.S. Treasury Secretary Scott Bessent recently reaffirmed the administration’s commitment to lowering interest rates, which could offer relief to struggling Americans.”
Biggest Movers
Cardano ($ADA) was one of the most significant movers in the crypto market this week. Initially, $ADA rallied by as much as 80% following President Trump’s mention that it would be included in the U.S. strategic crypto reserve. However, the price retraced all of those gains last week amid broader negative sentiment across the crypto space.
Other cryptocurrencies with close ties to the U.S., such as XRP ($XRP) and Hedera Hashgraph ($HBAR), also saw strong gains before reversing. $HBAR, while not explicitly mentioned as part of the strategic reserve, rallied on news that Nasdaq filed a 19b-4 to list and trade Grayscale’s spot Hedera ETF. Simon Peters concluded, “We’ll have to wait and see which narrative—the negative effects of tariffs or the potential for looser financial conditions—ultimately prevails in the coming weeks, dictating the next move for crypto markets.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The solution eliminates the cumbersome process of manual entry, a common source of errors and a vulnerability exploited by fraudsters seeking to compromise sensitive card information
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Visa announced the launch of Tap to Add Card in Saudi Arabia marking a significant advancement in digital wallet provisioning. This innovative technology addresses the growing need for secure and streamlined digital payment solutions by allowing cardholders to add their Visa contactless cards to digital wallets with a simple tap on their mobile device.
Bringing enhanced security and convenience, Tap to Add Card eliminates the cumbersome process of manual entry, a common source of errors and a vulnerability exploited by fraudsters seeking to compromise sensitive card information. The tap generates a unique, one-time code validated by Visa’s Chip Authenticate service, ensuring secure provisioning of card credentials and offering a significantly faster and more secure alternative to traditional methods.
“We are excited to bring the enhanced security and simplicity of Tap to Add Card to Saudi Arabia,” said Ali Bailoun, Regional General Manager for Saudi Arabia, Bahrain and Oman at Visa. “The solution provides cardholders with greater peace of mind when adding a card to a digital wallet, knowing their information is protected by advanced security measures. We believe that Tap to Add Card will be instrumental in driving further adoption of digital wallets in the Kingdom by addressing key security concerns and simplifying the user experience.”
Global Momentum and Regional Impact
Tap to Add Card feature has quickly gained traction worldwide since its introduction last September by Visa, as part of its suite of new services aimed at enhancing digital payment experiences. With over 80,000 Tap to Add Card tokens enabled in Saudi Arabia the technology has demonstrated its ability to streamline and secure digital wallet provisioning.
Benefits for the Ecosystem
Tap to Add Card is designed to benefit all stakeholders in the payments ecosystem. Offering an experience similar to in-store payments, cardholders can enjoy a faster, more convenient, and more secure way to add cards to their digital wallets, encouraging greater adoption of digital payments.
For issuers, Tap to Add Card can help reduce the risk and associated costs of provisioning fraud, simplifies the add-to-wallet process leading to fewer customer service inquiries, and improves transaction approval rates.
Similarly, for digital wallets, Tap to Add Card follows Visa security standards, reducing the risk of card compromise and promising a potentially higher token provisioning rate due to fewer card entry errors, while also presenting the opportunity to introduce new customer experiences.
The technology is supported by digital wallets globally, ensuring seamless integration with existing digital wallet experiences.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Kuwait’s ‘AA-‘ rating is supported by its exceptionally strong fiscal and external balance sheets.
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Fitch Ratings has reaffirmed Kuwait’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook. This rating reflects the country’s exceptionally strong fiscal and external balance sheets, while also acknowledging structural challenges such as governance constraints, heavy oil dependence, and fiscal pressures from its large public sector and generous welfare system.
Exceptional Financial Strength
Kuwait maintains the strongest external balance sheet among all Fitch-rated sovereigns. The country’s sovereign net foreign assets are projected to increase to 601% of GDP in 2025, up from 582% in 2024—more than ten times the ‘AA’ median. The majority of these assets are held in the Future Generations Fund, managed by the Kuwait Investment Authority (KIA), which also oversees the General Reserve Fund (GRF), the government’s treasury account.
Progress in Reform Efforts
The recently appointed government has introduced reforms aimed at reducing reliance on oil revenue, improving government efficiency, and rationalizing spending. Expenditure has been capped at KWD 24.5 billion (approximately 51% of GDP). Notably, the government has implemented a 15% domestic minimum top-up tax (DMTT) on multinational corporations, effective January 1, 2025, aligning with OECD Pillar 2 requirements. This is expected to generate approximately KWD 250 million annually, with collections beginning in 2027. Additionally, plans to introduce an excise tax by March 2026 remain under discussion.
Challenges in Fiscal Sustainability
Despite reform efforts, Fitch anticipates Kuwait’s budget position will weaken in FY25. The budget deficit (excluding investment income) is expected to widen to 10% of GDP in FY25 from about 5% in FY24, increasing to 10.8% in FY26. The reliance on oil revenue continues to pose risks, with lower oil prices and OPEC+ production constraints impacting revenue. While non-oil revenue is projected to grow modestly, it is unlikely to meet the government’s KWD 2.9 billion target.
Debt and Liquidity Considerations
The government is working toward passing a liquidity/debt law, which would enable it to raise new debt following the expiration of the previous debt law in 2017. Fitch assumes the law will be enacted in FY25, though delays remain a possibility. Even without this legislation, Kuwait’s substantial financial assets ensure that it can meet its financing obligations in the coming years. Gross government debt remains low at 2.9% of GDP in FY24, though it is forecasted to rise to 6% in FY25 and 9.2% in FY26 if the liquidity law is enacted.
Economic Projections and Oil Dependence
Fitch projects an average oil price of USD 69.4 per barrel for FY25, down 12% from FY24. Kuwait’s crude oil production is expected to increase by 4% in FY25 as OPEC+ eases production constraints. The country’s fiscal break-even oil price (including investment income) is estimated at USD 58 per barrel for FY25-FY26, but its non-oil primary deficit remains at 70% of non-oil GDP, significantly worse than regional peers.
Regional Stability and Governance Challenges
While geopolitical tensions in the Middle East persist, Kuwait’s substantial government assets act as a financial buffer. However, the country’s reliance on hydrocarbons makes its budget highly sensitive to oil price fluctuations. A USD 10 per barrel change in oil prices could impact the budget balance by approximately 4% of GDP. The dissolution of parliament in May 2024 has eased legislative gridlock, yet concerns remain over voice, accountability, and the long-term implementation of fiscal reforms.
Future Rating Considerations
Fitch’s outlook for Kuwait’s rating depends on its ability to navigate fiscal reforms and manage its structural challenges:
- Potential Downgrade Risks: Sustained pressure on GRF liquidity due to the absence of a new liquidity law or fiscal adjustments, as well as prolonged periods of low oil prices, could lead to a rating downgrade.
- Potential Upgrade Factors: Clear progress in addressing fiscal challenges, implementing deficit reduction strategies resilient to oil price fluctuations, and adopting a sustainable government funding strategy could support an upgrade.
Kuwait’s credit rating remains supported by its exceptional financial assets and continued fiscal discipline. However, long-term challenges—including economic diversification, governance improvements, and fiscal sustainability—will be critical in determining its future rating trajectory.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The exhibition reinforces Saudi Arabia’s Vision 2030 to establish itself as the destination for AI and other emerging technologies.
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Following the resounding success of past two editions, VAP Group in association with Times of AI is set to host an exclusive event on 23-24th June, 2025 in Riyadh, Saudi Arabia that will bring together AI futurists across the globe with 5,000+ attendees, 200+ speakers, 300+ companies and 250+ media professionals all under one roof to explore the latest AI innovations, trends and investment opportunities. The exhibition’s theme, “AI 2030: Accelerating Intelligent Futures,” covers the Kingdom’s vision to build the community around three primary themes: a vibrant society, a thriving economy, and an ambitious nation.
The gateway to AI in the Middle East:
The exhibition will gather investors, developers, startups and enterprises in a 4500 sqm exhibition space and shall feature 100+ global AI leaders.
Global AI Show has previously hosted Honourable Nate Glubish, Minister of Technology and Innovation, Government of Alberta, Canada, H.E. Dr. Mohamed Al Kuwaiti, Head of Cyber Security
United Arab Emirates Government, Janet Adams, COO- SingularityNET / ASI, Georges De Moura – Group Vice President and CISO – EDGE, and others.
What to Expect in 2025:
Meet the influential minds for AI Excellence from AI policymakers, investors, researchers, startups, and enterprises. Whether you’re an AI enthusiast, a tech leader, an investor or an entrepreneur looking to scale, this event is your gateway to the next era of intelligent technology.
- Exclusive Keynotes & Fireside Chats: Gain insights of AI excellence straight from AI thought-leaders
- High-Impact Networking: Connect with investors, developers, entrepreneurs, and policymakers shaping the future world of intelligent technology.
- Live Demos & Exhibitions: Experience firsthand the latest advancements in AI and enterprise applications.
- Pitch Competitions & Hackathons: Discover the next wave of disruptive startups and emerging tech talent.
Past Success Stories & Impact
Over the years, the Global AI Show has played a pivotal role in creating a high-impact network of AI Trailblazers and Innovators that created a transformative upsurge worldwide. Here’s what our past event helped to achieve: Want to know more: Global AI Show Report
As AI continues to revolutionize and evolve, The Global AI Show 2025 serves as the ultimate convergence point for thought leaders and disruptors. This event serves as a strategic hub for AI policymakers, investors, startups, and enterprises. Don’t miss the opportunity to be part of this transformative journey!
For media inquiries, sponsorship opportunities, or participation details, please contact: contact@globalaishow.com
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The Bank continuously monitors emerging fraud tactics and educates customers on effective prevention measures.
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In line with its unwavering commitment to fostering financial literacy and empowering all segments of society, NBK continues to bolster its support for the “Let’s Be Aware” banking awareness campaign. Spearheaded by the Central Bank of Kuwait in collaboration with local banks and Kuwait Banking Association (KBA).
As part of its commitment to customer protection, NBK is actively educating the public about fraudulent online shopping offers, often promoted through social media. These scams typically feature links to fake applications or websites that lure victims with enticing discounts and promotions.
Designed to mimic legitimate platforms, these fraudulent sites deceive users into providing sensitive personal and banking details—such as account and credit card numbers—ultimately compromising their financial security. NBK urges customers to remain vigilant and avoid engaging with suspicious links, reinforcing its dedication to safeguarding the community from cyber threats.
NBK advises customers to exercise caution and avoid being misled by deceptive shopping deals that promise steep discounts. The bank emphasizes the importance of verifying website URLs and refraining from clicking on links from unknown sources—especially those received via email that advertise offers that appear too good to be true.
Furthermore, NBK cautions customers about the risks of saving credit card details on e-commerce websites or browsers for faster future transactions. The bank highlights that such platforms are susceptible to security breaches, potentially exposing stored banking data to theft.
The Bank also emphasizes that it will never request personal information via email, text messages, or phone calls. Additionally, NBK warns customers against responding to such messages, as they are often fraudulent attempts to steal banking credentials, sensitive data, or funds.
NBK remains vigilant in monitoring emerging fraud tactics, educating customers, and providing clear guidance on how to stay protected. Through comprehensive awareness materials shared across its digital platforms, the bank continuously emphasizes the importance of engaging only with trusted links and avoiding interactions with unidentified sources.
Harnessing its vast communication capabilities, NBK utilizes all its digital channels—boasting the largest following among Kuwaiti banks—to ensure the widest dissemination of the campaign’s messages, effectively reaching the largest possible audience.
Led by the Central Bank of Kuwait in partnership with Kuwait Banking Association, “Let’s Be Aware” stands as the region’s most comprehensive financial literacy campaign. Aimed at empowering bank customers, the initiative delivers essential education on critical financial topics. Key focus areas include practical steps to prevent fraud, strategies for maximizing banking services, and fostering a strong culture of savings and investment. By equipping individuals with the knowledge and tools to make informed financial decisions, the campaign strengthens financial security and resilience across Kuwait’s banking sector.
As a leading financial institution in Kuwait and the region, NBK remains a key supporter of the Central Bank of Kuwait’s initiatives aimed at enhancing financial literacy and promoting banking awareness across all segments of society. The bank actively organizes various educational events to keep the community informed about critical banking issues while also investing in specialized training programs for its employees. By strengthening expertise in fraud prevention and financial crime mitigation, NBK reinforces its commitment to safeguarding customers and upholding the integrity of the financial sector.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
PayTabs Group is now able to offer even more tailored solutions to meet the needs of Egyptian merchants, power financial inclusion and expand its regional footprint.
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PayTabs Group, MENA’s award-winning payment orchestration powerhouse today announced the successful acquisition of majority stake in PayTabs Egypt, solidifying its commitment to driving digital transformation and financial inclusion across Egypt.
This strategic move marks a pivotal milestone for PayTabs as it continues to enhance its market leadership in the Egyptian digital payments landscape. With the acquisition of full ownership, PayTabs Group is now able to offer even more tailored solutions to meet the needs of Egyptian merchants, power financial inclusion and expand its regional footprint.
“We are excited to take this next step in strengthening our presence in Egypt. This transition allows us to streamline our operations and further enhance the value we offer to local businesses, government initiatives, and consumers,” said Abdulaziz Al Jouf CEO & Founder of the PayTabs Group.
“We remain deeply committed to Egypt’s digital payments future, and our focus on innovation and customer-centricity will only grow stronger.”
While PayTabs and EFG Holdings have had a successful partnership in the past, this move marks a new chapter that allows PayTabs to focus even more on advancing its technology solutions, expanding the product offering for Egyptian businesses, and improving financial accessibility across the country.
PayTabs continues to work closely with stakeholders, regulators, and industry partners to contribute to the growth of Egypt’s thriving digital economy, reaffirming its role as a key enabler of the nation’s transition to a cashless society.
This acquisition aligns with PayTabs’ long-term strategy to reinforce its leadership position in Egypt and beyond, creating more opportunities for merchants to grow their businesses and for consumers to experience secure and seamless payment solutions.
This announcement comes in the wake of much media speculation about an IPO on the cards for PayTabs Group in recent months
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
This partnership addresses a critical barrier to digital inclusion by enabling growing customer demand for integrated entertainment options by enabling 3.5 million subscribers to access and pay for digital content directly through their mobile accounts.
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Beyond ONE, the global digital services provider and owner of Virgin Mobile and FRiENDi Mobile operations across the Middle East, has partnered with global technology provider TIMWETECH to deliver premium digital content to mobile users across Saudi Arabia and Oman. The agreement, signed at Mobile World Congress in Barcelona, will see TIMWETECH’s Digital Service Delivery platform deployed across Beyond ONE’s affiliate networks – Virgin Mobile Saudi Arabia and FRiENDi Oman.
In markets where credit card penetration remains below 30%*, this partnership addresses a critical barrier to digital inclusion by enabling growing customer demand for integrated entertainment options by enabling 3.5 million subscribers to access and pay for digital content directly through their mobile accounts. Customers will be able to subscribe to premium streaming, gaming, and infotainment services – including on-demand video, live sports updates, interactive quizzes, and AI-powered productivity tools – without needing traditional banking relationships, a significant advantage for Beyond ONE’s largely prepaid customer base.
“This partnership fundamentally transforms how our customers access digital experiences,” said Hani ELKukhun, Beyond ONE CEO of MEA. “In fast growing economies, mobile accounts often serve as people’s primary financial tool. By connecting these accounts directly to digital content, we’re removing long-standing barriers and democratizing access to services that can educate, entertain, and improve quality of life. This aligns perfectly with our mission to create a more inclusive digital ecosystem in high-growth markets.”
Under the agreement, Virgin Mobile and FRiENDi customers will benefit from Direct Carrier Billing (DCB), allowing them to subscribe and pay for services using their existing mobile balance with just two clicks. For the significant segment of Beyond ONE customers who use prepaid services, this eliminates the complexity of separate payment systems while maintaining complete transparency and control.
The implementation includes robust consumer protections, with mandatory double opt-in confirmations, clear subscription terms, and AI-powered real-time fraud detection. These enhanced security measures are expected to reduce unauthorized charges drastically compared to traditional third-party billing systems.
“We’re bringing our carrier-grade VAS aggregation technology to Beyond ONE to create both a seamless and secure experience for millions of mobile users,” said Diogo Salvi, CEO at TIMEWWTECH. “Our platform will operate invisibly beyond Virgin Mobile and FRiENDi’s trusted brands, ensuring a consistent customer experience while dramatically expanding content options.”
The partnership delivers four key benefits:
- Expanded Content Ecosystem: Starting Q3 2025, customers will gain access to premium entertainment, including regional/global streaming services, educational platforms, and gaming subscriptions directly through their trusted mobile provider
- Financial Inclusion: Prepaid users can instantly subscribe to premium digital services without needing credit cards or band accounts, making advanced digital experiences accessible to underserved populations.
- Enhanced Consumer Protection: Clear subscription terms, automatic spending alerts, and simplified management tools give customers complete control over their digital spending
- Faster Service Deployment: New digital services will be rolled out up to 50% faster, with automated onboarding for new entertainment providers ensuring customers always have access to the latest content options
Implementation will begin immediately, with a phased rollout starting Q3 2025. This strategic integration not only enhances Beyond ONE’s value proposition by connecting telecommunications directly with premium content delivery, but also establishes new revenue opportunities in the Middle East’s rapidly evolving digital economy – all while maintaining the seamless experience customers expect from Virgin Mobile and Friendi brands.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
This initiative aligns with the UAE Government’s vision of digitalizing payments while at the same time providing a distinctive and unique proposition to Emirates NBD’s clients.
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Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, is set to be the first bank in the UAE to introduce the Visa Commercial Pay-Mobile Module for its SME and Corporate clients, in collaboration with Visa. This initiative aligns with the UAE Government’s vision of digitalizing payments while at the same time providing a distinctive and unique proposition to Emirates NBD’s clients to enhance payment efficiencies enabling security, automation and reconciliation through tokenized credentials.
Visa Commercial Pay Mobile is tailored for Corporates and SMEs providing an easy and secure way to manage expenses and enables employees to make payments using Visa virtual cards on their mobile devices through digital wallets like Apple Pay or Google Pay. The solution extends the current Virtual Card capability of deploying tokenized virtual credentials providing enhanced security, real-time controls and expense management to the digital wallets, enabling the use of Virtual Cards to make POS machine (card present) payments.
Commenting on this partnership, Deepak Chandran, Group Head of Retail Products at Emirates NBD, said: “We are proud to partner with Visa to launch the Visa Commercial Pay–Mobile solution, extending our suite of innovative payment solutions for our SME and Corporate clients. This collaboration underscores our continued commitment to empower businesses with cutting-edge financial tools. We are confident that our new value proposition will provide our customers with increased flexibility and control for their online and offline corporate payments.”
Salima Gutieva, Visa’s Vice President and UAE Country Manager, added: “Our partnership with Emirates NBD reflects our commitment to fostering innovation in the payments and financial sector. The introduction of Visa Commercial Pay-Mobile with Emirates NBD – a first in the UAE, offers businesses a more efficient and secure way to manage their payments and expenses. As we progress, we remain dedicated to working closely with Emirates NBD to further tailor our solutions to support the digital transformation of local businesses and growing needs of the UAE’s digital economy.”
With the current challenges automation and digitization for B2B Payments, Emirates NBD and Visa’s virtual card capabilities are aimed at revolutionizing payments on card rails. These capabilities drive working capital benefits and tokenized solutions through secure channels. Additionally, they provide key insights for real-time decision making, business planning, and enable mobile payments.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The survey notes that women business owners in Egypt have a stronger appetite for digital disruption than their male counterparts
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Entrepreneurial spirit is high among women in Egypt, who aspire to pursue their dreams, gain financial independence and make a difference in the world, according to Mastercard’s latest research, released ahead of International Women’s Day 2025.
As part of its commitment to advancing financial inclusion, Mastercard has launched this report across its Eastern Europe, Middle East and Africa (EEMEA) region, including Egypt. The initiative is designed to champion women entrepreneurs, provide key business insights and drive tangible solutions to break down systemic barriers.
“Our research highlights the remarkable entrepreneurial spirit among women across the EEMEA region. While progress has been made, challenges remain, reinforcing the need for stronger support. At Mastercard, we are dedicated to nurturing the next generation of small business leaders and equipping them with the tools they need to grow and thrive,” said Selin Bahadirli, executive vice president, Services, Eastern Europe, Middle East and Africa, Mastercard.
Egypt’s entrepreneurial landscape
In Egypt, a significant proportion of men (41%) and women (38%) identify as entrepreneurs, reflecting the country’s evolving business landscape. In contrast to the rest of EEMEA, older generations, especially Gen X (54% of men and 51% of women) are more likely to consider themselves entrepreneurs than millennials and Gen Z.
77% of women in Egypt have considered starting or running their own business. This increases to 83% among Gen Z women. However, more than half (56%) of Egyptian women are yet to do so.
As well as formal business ventures, half of Egyptian women have a side hustle to make money outside of their main job, rising to 59% among Gen X women. For many women, the entrepreneurial spirit is inspired by an appetite to earn more money (60%), save for a specific goal (52%) and gain financial independence (45%).
The most commonly cited reasons for starting their business among women founders in Egypt are that they wanted to pursue their dream (48%) or had a brilliant idea that they needed to see through (39%). 37% of women said they desired freedom from traditional working structures, the same number wanted a better work-life balance, an equal number felt the time was right in their life, and the same percentage believed their idea could improve people’s lives. The last number is far higher than the global average, where 20% of women cited this as a motivation for starting their business.
Top sectors in which Egyptian women would like to start a business include education (24%), cosmetics (20%) and marketing/advertising/PR/market research (17%).
In an encouraging finding, 98% of women business owners in Egypt are optimistic about revenue growth over the next five years. This number is higher than in the rest of EEMEA (89%).
Unlocking new opportunities
Despite the evident appetite for entrepreneurship, the research shows that for many women, including current business owners, there are challenges. The risk of failure (30%) and getting the capital to launch (25%) are reported as the biggest challenges preventing women from starting a business. Meanwhile, women are more likely than men to view lack of confidence as a hurdle (8% vs. 6%).
Among women who have already founded a business, 37% say the biggest challenge when starting out was assessing critical digital infrastructure, such as payment systems, and 35% were struggling to find funding. A third say the biggest challenge was knowing which technology was right for their business. More than a quarter (26%) of women want to build a sustainable business but do not know how – this is similar to all women across EEMEA (31%).
Training on how to develop a business plan (38%), access to AI tools to solve business challenges (34%) and having a business partner (33%) would make Egyptian women feel more confident in starting their own business. The research notes that women in the country are more open to embracing advanced technologies to help them do business than their male counterparts. 73% of Egyptian founders (men and women) regularly use AI in their business, and 87% say it has delivered significant cost and/or time savings for their business.
In terms of cybersecurity, 81% of men and 80% for women feel the need to better educate themselves about how to protect their business from a potential cyberattack. However, men (41%) are more likely than women (24%) to admit they are unsure how to protect their business from a cyberattack. These findings highlight the key role of secure digital transactions in business success.
Mastercard’s survey sends a clear message that Egyptian women have the ambition to shape the future of business yet are facing significant challenges. As International Women’s Day 2025 approaches, the company remains committed to fostering an inclusive digital economy where women entrepreneurs are not just supported but celebrated as key drivers of economic progress.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
