E Daddy Raises $15M for Electric Mobility

E Daddy Raises $15M for Electric Mobility

UAE-Based Startup E Daddy Drives Innovation in Sustainable Transportation

E Daddy, a pioneering force in the electric mobility sector, has recently secured a notable $15 million investment. This crucial funding will not only drive the startup’s growth but also significantly accelerate its mission to deliver cutting-edge, sustainable transportation solutions.

Leading the Charge in Electric Vehicle Innovation

To begin with, E Daddy is setting new benchmarks with its electric vehicles. The company’s latest models, which feature advanced self-diagnostic systems and a double-layer cooling system, ensure optimal performance and reliability. Specifically, these innovations guarantee that the vehicles operate effectively, even in extreme temperatures. By integrating such technologies, E Daddy demonstrates its unwavering commitment to revolutionizing electric mobility.

Expanding Reach and Influence

Furthermore, with this new investment, it is poised for substantial expansion. The startup plans to extend its operations beyond the UAE to GCC countries and the African continent. Consequently, a wider audience will gain access to sustainable transportation solutions. This growth, therefore, aligns perfectly with E Daddy’s goal of making eco-friendly transportation accessible to a broader audience.

A Vision for a Sustainable Future

Moreover, Yasmeen Jawahar Ali, Co-founder and COO of E Daddy, expressed enthusiasm about the company’s future. She stated, “Our investment will help us achieve a vision of a future powered by clean, sustainable energy. We are dedicated to making eco-friendly transportation accessible to all.” Clearly, this vision underlines the company’s commitment to advancing sustainable transportation.

Conclusion

In conclusion, E Daddy’s latest funding round marks a significant milestone in its journey. With ambitious plans for expansion and a clear vision for a greener future, E Daddy is set to make a substantial impact on the world of sustainable transportation. Hence, the future looks bright for this innovative startup.

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GCC Debt Capital Market (DCM) Sees Robust Growth in 2024

GCC Debt Capital Market (DCM) Sees Robust Growth in 2024

The GCC region’s Debt Capital Market (DCM) grew by 7% year-on-year, reaching $940 billion in outstanding debt by the end of Q1 2024. Saudi Arabia and the UAE are major contributors, holding 43% and 30% of the total DCM, respectively.

Significant Growth and Sukuk Dominance

Fitch Ratings, covering over 70% of GCC US dollar sukuk, reported that sukuk made up 40% of the DCM debt by the end of Q1 2024. In comparison, the remaining debt consisted of bonds. Furthermore, Fitch predicts that government debt issuances will likely increase due to expected lower oil prices, reduced interest rates, and ongoing efforts to develop and diversify DCMs.

“GCC countries have made significant progress in developing their DCMs. They now account for nearly a third of total emerging-market dollar issuances, excluding China,” said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings.

Divergent Trends Among GCC Nations

Saudi Arabia is actively expanding its DCM to address budget deficits. The country uses market issuances to stabilize finances. Meanwhile, the UAE is likely to continue issuing debt, despite having budget surpluses.

On the other hand, Qatar and Oman are contracting their DCMs as they prepare for major debt repayments in 2024. Additionally, Kuwait faces limitations due to the absence of a debt law. Similarly, Bahrain depends heavily on DCM access and GCC funding to manage its large deficits.

Future Outlook

Looking ahead, the GCC’s debt market is poised for further evolution. Regional fiscal policies and broader economic conditions will shape this development. Consequently, the DCM will remain crucial in shaping the financial landscape and supporting sustainable growth.

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