Egypt's iSUPPLY Secures $3M in Sharia-Compliant Financing; OMNIYAT Raises $500M via Oversubscribed Green Sukuk
Key Takeaways
- Egypt's iSUPPLY secures $3M in Sharia-compliant financing from Bokra to scale operations.
- OMNIYAT raised $500M via oversubscribed green sukuk, planned for Nasdaq Dubai and London listing.
- Konnect Networks, a Tunisian fintech, receives investment from Attijariwafa Ventures and Utopia Capital.
- NEOM invests in MemryX, a Michigan-based Edge AI semiconductor company, to boost AI development.
- MENA IPO outlook positive; 21 companies plan listings, led by KSA (17) and UAE (3).
Top Stories
Egypt's iSUPPLY secures $3M Sharia-compliant financing
On May 6, 2025, iSUPPLY in Egypt obtained $3 million in Sharia-compliant revenue-based revolving financing from Bokra. This funding aims to support iSUPPLY's operational scale-up and broaden the availability of medical supplies throughout Egypt.
OMNIYAT raises $500M via oversubscribed green sukuk
On May 6, 2025, Dubai-based OMNIYAT successfully raised $500 million through its first green sukuk, planned for listing on Nasdaq Dubai and the London Stock Exchange. The three-year Islamic bond was oversubscribed 3.6 times, reaching $1.8 billion in bids, and received credit ratings of ‘BB-’ with a stable outlook from both S&P Global and Fitch Ratings.
Konnect Networks secures investment from Attijariwafa Ventures
On May 6, 2025, Tunisian fintech company Konnect Networks received an investment from Attijariwafa Ventures, along with participation from Utopia Capital Management and others. Konnect, established in 2021, provides payment solutions and holds the first Payment Facilitator license from Tunisia's Central Bank.
NEOM invests in Edge AI firm MemryX
On May 6, 2025, NEOM Investment Fund (NIF) added MemryX, a Michigan-based Edge AI semiconductor company, to its portfolio. NEOM and MemryX also announced a partnership to accelerate the development and deployment of next-generation, energy-efficient edge AI accelerators, with Peter Watson discussing how MemryX’s approach to Edge AI helps process video data locally.
MENA IPO outlook positive; 21 companies plan listings
As of May 6, 2025, the IPO outlook for MENA in 2025 remains positive, with 21 companies planning to list across various sectors. KSA is leading with 17 companies approved by the Capital Market Authority (CMA), followed by the UAE with three, and Egypt with one IPO announcement.
Investment Landscape
Ajman emerging as key UAE investment hub
According to OBG’s report on May 6, 2025, Ajman is becoming a key UAE investment hub due to its strategic location, 100% foreign ownership, and free zones. The report also indicates that UAE SMEs report 91% business confidence for 2025, and Jana Treeck highlighted Ajman’s proactive economic policies, regulatory reforms, and infrastructure development as factors enhancing its attractiveness to investors.