Latest news with #Foras
Wamda
05-05-2025
- Business
- Wamda
Foras acquires 10% stake in Canater in a $1 million deal
UAE-based logistics and supply chain startup Canater has raised $1 million in investment from Foras for 10% equity. Founded in 2024 by Khamis Soliman (Kash), Canater provides AI-powered solutions to help manufacturers in the MENA region expand into global markets. The platform offers end-to-end services in cross-border trade, including digital contracts, financing, storage, logistics, and real-time shipment tracking, with an initial focus on consumer-packaged goods. The funding will be used to strengthen Canater's digital infrastructure, grow its market presence across multiple sectors, and deepen collaboration with regulatory bodies. Press release: In a move underscoring strong confidence in the emerging tech sector, "Foras", a leading investment and innovation firm, has announced the acquisition of a 10% stake in the startup "Canater", which specialises in providing innovative supply chains and logistics solutions for manufacturers in the Middle East and North Africa (MENA). The deal, valued at $1 million, reflects Foras' strategy to support startups transforming traditional industries through technology and innovation, powered by Artificial Intelligence (AI). This investment highlights Foras' belief in Canater's promising future, as the startup aims to empower regional manufacturers to expand their products into global markets while navigating regulatory and legal challenges in target export countries. Canater offers a comprehensive suite of services, including storage solutions, logistics, financing, cross-border trading matching using AI, and a cutting-edge digital platform that allows manufacturers to track shipments with precision. By doing this, Canater establishes itself as a strategic partner for manufacturers, thereby facilitating exports and providing access to new global markets. In its initial phase, Canater is focusing on the consumer-packaged goods (CPG) sector, which includes food, beverages, cosmetics, personal care products, and cleaning supplies. The company sees significant potential in the global CPG market, valued at approximately $11 trillion, as an opportunity for regional companies to enhance their global presence, especially given their current limited participation in international markets. Mohamed Aboulnaga Nagaty, CEO of Foras, commented on the investment, stating, 'We believe in Canater's ability to bring about a transformative shift in how manufacturers in the region expand into global markets. Our investment in Canater reflects our confidence in its leadership team and their ambitious vision to empower local companies to compete on an international scale.' Khamis Soliman (Kash), founder of Canater, expressed optimism about the partnership, saying, 'This investment marks a significant leap for us. With Foras' support, we will be able to accelerate our growth and enhance our technological capabilities to deliver more innovative solutions to our clients. Our goal is to become the preferred partner for manufacturers in the region seeking to expand their businesses globally.' With this investment, Canater aims to strengthen its market presence, expand its services to multiple sectors, and further develop its digital platform to offer a more comprehensive and seamless experience for its clients. Additionally, the company plans to enhance collaboration with government and regulatory bodies across various countries to streamline export processes and enable manufacturers to access new markets more easily. This deal heralds a new chapter of growth and innovation in the region's technology and logistics sectors. Canater is poised to play a pivotal role in empowering manufacturers to achieve their global expansion ambitions, while Foras solidifies its position as a strategic investment partner for visionary startups.
Daily Tribune
22-03-2025
- Business
- Daily Tribune
Trainees receive monthly stipends of BD 200 from Tamkeen, with some employers adding BD 50 to BD 300 in support
More than 1,500 trainees from the government's Foras training programme have secured steady jobs, primarily in sales, industry, and healthcare. Acting Labour Minister Yousuf Khalaf confirmed this in a written response to Parliament, following a question by MP Ahmed Al Salloom. The figure represents nearly half of all participants. Under the programme, trainees receive a monthly stipend of BD 200 through the Labour Fund (Tamkeen) for six to twelve months, depending on the training arrangement. Some employers offer additional support, contrib - uting between BD 50 and BD 300 to enhance the trainees ' earnings and promote long-term hiring. Since the start of the current legislative term, 4,311 individuals have joined Foras — 1,619 in 2023 and 2,692 in 2024. Of these, 1,529 have transitioned into full-time employment. Employment data for 2024 is still being compiled, as many trainees are completing their placements. Launched to provide jobseekers with practical experience, Foras aligns its training opportunities with employer needs. Participants have found placements in various sectors, including personal services, automotive repair, healthcare, construction, education, and technical fields. The ministry reported that 2023 trainees achieved a 53 per cent employment rate, while 2024's rate stands at just under 42 per cent so far. Sector-wise, 18 per cent of those employed went into sales, 13 per cent each into industry and services, and 10 per cent into healthcare. Others took roles in education, finance, real estate, administration, IT, tourism, and transport. Regarding educational backgrounds, most 2024 trainees (1,757) held university degrees, 827 completed secondary school or lower, and 108 held diplomas. Among degree holders, men comprised 63 per cent. In contrast, women made up the majority in the lower educational categories. These trends mirrored those seen in 2023. Once trainees complete their programme, wages and employment terms are agreed upon between the employee and employer, with agreements registered with the Social Insurance Authority. The ministry continues to provide support through the unemployment insurance system for eligible trainees. Future expansion of Foras will depend on its performance, labour market demands, and Tamkeen's funding strategy. The ministry aims to increase opportunities in high-demand sectors and is encouraging employers to offer additional payments to enhance placement outcomes. While the programme has seen strong participation, the ministry acknowledged minor challenges, mainly regarding trainee retention. These issues are being addressed in collaboration with Tamkeen, the private sector, and the Bahrain Chamber of Commerce and Industry. There have been no significant obstacles in the programme's implementation. The ministry pledged ongoing cooperation with Parliament to support Bahraini employment efforts, with updated job figures for the current trainees to be released next year.
Biz Bahrain
04-03-2025
- Business
- Biz Bahrain
Foras Acquires 36% Stake in Beban Crowdfunding
Foras, a prominent investment firm based in Abu Dhabi and focused on innovative startups in the MENA region, has announced its acquisition of a 36% stake in Beban, a licensed company by the Central Bank of Bahrain as a Crowdfunding Platform Operator. This strategic investment aims to foster the growth of startups and enhance access to capital for entrepreneurs throughout the region. 'This acquisition marks a significant milestone for both companies,' said Mohamed Abouelnaga, Founder of Foras 'We are excited about the potential to collaborate and drive growth in the MENA startup landscape through Beban Crowdfunding and our collective mission to empower entrepreneurs. We aim to bridge the gap between SMEs seeking funding and regional individual and accredited investors as the Venture Capital funding market in Africa alone is valued at $2.9 billion while the SMEs credit group is valued at $450 billion, whereas the Crowdfunding market is expected to reach USD 40.03 billion by 2033. By providing innovative solutions to access funding through Sharia'a compliant Murabaha debt and equity crowdfunding that will enable SMEs to solve their current liquidity issues and will pave the way for them to succeed and make a lasting impact.' Beban Crowdfunding has established itself as a significant player in the crowdfunding landscape, providing a unique take on equity investment as it brings together opportunities highlighted in the Beban TV Show as well as other opportunities from the local and regional ecosystem that support entrepreneurs with essential resources to secure funding for their ventures. With Foras' investment, the platform is set to expand its offerings and further support the entrepreneurial ecosystem as Foras has a proven record of increasing awareness in the region regarding investments through its media channels such as Elmal Elhalal podcast. From his end, Sh. Hamed AlKhalifa, Chairman of Hope Ventures Holding, the parent company of Beban, commented saying 'We are thrilled to welcome Foras as a strategic partner. Their expertise and extensive network will be instrumental in enhancing our platform and expanding our support for entrepreneurs. Together, we are committed to fostering innovation and providing more with Beban Crowdfunding which has provided alternative funding for businesses in Bahrain and the GCC with over $250,000 secured from more than 5000 individual and corporate investors.' This collaboration between Beban and Foras is an important step on the path to the development of new features and resources, ultimately benefiting both entrepreneurs seeking funding and investors looking for promising opportunities.
