Latest news with #Abdeen
Web Release
21-05-2025
- Business
- Web Release
ElGameya Fintech Closes 7-Figure USD Investment Round
ElGameya, Egypt's leading fintech platform digitizing the traditional ROSCA savings model, today announced the successful closing of a new 7-figure USD investment round, aiming to accelerate the development of its technology platform. The round was led by AYADY for Investment and Development, with participation from prominent investors including Jedar Capital, Cubit Ventures, Ventures Notes, P-Maestro and a group of both local and international angel investors. Founded in 2020, ElGameya aims to modernize and streamline the culturally rooted ROSCA (Rotating Savings and Credit Association) model, which is an integral part of the financial culture in Egypt and many other countries. Through its user-friendly mobile app, the company enables individuals to join diverse circles and choose their preferred amount, duration, and convenient payout turn, while ensuring security and transparency in all transactions. It also offers flexible solutions for obtaining financing and targets meeting the financial needs of various segments of society by providing associations designed to suit the needs of diverse segments of the community, whether for short-term or long-term goals such as education, marriage, or launching a small business with affordable monthly installment plans. Ahmed Abdeen, Founder & CEO of ElGameya, commented: 'We are thrilled to close this successful funding round, which serves as a strong vote of confidence in our vision and business model. Having high-caliber investor like AYADY onboard empowers us to accelerate our expansion and deliver accessible, innovative financial tools to more people across Egypt and beyond. We believe fintech has the power to transform lives, and ElGameya is determined to be at the forefront of that transformation.' 'Over the past year, the company has achieved sustained 50% month-on-month growth, with roughly one million registered users. We have also formed strategic partnerships with more than 150 companies and schools, all of which benefit from our services,' added Abdeen. Osama Saleh, Chairman of AYADY For Investment & Development, stated:'Our investment in ElGameya aligns with our commitment to supporting startups that leverage technology to meet real societal needs. We see ElGameya as a standout model capable of empowering large segments of the Egyptian population with reliable, flexible savings and credit solutions. This resonates with our broader mission to promote financial inclusion and sustainable economic growth.' Amr Aboulazm, Founding Chairman of ElGameya, added: 'We are proud to have earned the trust of such an esteemed group of investors. This funding round marks a pivotal step in our journey to establish ElGameya as a market leader in digital savings solutions in Egypt & the region. We believe digital ROSCAs have a vital role to play in enhancing financial literacy and expanding access to safe, adaptable savings and credit tools, especially for those who remain excluded from traditional financial systems.' Hazem Kamel, Managing Director- Private Equity at NI Capital (the investment manager of AYADy), commented: 'Our investment in ElGameya reflects our strategic focus on backing high-potential fintech startups that can deliver innovative solutions and real economic impact. The ElGameya team has demonstrated deep market insight and the ability to execute. We look forward to seeing them achieve even greater milestones in the future.' This investment underscores a fintech opportunity on the rise at a time when the fintech sector across the Middle East and North Africa is witnessing unprecedented growth and increasing investor interest. ElGameya stands out as a strong example of an Egyptian startup leveraging this momentum to drive meaningful innovation and scale impact.
The Guardian
09-04-2025
- The Guardian
‘No one recognised him, even as he said his name': last video of rescued man shows horror of Sudan torture camps
In the last video of Alwaleed Abdeen, taken in the school turned prison in which he had been held for six months, he was so emaciated that friends could barely recognise him – even when he spoke his name to the camera held by his rescuers. Lying on a dirty floor as he spoke, the 35-year-old's bones were visible through his skin after months of detention and torture at the hands of the Rapid Support Forces (RSF) paramilitary, which controlled most of Sudan's capital, Khartoum until late March. The video was taken by soldiers from the Sudanese government army, and was among many recorded as they drove the RSF out of the city and made grim discoveries of graves and prisons, revealing the conditions many residents endured under the RSF. 'Honestly, I was shocked by what I saw on that video – I couldn't believe my eyes, seeing his body so thin from the hunger, the sickness and torture he endured,' says Mohammed Awad, a neighbour of Abdeen's. 'Whoever can torture and kill a peaceful person like Alwaleed so brutally, they are a person of no faith, no morality, no humanity.' Like Abdeen, Awad had remained in the wealthy Arkaweet neighbourhood of Khartoum despite it becoming overrun by the RSF, whose senior commanders took over abandoned houses as their lodgings or used them to store weapons. Abdeen stayed because his elderly parents refused to leave. He had been briefly detained by RSF forces on several occasions since the war between the RSF and army began in April 2023, before he finally disappeared in October 2024. Awad says he does not know how Abdeen was captured but that many in the area were taken prisoner while trying to reach markets to buy food. Last month, the Sudan Tribune reported that 50,000 people have been forcibly disappeared by the RSF during the war, based on data from the Sudanese Group for Defending Rights and Freedoms. Awad said citizens who remained in Khartoum struggled to access food, water, electricity and medical care after health facilities were taken over by the RSF; shortages which led to Abdeen's mother dying from illness during his detention. 'They brutally arrested citizens and tortured them without any care for their rights, especially in Arkaweet,' says Awad. 'Our homes, women, were not safe. They threatened by gunpoint to steal, loot, beat and abuse.' The video of Abdeen in detention was taken in Jebel Awliya, on the road south out of Khartoum. In another video from the area, the same soldier recorded images of bodies and says they died of hunger and thirst. The news that Abdeen had died later in hospital prompted a wave of mourning on Sudanese social media because of his popularity in the city, where he was a well-known figure. Abdeen was considered a force in Sudan's entrepreneur scene, helping co-found the Khartoum edition of Ted Talks and innovation hubs such as 249 Startups, which helped young entrepreneurs. He also won fellowships to study in the UK and US. As friends shared their memories, many wished that final video was not their lasting memory of him and posted images of him healthy and happy. Sign up to Global Dispatch Get a different world view with a roundup of the best news, features and pictures, curated by our global development team after newsletter promotion 'I want to have the image of the Alwaleed I remember,' says Dalia Yousif, who considered him a business mentor. She says he was a kind, generous man, who was always eager to help others and did so by championing Sudanese entrepreneurs, not only in the capital but in marginalised areas such as Darfur. 'He was passionate about what he was doing but also about what other people were doing. So he was always trying to not just grow himself but also empower others to grow with him,' says Yousif. Reem Gaafar, a neighbour of Abdeen's, who met him at an arts workshop, says his death brought home the reality and violence facing people in Sudan. She had hoped he had escaped the area, as many in Arkaweet had. She initially refused to watch the prison video, having avoided such imagery throughout the war. But then her sister told her the man pictured was one of their neighbours. 'I screamed. I was in shock, my mum came running to my room. The shock of seeing him in that way, to know that all of this time he was in that situation,' she says. 'All this time we were living our lives and he's been in this awful situation, detained, starved. No one even recognised him from that video, even as he said his name. It was like you were looking an old, sick man.' 'I am ashamed because I know this happened to thousands of people, some in worse situations, to women, but when you see it happen to someone you know, it is a whole different thing.'
Saba Yemen
21-02-2025
- Saba Yemen
Retrieving bodies of two martyrs from Rafah, south of Gaza Strip
Gaza - Saba: Civil defense crews retrieved the bodies of two martyrs, a father and his son, from the Abdeen family, in the city of Rafah, south of the Gaza Strip. The Palestinian News Agency reported that their traces had been lost last August, in the Tal al-Sultan area west of the city of Rafah, south of the Gaza Strip, before they were found today. It added that the Zionist enemy forces demolished six houses belonging to the Qashta family, near the eastern garage in the center of Rafah city. Facebook Whatsapp Telegram Email Print more of (International)
Egypt Independent
19-02-2025
- Business
- Egypt Independent
MIGA senior official praises investment-friendly environment in Egypt
Layali Abdeen, a Senior Investment Guarantee Officer at the Multilateral Investment Guarantee Agency (MIGA) of the World Bank, praised the investment-friendly environment in Egypt, affirming that the country's current investment climate is attractive and positive, especially in the energy sectors. Speaking to the Middle East News Agency on the sidelines of the 'Investment and Financing… Towards a Sustainable Digital Future' conference, organized by the Iraqi Business Council in Jordan, she said that Egypt is currently witnessing positive economic developments that contribute to attracting investments, adding that the investments in Ras El Hekma are a good contributor to creating a positive outlook for investments in the country. She pointed out that the reports and funding from the International Monetary Fund, as well as its talks with Cairo, also play a significant role in ensuring a positive and stable view of investments. She noted that the Egyptian government is undertaking major reforms that have also contributed to making the investment environment attractive and positive, particularly in the various energy sectors, emphasizing that all of these factors have contributed to the positive outlook for Egypt's economy. She said that the Multilateral Investment Guarantee Agency has several funding initiatives and plans to guarantee projects worth about $650 million, especially in energy sectors, such as the Benban solar plant, the largest solar plant in Egypt, and other projects for foreign investors. She also mentioned that there is an ongoing plan with the Egyptian government to ensure the implementation of many of these projects. She highlighted that Egypt's investment environment attracts investments in many sectors, particularly renewable energy and agriculture. She pointed out that the Egyptian government now has a clear strategy for renewable energy, which has contributed to attracting more investments in this sector. She added that Egypt currently offers several incentives for investors to invest in many sectors, particularly renewable energy, emphasizing that the agency is in continuous contact with the Egyptian government to collaborate and exchange expertise and identify targets. Regarding the work of the Multilateral Investment Guarantee Agency (MIGA) in the Middle East, Abdeen explained that MIGA is an agency under the World Bank. She clarified that the agency provides guarantees against what is known as political risks for investors in developing countries and their lenders. She continued that the agency offers investment guarantees through mediation services for investments in war and conflict zones. She noted that MIGA is also a guarantor in cases where there are contracts between investors and governments in conflict-hit countries and pointed out that the agency's guarantees are long-term, up to 20 years, allowing commercial banks and capital to move, invest, and facilitate the flow of funds into these countries. She also mentioned that providing technical assistance to attract investments in these countries is among the agency's goals and role. The 'Investment, Renewable Energy, and Financing Towards a Sustainable Digital Future' conference, organized by the Iraqi Business Council in partnership with the Jordan and Amman Chambers of Industry, the International Finance Corporation, and the Multilateral Investment Guarantee Agency, concluded last Sunday in Amman. The conference, which lasted one day, focused on investment and financing opportunities and digital transformation, highlighting promising sectors such as finance and banking, industry and mining, renewable energy, telecommunications, and information technology. It was attended by representatives of the European Bank for Reconstruction and Development, the Iraqi Private Banks Association, the Arab Businessmen Association, the Iraqi Business Council, and local and international economic institutions, as well as a delegation of Libyan businessmen.
