The Finance World Magazine| Edition: March 2023

UAE Commits $500,000 to Iraq’s Water Security
with Nadia Murad’s Initiative
The United Arab Emirates has
pledged $500,000 in support of
Iraq’s water security through
a new initiative launched by
Nobel Peace Prize laureate Nadia
Murad. The initiative aims to address
the ongoing water crisis in Iraq, which
has affected the country’s agriculture,
health, and overall quality of life for its
citizens. The UAE’s contribution will
support the installation of new water
treatment facilities and the rehabilitation
of existing ones, helping to ensure
that communities in Iraq have access to
clean and safe water. The commitment
is a testament to the UAE’s continued
efforts to support development and
humanitarian initiatives both at home
and abroad. This new initiative, in
partnership with Nadia Murad, will
have a lasting impact on the people of
Iraq and will help to build a brighter
future for the country.
Saudi Startup Marn Secures Investment Boost with
Sukna Ventures Deal
Investcorp Acquires Majority
Stake in Eficode Bahrain
and Expands Reach in
Technology Space
Investcorp, a leading global provider
of alternative investment products,
has announced its agreement
to take a majority stake in
Eficode Bahrain, a leading technology
consulting firm. The move signals
Investcorp’s growing presence in the
technology space and its commitment
to supporting the growth of innovative
companies. The acquisition will provide
Eficode Bahrain with the resources and
support it needs to continue to scale
its operations and meet the increasing
demands of its customers. Eficode
Bahrain’s expertise in technology
consulting and software development
is highly regarded in the industry, and
Investcorp’s investment will only serve
to enhance its position as a leading
player in the region. This acquisition
is a win-win for both companies, as
Investcorp expands its reach in the
technology sector, and Eficode Bahrain
gains access to Investcorp’s expertise
and resources.
Saudi Arabian startup Marn has
recently secured a funding deal
with Sukna Ventures, providing
a significant boost to the young
company. Marn is a technology-driven
company that provides innovative
solutions in the transportation industry.
The exact amount of funding has not
been disclosed, but it is believed to be
a substantial sum that will allow Marn
to expand its operations and reach even
more customers. This investment by
Sukna Ventures is a testament to the
potential and growth of Marn, and
the positive impact it is having in the
region. The new funds will be used to
further develop Marn’s technology,
expand its workforce, and bring its
solutions to more communities in need.
This is a thrilling development for both
Marn and the wider tech community
in Saudi Arabia.
Saudi Startup Palm.hr
Secures $5M in Pre-
Series A Round
Saudi Arabian human resources
tech startup, Palm.hr, has raised
$5M in a pre-Series A funding
round, further solidifying its
position as a leader in the HR tech space.
The funding round was led by a group
of local and international investors,
who recognized the potential of the
company’s innovative HR solutions.
With the new funds, Palm.hr plans to
expand its product offerings, grow
its customer base, and increase its
footprint in the region. The company’s
cloud-based HR platform streamlines
HR processes for businesses of all
sizes, making it easier for companies
to manage their employees and their
HR needs. This latest funding round is
a clear sign that Palm.hr is poised for
growth and success, and the company
is well-positioned to continue making
a positive impact on the HR tech
landscape in the region.
March 2023 www.thefinanceworld.com 77