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Hakbah, the leading Saudi-based fintech savings platform, announces its successful $5.1 million Series A fundraising. The funding round was led by VentureSouq - the MENA-based venture capital firm with a global portfolio. Also participating were new investors M-Capital and Bunat Ventures; and existing investors Global Ventures and Aditum Investment Management Ltd.
The Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) launched a new financial technology program, Makken, which aims to empower entrepreneurs and startups in the financial technology sector by providing them with technical support and cyber-security tools. The program aims to empower 150 national emerging financial technology companies over a period of three years by offering supported technical and qualitative services in the fields of cyber-security, cloud computing, and shared workspaces.
The SRC sukuk issuance was offered in five and seven-year dual tenors, marking the final two tranches under the government backed SAR20bn sukuk programme.
The Saudi Real Estate Refinance Company (SRC), a wholly
Saudi Real Estate Refinance, a unit of top sovereign wealth fund PIF, has successfully completed its latest sukuk issuance of SAR3.5 billion ($932 million). This marks the final two tranches under its SAR20 billion government-guaranteed sukuk programme.