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.
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
Third Test
Day 3, stumps
India 443-7 (d) & 54-5 (27 ov)
Australia 151
India lead by 346 runs with 5 wickets remaining
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Yuki Means Happiness
Alison Jean Lester
John Murray
Ireland v Denmark: The last two years
Denmark 1-1 Ireland
7/06/19, Euro 2020 qualifier
Denmark 0-0 Ireland
19/11/2018, Nations League
Ireland 0-0 Denmark
13/10/2018, Nations League
Ireland 1 Denmark 5
14/11/2017, World Cup qualifier
Denmark 0-0 Ireland
11/11/2017, World Cup qualifier
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
Results:
5pm: Maiden (PA) Dh80,000 2,200m | Winner: AF Al Montaqem, Bernardo Pinheiro (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,200m | Winner: Daber W’Rsan, Connor Beasley, Jaci Wickham
6pm: Handicap (PA) Dh85,000 1,600m | Winner: Bainoona, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: AF Makerah, Antonio Fresu, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 | Winner: AF Motaghatres, Antonio Fresu, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 1,600m | Winner: Tafakhor, Ronan Whelan, Ali Rashid Al Raihe
The%20Killer
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Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
The Freedom Artist
By Ben Okri (Head of Zeus)
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
World%20Cup%202023%20ticket%20sales
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
GRAN%20TURISMO
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