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Start-ups in the Mena region attracted a record $1 billion in funding last year, according to data platform Magnitt. The value of the UAE’s retail e-commerce market rose by 53 per cent to a record $3.9bn in 2020, largely driven by the digital shift in consumer shopping habits amid the Covid-19 pandemic, according to a report by Dubai Chamber of Commerce and Industry. The Series B funding round, which was led by Kingsway and venture capital firm Nuwa Capital, with participation from French Partners, Endeavor Catalyst, Derayah, Palm Drive and Hardy Capital, will support the company s expansion plans, its retail and omni-channel platforms and allow it to further invest ....
SHARE Bitcoin rallied after Tesla’s billionaire chief executive and founder Elon Musk said his electric car company will resume accepting the world’s biggest cryptocurrency once its miners user clean energy. Mr Musk made the comments on Twitter in response to Magda Wierzycka, chief executive of South African financial services company Sygnia, who said his tweets on Bitcoin are tantamount to “market manipulation” and should have triggered an investigation by the US Securities and Exchange Commission. Bitcoin, the world s largest cryptocurrency, jumped more than 12.4 per cent at 8:44am UAE time on Monday to trade at $39,319. Ethereum, the world s second-largest cryptocurrency, gained about 6.3 per cent to $2,484. ....