ANKARA: Turkey’s main opposition Republican People’s Party (CHP) on Friday nominated one its most prominent and combative lawmakers to challenge President Tayyip Erdogan in the June 24 snap presidential election.
The secularist CHP, which has never won an election against Erdogan in his decade and a half in power, chose 54-year-old ex- high school physics teacher Muharrem Ince as its candidate.
“I will be everyone’s president, a non-partisan president. The depressing times will end on June 24,” Ince told thousands of flag-waving supporters at a rally in Ankara, where he was introduced by party leader Kemal Kilicdaroglu.
Kilicdaroglu had previously said he would not run for president, saying the head of a party should not simultaneously serve as head of state.
Ince is widely known as one of the most spirited speakers from the opposition in parliament. He ran as the sole challenger for party leadership against Kilicdaroglu in the last two CHP party elections, in 2014 and 2018.
He is seen as a candidate who can match the harsh rhetoric often used by Erdogan, while also drawing in more conservative and right-wing voters, beyond the CHP’s base of secular, Western-oriented Turks.
Ince said that as president, he would not live in the 1,000-room presidential palace built by Erdogan in Ankara, saying he would turn it into a “haven of learning” instead.
Against Erdogan, a masterful campaigner, the CHP has failed to gain momentum outside its core base of secular voters. In the last parliamentary election in November 2015 it took 25.3 percent of the vote, with much of that coming from large cities such as Istanbul and Izmir and the western coastal region.
Ince, a lawmaker from the northwestern province of Yalova, vowed to end partisanship in the judiciary and public services, and make amendments to an ailing economy suffering double-digit inflation, a gaping current account deficit and a slide in the lira of more than 10 percent against dollar this year.
Erdogan’s most credible challenge, however, is seen as coming not from the CHP but former Interior Minister Meral Aksener, who last year founded the Iyi (Good) Party after splitting with the nationalist MHP, which is backing Erdogan.
An opinion poll conducted in mid-April put Erdogan well ahead in the race with 40 percent followed by Aksener at 30 percent, Ince 20 percent and the jailed pro-Kurdish opposition HDP party leader Selahattin Demirtas under 10 percent.
The CHP, the Iyi Party and two other parties are this week expected to seal an election alliance to create a broad coalition against Erdogan. This has raised speculation that the CHP could pull its candidate in the second round of voting and back Aksener.
To win in the first round, a candidate needs more than 50 percent of the votes. Polls indicate a second round is likely to transpire and would be on July 8 if necessary.
Turkey’s main opposition nominates combative e-teacher to challenge Erdogan
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Turkey’s main opposition nominates combative e-teacher to challenge Erdogan
- Ince, a lawmaker from the northwestern province of Yalova, vowed to end partisanship in the judiciary and public services
- To win in the first round, a candidate needs more than 50 percent of the votes
Aramco-backed S-Oil expects Q2 refining margins to remain steady then trend upward
SEOUL: South Korea’s S-Oil forecast on Friday that second-quarter refining margins will be steady, supported by regular maintenance in the region, then trend upward in tandem with higher demand as the summer season gets underway, according to Reuters.
Over the January-March period, the refiner said it operated the crude distillation units at its 669,000-barrel-per-day oil refinery in the southeastern city of Ulsan at 91.9 percent of capacity, compared with 94 percent in October-December.
S-Oil, whose main shareholder is Saudi Aramco, plans to shut its No. 1 crude distillation unit sometime this year for maintenance, the company said in an earnings presentation, without specifying the time.
Egypt sending ceasefire delegation to Israel
- Egyptian intelligence chief Abbas Kamel plans to make clear that Egypt ‘will not tolerate’ Israel’s deployments of troops along Gaza’s borders with Egypt
Egypt is sending a high-level delegation to Israel in the hope of reaching a ceasefire agreement with Hamas in Gaza, while warning a possible new Israeli offensive focused on the southern city of Rafah on the border with Egypt could have catastrophic consequences for regional stability, two officials said Friday.
While in Israel, Egyptian intelligence chief Abbas Kamel plans to make clear that Egypt “will not tolerate” Israel’s deployments of troops along Gaza’s borders with Egypt, an Egyptian official said, speaking on condition of anonymity to freely discuss the mission.
Earlier Friday, Lebanon’s militant Hezbollah group fired anti-tank missiles and artillery shells at an Israeli military convoy in a disputed area along the border, killing an Israeli civilian, the group and Israel’s military.
Hezbollah said that its fighters ambushed the convoy shortly before midnight Thursday, destroying two vehicles. The Israeli military said the ambush wounded an Israeli civilian doing infrastructure work, and that he later died of his wounds.
Low-intensity fighting along the Israel-Lebanon border has repeatedly threatened to boil over as Israel has targeted senior Hezbollah militants in recent months.
Tens of thousands of people have been displaced on both sides of the border. On the Israeli side, the cross-border fighting has killed 10 civilians and 12 soldiers, while in Lebanon, more than 350 people have been killed, including 50 civilians and 271 Hezbollah members.
On Thursday, Palestinian hospital officials said Israeli airstrikes on the southern city of Rafah in the Gaza Strip killed at least five people.
More than half of the territory’s population of 2.3 million have sought refuge in Rafah, where Israel has conducted near-daily raids as it prepares for an offensive in the city. The Israeli military has massed dozens of tanks and armored vehicles in the area in what appears to be preparations for an invasion of Rafah.
In central Gaza, four people were killed in Israeli tank shelling.
A ship traveling in the Gulf of Aden came under attack Thursday, officials said, the latest assault likely carried out by Yemen’s Houthi rebels over the Israel-Hamas war.
Meanwhile, a top Hamas political official said that the Islamic militant group is willing to agree to a truce of five years or more with Israel.
The Israel-Hamas war was sparked by the unprecedented Oct. 7 raid into southern Israel in which militants killed around 1,200 people, mostly civilians, and abducted around 250 hostages. Israel says the militants are still holding around 100 hostages and the remains of more than 30 others.
The war has killed more than 34,000 Palestinians, according to local health officials, around two-thirds of them children and women.
Pakistani driver bags first-ever top 4 finish at Dubai Nations Cup
- Enaam Ahmed, 24, was born to Pakistani parents in London, started racing on Go-Kart tracks at age eight
- Ahmed became a British Formula Champion at 12 and a European and World Champion at the age of 14
ISLAMABAD: British-Pakistani racer Enaam Ahmed achieved a ground-breaking milestone this week by securing Pakistan’s first-ever top 4 finish at the Nations Cup in the Dubai 12-Hour Endurance Karting Race.
Ahmed, 24, was born to Pakistani parents in London where he started racing on Go-Kart tracks while he was eight. His passion grew with time, and he ultimately became the British Formula Champion at 12 and a European and World Champion at the age of 14. He is currently in the American Formula 3 league, before which he was car racing in the British Formula 3 and became a champion at 17.
For the Dubai tournament, Ahmed told Pakistan’s Geo News he chose the “two most talented drivers from Pakistan” to make team Pakistan, namely Maz Chughtai and Shamiq Saeed.
In the qualifying round, Pakistan managed to secure 2nd place in the Nations Cup and 4th overall against 30 of the best endurance teams from around the world. Team Pakistan then delivered a historic top-4 finish, but also won over archrivals India with an impressive 9-lap lead even after dropping to 30th place due to an unlucky puncture.
“It’s an honor to represent Pakistan and to achieve this milestone alongside my teammates,” he told reporters. “We worked tirelessly to make our country proud, and to also secure a commanding victory over India adds an extra layer of satisfaction to our accomplishment … This victory not only underscores Pakistan’s prowess in motorsports but also opens a new chapter whereby a new generation of drivers will be inspired.”
Speaking to Arab News in an interview in 2022, Ahmed said what inspired him was a desire to “change the way the world perceives our country [Pakistan] and the Muslim world, in terms of sports.”
“Representing the country [Pakistan] is what gives me the power, what gives me the motivation to succeed ... What keeps me going is this burning ambition to prove that we can be the best.”
While Ahmed has traveled and raced in some top teams and against some of the best drivers in the world, he also had to face racism initially as a rare person of color alongside the black British driver, Lewis Hamilton, who had inspired him to enter the profession in the first place. Ahmed has also found it difficult to find good sponsors, which he said was the reason he missed the chance of getting into Formula 2 in Europe.
“There were moments when I didn’t want to give up but it was looking like I would have to give up because there was no option,” he said. “There were some situations when I didn’t have a sponsor one week before a race, but I always found a way.”
Despite the odds, there has been no looking back for Ahmed, who has never lost a race and always finishes in the top three.
“I have always done things to be the best or nothing,” he said. “I don’t do things just to take part or come second or third. I am here to win.”
Speaking about his special connection with Pakistan, he said he was “put on this earth to race for Pakistan and become a champion.”
“I have two biggest motivations: One is to make my country proud and raise the flag of Pakistan the highest it has ever been, and to relieve my parents, my family of work.”
Ahmed is also on the Road to Indy series, a racecar driver development program that provided a scholarship-funded path to reach the IndyCar Series and Indianapolis 500.
Venture investments spark renaissance of Saudi innovation
RIYADH: In Saudi Arabia, a dynamic transformation is unfolding within the entrepreneurial landscape, powered by the robust growth of venture capital, which achieved an impressive 86 percent compound annual growth rate from 2019 to 2023.
This financial infusion has been a game-changer, propelling the Kingdom past the $1 billion mark in venture capital investment last year and igniting a wave of innovative thinking among Saudi entrepreneurs.
Simply put, VC is a category of private market investment and financing. A VC firm raises capital from investors, referred to as Limited Partners, and uses that capital to fund promising startups they have determined as likely to have high growth potential in an emerging category.
A vibrant scene
“The rise of venture capital in Saudi Arabia is fueling a vibrant entrepreneurial scene,” said the founder of Saudi-based VC firm Nama Ventures.
Offering a unique perspective on this financial phenomenon, Mohammed Al-Zubi shared his insights with Arab News about how venture capital is energizing the entrepreneurial scene in the Kingdom.
Al-Zubi described this financial influx as a vital nutrient, fostering a fertile ground for innovation and growth within the Kingdom.
Ripple effects
“Startups get crucial funding, expert guidance, and exit pathways, attracting and retaining ambitious talent. This creates a ripple effect — successful ventures generate high-quality jobs, attracting more skilled professionals and expertise,” Al-Zubi told Arab News.
However, he explained that challenges like limited seed funding and skill mismatch require more attention.
“By fostering a diverse ecosystem and addressing these gaps, Saudi Arabia can harness the power of VC to build a thriving and sustainable entrepreneurial powerhouse,” Al-Zubi added.
Echoing Al-Zubi’s remarks, Tariq bin Hendi, senior partner at Global Ventures, told Arab News that the Kingdom’s VC growth reflects its booming economy.
“Saudi Arabia is a large market with compelling macroeconomics and significant funding, which in turn is re-shaping the regional startup landscape,” Hendi said.
“Increased investment has helped start-ups to digitize, scale and accelerate their business operations — with many success stories: Tarabut, Zension, RedSea, Zid and Hakbah being among the most well-known,” Hendi added.
An innovative economy
Hendi emphasizes the crucial role of venture capital in the economic diversification of Saudi Arabia.
He notes that sectors like agritech, fintech, and cleantech are attracting significant investments, aligning with Saudi Arabia’s Vision 2030 goals.
“The increase in investment saw Saudi Arabia secure MENA’s (Middle East and North Africa) highest VC funding in 2023, which is also aligned with the country’s Vision 2030 objectives,” he stated
“Venture capital’s investment in nascent technologies and innovative ventures allows for early-stage experimentation and for new start-ups to respond to analogue-based problems previously difficult to navigate through digitalization,” Hendi added.
According to him, this synergy between venture capital and startups not only drives technological progress but also offers insights into the regulatory landscape, promoting economic diversity and innovation within the region.
He also highlights the broader impact of venture capital, noting how it enables local businesses to scale and address global challenges, creating job opportunities and demonstrating the Kingdom’s potential in leading sustainable startup growth.
Moreover, Hendi points out that venture capital stimulates international collaboration, attracting global investors and reducing investment risks, further bolstering Saudi Arabia’s position as a dynamic hub for economic activity and innovation.
Furthermore, in his article “Venture Capital Fundamentals: Why VC Is A Driving Force Of Innovation,” Mark Flickinger, general partner and chief operating officer at US-based BIP Ventures, describes VC as a critical factor for economic innovation.
“VC is a rewarding form of private market investment that gives innovators a real chance to transform their ideas into businesses. It connects founders and investors, driving progress and successful outcomes for both,” Flickinger said.
“And for everyone who is part of this virtuous cycle of funding, building, and scaling market-changing businesses, VC is a way to support the impact of the innovation economy – which is the economy today,” he added.
The challenge
Hendi underscores the significant transformation underway in Saudi Arabia, driven by the nation’s economic diversification and digitalization, which is fueling a burgeoning demand for talent and innovation.
With a young, tech-savvy population, the Kingdom is ripe for entrepreneurial ventures, evidenced by success stories like Tabby, he explained.
The growing ecosystem, supported by incubators and successful exits, showcases the country’s potential as a hotbed for technology-driven businesses catering to consumers, enterprises, and government sectors.
The challenge now, according to him, is to further enhance this vibrant environment, making Saudi Arabia even more appealing for entrepreneurs.
He advocates for continued deregulation and the creation of conditions that encourage innovation, enabling entrepreneurs to develop products and services that resonate with consumers and drive economic growth.
The goal is to not only maintain the momentum but to elevate Saudi Arabia’s status as a premier destination for starting and scaling innovative ventures.
How to utilize funding
As VC growth continues to expand, startups are pressured to find efficient ways to use their funding to boost the overall ecosystem.
Al-Zubi shares his advice stating: “Imagine your funding as rocket fuel – you have to blast off without burning it all at once, right?”
“To fly long and far, focus on essentials. Build a stellar team, fuel growth with customer love, and lay a strong financial groundwork,” Al-Zubi added.
“Track your rocket’s path with data, experiment with new maneuvers, and stay tuned to the space weather. Be open with your investors, listen to wise advisors, and don’t be afraid to adjust your trajectory if the wind changes. Remember, long-term success is a marathon, not a sprint. Spend smart, learn fast, and keep your eyes on the stars,” he added.
Furthermore, Hendi advocates for meticulous planning in resource allocation, emphasizing the importance of understanding the market, timing for product launches, and strategic deployment of capital.
According to Hendi, startups must have a clear grasp of their financial roadmap, with a detailed understanding of expected expenditures over set timelines, to ensure sustained growth and success in the evolving economic environment.
Startup Wrap – Egyptian firms secure funding to boost Saudi expansions after battling stagnation
CAIRO: Startups in Egypt have started to gain momentum with several ventures securing funding to boost expansion efforts to the Kingdom.
Following a period of startup funding stagnation, Egyptian founders have made their way back to the regional venture capital space with a flurry of investment deals and expansion strategies already in place.
Egyptian fintech startup Waffarha has secured a seven-figure seed round from Value Makers Studio to expand its footprint.
Founded in 2012 by Tarek Magdy, the platform offers significant discounts, with daily deals ranging from 50 percent to 90 percent.
The new capital will enable Waffarha to enhance its technology, recruit talent, and expand into Saudi Arabia and additional markets.
Moreover, in 2018, Fawry for Banking Technology and Electronic Payments, one of Egypt’s largest financial institutions, acquired a share of 30 percent of the company.
The company claims to boast a network of over 1,000 merchants and over 3,000 stores that cater to more than 5 million customers, without any subscription fees.
Over the last 12 years, Waffarha claims to have emerged as a top-tier lifestyle website and mobile app.
Egyptian HR tech startup Bluworks secures $1m in pre-seed funding
Bluworks, an HR and Software-as-a-Service solutions provider based in Egypt, has raised $1 million in pre-seed funding led by Khawarizmi Ventures and included Camel Ventures, Acasia Ventures, and angel investors.
Founded in 2022 by Farah Osman, Hussein Wahdan, and Nour Ahmadein, Bluworks aims to optimize costs for businesses through data-driven decision-making.
“With so many HR softwares on the market, not one is built to manage blue-collar workers,” Wahdan said.
“Since the process of managing this type of workforce is so manual, errors frequently occur, leading to penalties and deducted salaries with no oversight from the workers, causing them to leave and ultimately contributing to high turnover rates,” he added.
“Currently, companies can spend about 7-10 days just closing their payroll accounts, but with Bluworks, this time can be cut down to one day - all while leveraging data and insights on their workforce,” he stated.
The company aims to utilize the funding to support its product development goals, expand its presence, and grow its team.
Egypt-based fintech Bokra closes $4.6m pre-seed funding round
Bokra, an emerging fintech startup from Egypt, has secured $4.6 million in pre-seed funding, led by DisrupTech Ventures and SS Capital.
Founded in 2023 by Ayman El-Sawy, Bokra offers diversified investment solutions for retail and SME investors.
The funds will support the launch of the Bokra app, expansion of its investment products, and scaling operations across the Middle East and North Africa region.
“We are dedicated to accelerating financial inclusion and elevating investment awareness across MENA,” El-Sawy said.
“In a region where financial needs and aspirations are ever-changing, Bokra is poised to become the preferred investment platform for both individuals and small and medium-sized enterprises looking to diversify their fractional ownership portfolio in a simple, trackable and informed way,” he added.
Egyptian startups win big in Saudi-Egyptian program
Ten Egyptian startups have received awards from the VMS Bridge program, aimed at enhancing connections between Egypt and Saudi Arabia’s entrepreneurial ecosystems.
Winners included Amanleek, Farhy, Sprints, Career180, and Jamaykaa, which will explore investment opportunities during a 4-day visit to the Kingdom.
Other winners, Notchnco and Neqabty, received free company licenses in Saudi Arabia, and AgriCash, ReNile, and ICareer won access to Arweqah’s training programs.
Jordan-based healthtech startup Arab Therapy secures $1m seed funding
Arab Therapy, a Jordan-based mental health platform, has raised $1 million in seed funding, led by Flat6Labs and Vision Health Pioneers, with participation from international angel investors.
Founded in 2021 by Tareq Dalbah, Omar Koudsi, and Hekmat Al-Hasi, Arab Therapy connects users with licensed mental health professionals.
The investment will facilitate the company’s market expansion and the initiation of business to business sales operations.
TVM Capital Healthcare invests $17m in Neurocare Group AG
TVM Capital Healthcare, based in the UAE, has invested $17 million into Neurocare Group AG, a Munich-headquartered healthtech specializing in personalized mental healthcare.
The investment will support Neurocare’s expansion plans in the US and Saudi Arabia and fund the development of new hardware and software innovations, enhancing their clinical solutions.
UAE-based logistics startup Shorages secures $1m for expansion
Shorages, a UAE-based logistics startup, has raised $1 million in a pre-series A funding round led by Joa Capital’s S3 Ventures Fund.
Founded in 2019 by Rayan Osseiran, the company provides fulfillment solutions in the UAE and Saudi Arabia for e-commerce platforms.
The company aims to utilize the funding to help expand its warehouse operations across the Gulf region.
UAE e-commerce startup WEE secures $12m in funding
UAE-based e-commerce startup WEE has concluded a $12 million pre-series A funding round, facilitated by SIG Investment.
Founded in 2021 by Anastasia Kim, Oleg Dashkevich, and Sergey Kolikov, WEE is an online marketplace that offers below 15-minutes delivery services.
The investment will be used to spearhead WEE’s logistics capabilities, accelerate growth, and expand its team.
Turkish fintech app Midas closes $45m funding round to boost MENA expansion
Turkish fintech app Midas closed a $45 million funding round by Portage, a global investment platform, supported by International Finance Corporation, Spark Capital and Earlybird Digital East Fund.
Founded by Egem Eraslan, the company allows users in Turkiye to invest in Turkish and US equities.
The startup is aimed at Turkiye’s retail investor market and claims to have more than 2 million users. The company claims to charge significantly lower transaction and commission fees for Turkish customers who want to invest in US or Turkish stocks.
Midas has plans to expand beyond Turkiye, and aims to target countries in the MENA region, according to a report by TechCrunch.
Midas also plans to use the new funding to roll out three new products in cryptocurrency trading, mutual funds and savings accounts.
UAE’s Maalexi signs agreement with Etihad Credit Insurance
Maalexi, a UAE-based risk management platform focused on SME agri-businesses, has entered into a strategic credit insurance agreement with Etihad Credit Insurance, the UAE’s federal export credit company.
This collaboration will enable Maalexi to utilize ECI’s extensive trade credit solutions and services, enhancing the competitiveness of regional SMEs in the food and agriculture trade sectors, both locally and internationally.
The partnership aims to reduce market entry barriers, support Maalexi’s goal of increasing SME participation in the cross-border trade of agricultural produce, and contribute to food security in the UAE.
