Saudi-based tech startup Rasan closes $24m funding round

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Updated 17 November 2021
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Saudi-based tech startup Rasan closes $24m funding round

CAIRO: Rasan, a Saudi-owned fintech and insurtech company, has successfully raised SR90 million ($24 million) in its latest funding round, MAGNiTT reported.

Rasan will spend the money on developing new technology and products, and increasing differentiation for Rasan’s InsurTech portfolio including Tameeni Motor, Tameeni SME Health, and Treza. 

The investment will also enable Rasan to build and scale multi-sided platforms and expand into new geographical regions, MAGNitt said.

The financing round was led by Impact46, a Saudi asset manager and advisor focused on alternative investment opportunities. The funding marks the first growth stage InsurTech deal in the Kingdom.


Amazon’s AWS reports outage after UAE data center struck by ‘objects’

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Amazon’s AWS reports outage after UAE data center struck by ‘objects’

DUBAI: Amazon cloud-computing unit’s facilities in the Middle East were facing power and connectivity issues on Monday, the company said, after its UAE data center was struck by “objects,” triggering a fire.
Amazon Web Services’ UAE and Bahrain regions were affected by outages, it said, citing localized power issues for both regions.
Two of Amazon cloud unit’s zones, which are clusters of data centers, in the UAE were without power on Monday, the company said on its status page.
AWS said on Sunday that one zone in the UAE was affected after “objects” struck the data center and created sparks and fire, following which power was shut off.

“We can confirm that a localized power issue has affected another availability zone” in the UAE region, AWS said.

AWS did not confirm or deny, when asked earlier, whether the UAE incident was connected to the Iranian strikes on neighbouring Gulf states, including the UAE and Bahrain, in response to US and Israeli attacks on Iran.

The cloud firm had reported some recovery in the UAE region earlier on Monday, but is now asking customers to rely on its services in other regions, adding that it was working to restore power and connectivity.

The cloud division expected full recovery to “be many hours away” for both the UAE and Bahrain.

Separately, Abu Dhabi Commercial Bank said on Monday that technical issues were affecting some of its platforms and mobile app users. It was unclear if the outage at the lender was related to AWS.