PayPal's $100 million investment commitment to boost digital growth across the Middle East and Africa shows the company is in the region for the long term, chief executive Alex Chriss told The National.
The digital commerce leader said on Wednesday its commitment will spur innovation and support entrepreneurs, while accelerating economic growth in a region that is embracing digital commerce.
“What we really want to signal with this investment is our long-term commitment to the region,” Mr Chriss said.
PayPal said its investment will be used for a mixture of minority investments, acquisitions, the company's global corporate venture arm, people and technology. It expects the investment to help introduce millions of people to the digital economy and boost businesses.
What we really want to signal with this investment is our long-term commitment to the region
Alex Chriss,
PayPal CEO
The investment comes amid a new push by PayPal in the Middle East. The company, which has its headquarters in San Jose, California, this year launched a regional centre in Dubai, its first location in the Middle East, which will serve more than 80 countries.
Mr Chriss said the region was at the forefront of agentic commerce and development in artificial intelligence.
"These are all places where we see the future of commerce going and it gets us excited about this area," he said.
The $100 million commitment complements investments made by PayPal Ventures, the company's investment arm, in regional start-ups including Tabby, Paymob and Stitch. Mr Chriss said it demonstrates a more structured commitment to the region, "not just in a short burst, but over the long term".
'Tremendous growth opportunity'
PayPal has hailed Dubai as a gateway that could provide greater access to international markets and support large and small businesses with frictionless payments.
It is the latest company to boost its presence in Dubai and the wider UAE, whose infrastructure and location have helped to boost opportunities for cross-border trade. As part of its economic diversification ambitions, the UAE aims to be 75 per cent cashless by 2026 and fully cashless by 2030.
Those targets reflect a broader trend in the region that is embracing digital commerce. Similar diversification in Saudi Arabia and Egypt are prioritising digital transformation as drivers of future economic growth.
"[The Middle East and Africa] is growing quickly, very tech savvy, and one that we want to make sure we're invested in," Mr Chriss said.
"We're always looking for growth opportunities, and we see the Middle East as a tremendous growth opportunity in the future."
The UAE has been positioning itself as a global centre for artificial intelligence and future-driven sectors, helped by an agreement to establish the US-UAE AI Acceleration Partnership, designed to strengthen co-operation on critical technology.
“It's a big deal for us," Mr Chriss said.
PayPal last week announced a multi-year strategic partnership with Google on agentic commerce, under which the payment company's infrastructure will be spread across Google's platforms as the two companies work together on commerce standards driven by AI.
“We're leaning in heavily into agentic commerce and the Middle East is absolutely at the forefront right now of investing and trying to [accelerate] AI development, and that's another reason that we want to be a strong partner there," Mr Chriss said.
While he envisions a future in which AI helps to support interconnected global commerce ecosystems, Mr Chriss said roadblocks remain, such as currency conversion and money movement challenges. He said there are still merchants on its platform that cannot sell to certain regions.
He said PayPal has to be available in all parts of the world to help deliver a platform that enables its merchants and consumers to interact in a frictionless and cost-effective manner.
"And that's why, with this announcement, we're really excited to be moving even more strongly into the Middle East and Africa, and making sure that our PayPal ecosystem can connect anyone in the world," he said.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E299hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E420Nm%20at%202%2C750rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E12.4L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh157%2C395%20(XLS)%3B%20Dh199%2C395%20(Limited)%3C%2Fp%3E%0A
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
