Qatar plans to invest $10 billion in India, as well as have its sovereign wealth fund open an office there. 

The GCC nation is keen to explore investment opportunities across infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest, according to a joint statement issued during Qatari Emir Amir Sheikh Tamim bin Hamad Al-Thani’s official visit to India in February. 

Qatar Investment Authority will open an office in India, though the statement did not state the city where the sovereign wealth fund would maintain its presence. 

Qatari Emir and Indian Prime Minister Narendra Modi witnessed an agreement on establishing a bilateral strategic partnership. A revised agreement for the avoidance of double taxation was also signed, while both nations agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty. 

Both countries also agreed to consider a forging a bilateral comprehensive economic partnership agreement. India has an existing CEPA with Qatar’s maritime neighbour UAE. 

QIA has invested in Adani Green Energy, an Indian renewable energy company and Mukesh Ambani’s Reliance Retail Ventures. 

The UAE has signed a comprehensive economic partnership agreement (CEPA) with Ukraine, that is expected to increase GDP in both countries by $1 billion over the next six years. 

The pact is projected to contribute $369 million and $874 million to the UAE’s and Ukraine’s economic growth, respectively. 

Upon its expected implementation this year, the agreement will eliminate custom duties on 99% of Ukrainian imports of UAE goods and 97% of Ukrainian exports to the UAE. 

The agreement was signed in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Ukrainian President Volodymyr Zelenskyy, state-run news agency WAM reported. 

The CEPA is the UAE’s third trade agreement with a European nation. 

Yulia Svyrydenko, Ukrainian minister of economy said the country needed greater investments in its assets and capital, as it aims to modernise its infrastructure. Investment inflows in Ukraine reached approximately $8 billion over the past two years.

Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade said that securing food supplies is a key pillar of the UAE’s free trade agreements. 

“With its pro-growth reforms and potential accession to the EU, we foresee enhanced appeal in Ukraine as an investment destination, with vast scope to build on our existing joint FDI stock of $360 million," he added. 

Ukraine is one of the world’s leading producers and exporters of grains such as wheat and barley. 

The agreement aims to double non-oil bilateral trade, which reduced to $372.4 million in 2024 from $904.4 million in 2021. 

The CEPA programme launched in September 2021, aims to increase the UAE’s non-oil trade to $1.1 trillion (4 trillion dirhams) by the year 2031. 

Since launching its programme, the UAE has signed 24 CEPAs with trade partners, covering markets home to approximately one-quarter of the world’s population. 
 

The UAE is in the ascendant in the realm of artificial intelligence (AI), supported by government strategic support and investment, a recent report has revealed. 

The GCC state has been ranked 9th around countries ranked on AI companies per million in population, the Global Artificial Intelligence Competitiveness Index report drafted by the International Finance Forum and Deep Knowledge Group, identified. 

The study ranked Singapore first, with 162.8 enterprises, per million in population, followed by Israel (135.2 firms), and Switzerland (73.6 firms). The US (61.2 firms) and Canada (58.3) rounded up the top five. 

The world is hosting about 55,000 AI companies, including startups and mature firms that offer AI products and services. The US houses more than 20,000 such enterprises. 

The top 10 countries, including the UAE, is home to some 73% of the world’s AI companies. The UAE has a total of 490 AI firms, equalling 49.5 firms per million in population. 

The UAE has gone to town on its AI initiatives, becoming the world’s first country to appoint an AI minister. It has also issued its AI Strategy, anticipated to elevate AI’s GDP contribution to $91 billion by 2031. 

“The UAE provides an extremely attractive business environment for AI firms, including zero corporate tax and personal income tax policies, while 100% foreign investment is allowed after a company is established,” the report read. 

The country is also drawing AI professionals with lofty benefits, such as the 10-year residency for AI industry experts. The world’s first AI professional research university MBZUAI is also based out of Abu Dhabi, the UAE capital. 

Türkiye and Saudi Arabia house 510 and 292 AI firms, respectively. 

Artificial Intelligence (AI) is reshaping industries and their operational efficiencies, leaving an indelible mark on productivity and time management. The education space is no different, with new tech restructuring how people assimilate and consume knowledge.  

Much like the rest of the world, AI has potential to reinvent education across the Muslim world, extending beyond the classroom to optimize resource allocation and enhance cultural preservation. From AI-powered personalized learning to gamified experiences, digital tools can revolutionize education across communities, breaking traditional barriers, and creating new opportunities for students.

One such innovator is EYouth, an Egyptian social enterprise that empowers youth through interactive career development programs, offering inclusive learning opportunities tailored to the unique needs of young Muslims. It has over 160,000 users. 

Beyond basics, EYouth also integrates essential life skills such as sustainability, financial literacy, and community-building into its curricula. It is incorporating AI-driven programs to improve accessibility and personalization. 

“We focus on personalized learning, skill development, and holistic growth,” says Mustafa Abd Ellatif, CEO of EYouth. “Our courses allow learners to progress at their own pace while accommodating their cultural and religious values. We offer programs in digital skills, entrepreneurship, and leadership to prepare youth for a competitive job market.”

Currently, EYouth operates in 21 countries across the Middle East, Africa, and select regions globally. As it expands, the company is prioritizing growth in Egypt, the UAE, and Saudi Arabia, which contribute 80% of its revenue. It also plans to enter underserved markets in Asia and sub-Saharan Africa, where digital education solutions can play a transformative role.

“We aim to empower an additional three million youth by 2027, focusing on critical areas like digital skills, entrepreneurship, and sustainability,” says Abd Ellatif, who is also the vice chairman of Youth Entrepreneurs Network, a USAID-funded initiative that aims to support young entrepreneurs across Egypt.

AI and ethics in education

In the UAE, the newly established EdTech Academy, founded by Renad Turki, a Google-certified educator, is combining technical knowledge with ethical AI use.

EdTech Academy is already making a mark by leveraging AI-powered platforms, interactive media tools, and digital learning environments. It employs large language models (LLMs) for personalized tutoring, AI-driven assessment tools for grading and feedback, and generative AI for storytelling, design, and video production.

"As a Muslim AI trainer, I bring a unique perspective that helps educators and students relate AI tools to Islamic studies, ethics, and values,” says Turki. “This includes demonstrating how AI can enhance Islamic-related lessons, such as analyzing historical texts, learning Arabic, or engaging with AI-powered Quranic tafsir tools—while also being mindful of AI limitations.”

 “Looking ahead, we are exploring adaptive learning platforms and ethical AI frameworks to ensure responsible technology use in education,” says Turki. 

The academy has already made a strong impact in the Middle East. It has delivered AI literacy programs to 500+ educators and 1,500+ students, collaborating with organizations like BEAM Education and Injaz UAE on Google’s and Microsoft’s AI initiatives. 

The next step is expanding across the Gulf region and beyond, with plans to launch a scalable AI learning platform for customized AI training worldwide.

Enhancing Islamic education

AI has the potential to revolutionize education globally, says Dr. Mohamad Abdulsattar, an information communication technology specialist at Qatar’s Ministry of Education and Higher Education. And in Muslim-majority regions, it offers promise for accessibility, personalization, and cultural relevance.

“AI-powered platforms can cater to diverse learning needs, ensuring students learn at their own pace,” explains Abdulsattar. "AI-powered virtual classrooms can also reach students in rural areas with limited access to schools. Machine translation tools can help bridge language barriers, making global knowledge available in Arabic, Urdu, Malay, and other regional languages.”

EYouth’s Abd Ellatif also underscores AI's influential role in enhancing accessibility. “AI-powered tools, such as language translators and virtual tutors, can help students break down linguistic and geographical barriers,” he says. 

Moreover, AI can enhance Islamic education, with AI-powered tutors supporting non-native speakers in mastering Arabic, particularly for Quranic studies, ensuring accurate pronunciation and comprehension.

“Chatbots and voice assistants can answer questions about Islamic jurisprudence, and support students in both secular and religious education. AI-generated virtual reality experiences of Islamic history can bring cultural and historical teachings to life,” says Abdulsattar.

One success story is Niyyah, an educational app designed to help busy Muslims connect with their faith through bite-sized Quranic learning. Since launching in 2023, it has attracted 20,000 users across 70 countries. With gamified features and an easy approach to learning, Niyyah raised $2 million from edtech investors in 2024 to develop a new iteration of the app.

One particularly compelling application is the use of AI to preserve and enrich Islamic heritage. Interactive learning experiences - such as virtual museum tours, augmented reality explorations of historical sites, and AI-powered tools for analyzing and translating Islamic texts - can offer students an immersive way to connect with their cultural and religious legacies. 

By leveraging AI, edtech can make Islamic heritage more accessible and engaging for students, deepening their understanding in innovative ways, according to Abdulsattar. 

Furthermore, there is a growing opportunity to develop ethical and halal AI, ensuring that technology aligns with Islamic principles, respects privacy, and mitigates bias.

However, challenges remain. Limited access to technology and reliable Internet connectivity continues to hinder progress in many regions, making it essential to bridge the digital divide. Additionally, safeguarding student data privacy and security is crucial as the adoption of edtech tools expands.

Despite these hurdles, the integration of edtech presents a transformative opportunity for educational institutions across the Muslim world. And as digital learning solutions advance, technology will play a crucial role in shaping the future of education in Muslim-majority countries. 

Shariah-compliant buy-now-pay-later app Tabby has raised $160 million in a Series E funding round, more than doubling its valuation to $3.3 billion. 

The latest funding round was led by Hong Kong-based investment advisory firm Blue Pool Capital and Saudi Arabia’s Hassana Investment Company, with participation from STV and Wellington Management.

Funds raised in the latest round will help accelerate the expansion of Tabby’s financial services, including digital spending accounts, payments, cards, and money management tools. 

“We're focused on creating tangible impact - helping people take control of their finances with tools that are accessible, effortless and built for their everyday lives,” said Hosam Arab, CEO of Tabby. 

Tabby’s valuation has more than doubled from its last funding round in October 2023, in which it raised $200 million in equity financing at a valuation of over $1.5 billion. 

Since its last funding round, the company has almost doubled its annualized transaction volumes to top $10 billion. Tabby has more than 15 million registered users and over 40,000 sellers.

The company has introduced a string of initiatives, including Tabby Card for flexible payments beyond checkout, a subscription as well as a buyer protection program. In addition to evolving its core BNPL offering with longer-term payment plans, it recently acquired Saudi-based digital wallet, Tweeq. 

The financial services app is looking to pursue an IPO in Saudi Arabia. 

Here's a roundup of key developments across the Islamic finance ecosystem during the month of  February

Editor's note: Kuwait Finance House has forayed into Egypt, following its acquisition of Ahli United Bank, while a Qatari lender is looking to upgrade its core banking solution for greater efficacy. 
 

Company News

Qatar

Al Rayan Bank selects Finastra to upgrade core banking solution 

Finastra, a global provider of financial software, has been selected by Al Rayan Bank, a Islamic bank in Qatar, to implement a new core banking solution.

This next-generation solution aims to streamline operations, reduce costs, and enhance customer functionality.

Hamad Al Kubaisi, group chief HR officer at Al Rayan Bank, emphasized the importance of this upgrade for providing agile, Sharia-compliant digital services that meet customer needs. (Zawya)

Malaysia

Bank Islam to set up JV to sell financial tech products, services

Bank Islam Malaysia Bhd has announced a joint venture with local firm Reldyn Tech Sdn Bhd, investing a total of 9 million Malaysian ringgits, with Bank Islam contributing 40% and Reldyn Tech 60%.

The joint venture, named Finodyn Sdn Bhd, will provide finance-related digital technology products and services, focusing on Sharia-compliant solutions for businesses through a B2B model. (The Edge)

Kuwait / Egypt

Kuwait Finance House expands into Egypt with Ahli United Bank acquisition
Kuwait Finance House (KFH) has launched operations in Egypt following its acquisition of Ahli United Bank Bahrain in 2022.

The bank has transformed into a fully Sharia-compliant institution as of December 2023 and merged with Ahli United Bank Kuwait in February 2024, rebranding its Egyptian branch as KFH Egypt. (Zawya)

Investment

Africa

Africa Finance Corporation raises funds 

Africa Finance Corporation (AFC) has successfully raised $400 million through a Sharia-compliant commodity murabaha facility, its first Islamic finance transaction since 2017.

Originally launched at $300 million, the facility was increased due to strong investor demand, leading to 47% oversubscription. 

Joint lead arrangers included Emirates NBD Capital and First Abu Dhabi Bank. (MEED)

Trade Development

Türkiye / Malaysia

Erdoğan highlights potential for Islamic finance leadership with Malaysia

During a joint appearance with Malaysian Prime Minister Anwar Ibrahim, Erdoğan praised Türkiye's economic resilience and the growth of bilateral trade, highlighting potential collaboration in defense, renewable energy, and Islamic finance.

As they approach the 60th anniversary of diplomatic relations in 2024, Erdoğan celebrated the historical ties between Türkiye and Malaysia, emphasizing their partnership's strategic nature and the establishment of the High-Level Strategic Cooperation Council, with the business community seen as vital to their collaboration. (Dogruhaber)

Global technology event, LEAP, hosted in Riyadh, Saudi Arabia, locked in over $20 billion in artificial intelligence (AI) related investments over the course of two days. 

On the first day of the event, investments and projects in AI worth over $14.9 billion were announced, to empower digital skills development, foster tech startups growth, and enhance innovation in the kingdom, state-run news agency Saudi Press Agency reported. 

Investments and projects in AI, cloud computing and digital transformation on day one included a $1.5 billion investment announced by Groq & Aramco Digital to expand AI-powered cloud computing.

Alat & Lenovo confirmed a $2 billion investment to establish an advanced AI and robotics-based manufacturing and technology center in the kingdom and to open Lenovo's regional headquarters in Riyadh.

Google also unveiled plans for an AI infrastructure investment, launching a global AI hub in Saudi Arabia, while Qualcomm introduced the ALLaM language model on the Qualcomm AI Cloud, alongside the launch of the ALLaM AI PC, enabling cloud-based AI solutions for developers. 

Alibaba Cloud launched an AI empowerment program in Saudi Arabia, in collaboration with Tuwaiq Academy and STC, to train local talent. Databricks committed $300 million PaaS solutions, supporting app developers and fostering data engineering and AI expertise. SambaNova pledged $140 million to develop advanced AI infrastructure in the kingdom.

Meanwhile, KKR & Gulf Data Hub announced an investment in Saudi Arabia’s data center development, with a total capacity of up to 300 megawatts. Salesforce committed $500 million to expand its Hyperforce platform, while Tencent Cloud pledged a $150 million investment to establish its first cloud region in the Middle East, launching from Saudi Arabia. 

Day Two
Day two of LEAP 2025 witnessed a string of investments in data centers, submarine and fiber-optic cable networks, topping $7.5 billion. 

DataVolt, in collaboration with NEOM, announced a $5 billion investment to establish the first fully sustainable AI data center in OXAGON. Alfanar revealed a $1.4 billion investment to develop four data centers, while Mobily committed $905 million to develop submarine cable networks and advanced data center projects.

Zoom has also pledged $75 million to drive AI innovation and establish new data centers, strengthening support for tech enterprises and government entities. 

Saudi Arabia Railways has announced a $51 million investment in a private fiber-optic network aimed at enhancing digital connectivity and expanding the country's communications infrastructure.

The revival of Syria’s entrepreneurial ecosystem - buffeted by years of conflict and economic deteoriation - is contingent on key support initiatives, according to experts. 

The country has battled unrest and political upheaval since 2021, with its civil war decimating the country’s economic stability and social fabric. Syrian president Bashar Al Assad was toppled last December, forcing him to flee the country. 

The civil war in Syria, which has triggered its collapse, has been billed as the world’s deadliest and one of the most protracted conflicts of the past three decades, according to a World Bank report published last May.

The country’s gross domestic product (GDP) shrank by 54% between 2010 and 2021, with its real GDP projected to contract 1.5% in 2024, extending the 1.2% decline in 2023, the report added. 

Political instability and a dearth of opportunities has taken a toll on the country’s entrepreneurial landscape. The startup ecosystem in Syria remains largely underdeveloped, under-researched and without sufficient support, a recent study conducted in the immediate aftermath of December 2024 events, has revealed.  

The country’s entrepreneurial ecosystem was beginning to take shape in the pre-conflict era - the Syrian Young Entrepreneurs Association, a non-governmental organization dedicated to building entrepreneurial capacity, was established in 2001, followed by the launch of the Syrian Investment Agency in 2007, the Competition Law and Antitrust Act in 2008 and the creation of the Syrian Market Stocks in 2009, the report by Startup Syria said. 

However, the budding environment was marred as the conflict lead to plummeting business activity and infrastructure collapse. Recovery began in 2014 with grassroot initiatives and cross-border support. At present, over 200 startups operate within Syria, with only a dozen having reached growth stage. Damascus remains the main hub for startups (33.57%), followed by Homs (14.71%) and Aleppo (12.14%), the report added. 

Top challenges
Economic instability emerges as the most pressing challenge for Syrian startups, the Startup Syria report said, and with good reason. Frail consumer purchasing power limits businesses from scaling and sustaining operations. Limited internet penetration, cultural hesitancy toward digital adoption, and unfamiliarity with app-based services restrict market expansion.

“Continued uncertainty can deter investment and complicate   business   planning.   Stability   and   security   are   crucial   for   fostering entrepreneurship,” Conor Clifford Murphy, partner at DinarStandard told Salaam Gateway. 

Other challenges include scarcity of financial investment, collapsing infrastructure, market access restrictions and dwindling human skills, among others. Entrepreneurs primarily rely on personal savings, family contributions, and small grants to launch their ventures, the Startup Syria report further identified. 

“The current banking system is one of the obstacles, as it is undercapitalized, and not proactive towards projects,” Khalid Al Terkawi, economic consultant at Jusoor Studies Centre told Salaam Gateway. 

According to the World Bank report, poverty affected 69% of the country’s population as of 2022, equivalent to about 14.5 million Syrians. Extreme poverty, which virtually did not exist before the conflict, affected more than one in four Syrians in 2022. 

“Poverty is a very bad thing, it shackles the mind and closes positive thinking, and it hinders not only entrepreneurship but many other things,” Al Terkawi added. 

Potential resurrection
Despite its current threadbare state, there are several factors that offer a glimmer of hope for the Syrian entrepreneurial ecosystem. The Startup Syria report suggests that women participation has increased over the years, with females representing 34.7% of entrepreneurs in 2025, soaring from a mere 4.4% in 2009. 

However, reviving the country's entrepreneurial ecosystem requires several key initiatives, according to DinarStandard’s Murphy. 

“[Firstly], economic reforms - the Syrian government has indicated a shift towards a free-market economy, aiming to privatize state-owned enterprises and liberalize trade regulations to attract foreign investment. Secondly, infrastructure development - rebuilding critical infrastructure such as transportation, energy, and telecommunications is necessary to support business operations and facilitate economic growth.”

Access to finance, lifting international sanctions and educational and training programs are other essential initiatives, Murphy added. “Strengthening entrepreneurship education and vocational training will equip individuals with the skills needed to start and sustain businesses.”  

Al Terkawi believes that entrepreneurship is a way of thinking first of all, so higher education and sub-university education will play a big role in the entrepreneurial thinking pattern. 

“Business incubators are very important for encouraging entrepreneurship and incubating the most capable of growth, as well as banks that provide support to startups are also important,” added Al Terkawi. 

As Syria undergoes a renaissance in more ways than one, key trends such as the return of experienced founders, increased focus on digital transformation by startups, support structures, and rising global-minded startups are likely to shape the industry, the Startup Syria report suggested.

But for the initiatives to come into play, they must be timely and dynamic. 

And the change seems to already be underway. Syria hosted a two-day tech conference, connecting Silicon Valley Syrians with those on the ground, looking to empower local talent and reimagine the country's tech future. 

As Ahmad Sufian Bayram, the Startup Syria report author, puts it: “Entrepreneurship must not wait for recovery. Entrepreneurship is recovery.”

Updated on February 13, 2025