Latest news with #Yalcin
Zawya
29-04-2025
- Automotive
- Zawya
iMENA raises $135mln in pre-IPO funding round: IFR
Saudi digital platform operator iMENA has raised $135m in a private funding round ahead of a planned IPO. Funding comes from the Public Investment Fund via Sanabil Investments, venture capital firm FJ Labs, founder of SellAnyCar Saygin Yalcin and other Saudi investors, with the capital raise taking the form of both cash and contributions in kind. iMENA will use the funds to increase its shareholding in its three highest performing businesses; classified advertising platform OpenSooq, ride hailing service Jeeny and vehicle marketplace SellAnyCar. Al Rajhi Bank was adviser for the placement. The capital raise is the first tranche of a pre-IPO funding round as the company restructures as a Saudi closed joint stock company in preparation for listing on Tadawul. Saudi Arabia and the UAE contribute the company's largest sources of revenue at 40% each and it has operations in Jordan, Oman and Kuwait. Yalcin will join the board of directors and Sanabil will also appoint a board member.
Zawya
28-04-2025
- Automotive
- Zawya
PIF-backed Sanabil funds Middle East tech firm planning a Saudi IPO
Sanabil Investments, a subsidiary of Saudi Arabia's Public Investment Fund, is partly funding Middle East tech firm iMENA Group's $135 million capital raise, which the company said was the first tranche of a planned IPO. The funding round also drew investments from venture capital firm FJ Labs, and Saygin Yalcin, the founder and CEO of SellAnyCar, among other Saudi investors. The capital raise comprises a private placement and in-kind contributions, with iMENA allotting the funds to increase its shareholding in several digital marketplaces, including OpenSooq, SellAnyCar, and ride-sharing service Jeeny. The funding will also 'drive vertical and geographic expansion,' iMENA said. As part of the capital raise, iMENA said it has now restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding, with Yalcin joining the company's board and management committee. Al Rajhi Capital acted as financial advisor on the private placement. Founded in 2012, iMENA has operations in Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region. (Writing by Bindu Rai, editing by Seban Scaria)
Time Out
24-04-2025
- General
- Time Out
Türkiye's iconic Hagia Sophia is to undergo a landmark restoration
As cities go, Istanbul 's history makes it one of the most fascinating, patchworked hubs around, and the Hagia Sophia, a vast complex which has operated as a cathedral, a mosque, a museum and then a mosque again, is a core part of its skyline. But now the building, which has been standing for 1,486 years, is undergoing some landmark restorations – but with a structure this old, it's not going to be easy. Asnu Bilban Yalcin, a Byzantine art historian, told Reuters that the works 'open an important page in the book of Hagia Sophia'. Preserving the building's iconic dome is the most critical part of these restorations, so here's what we know about how it will unfold. The dome's coverings will be dismantled and either repaired or replaced, and a protective steel structure will help protect the interior and shield it from seasonal weather. Inside the building, four columns will support a platform to allow for restoration of the Hagia Sophia's mosaics, and a crane will be used to work on the roof, dome and minarets. Simulations of a large earthquake have been used to identify weak points in the building – appropriate, after this week's 6.2 magnitude tremor – but experts are expecting to uncover more once works have actually begun. 'It is truly a structure full of surprises because sometimes things develop in a way we do not expect. That is, you design and plan it, but when you open it, things may develop differently,' said Yalcin. So, what's so special about Hagia Sophia? Well, it was the largest cathedral in the world for a good nine centuries before Ottoman Sultan Mehmet the Conquerer captured it in 1453 and transformed it into a mosque. Around 70 years ago, Türkiye's secular republic turned the building into a museum, but since 2020 it's been back in use as a mosque, welcoming both worshippers and visitors (though the latter have had to pay entry since early 2024). It's been UNESCO-protected since 1985. There are no plans to restrict access to the complex while the works are taking place – reports say it will remain open to both worshippers and visitors – but there's also no completion date penciled in, so the restoration could take quite some time.
