THE MONEY CLASSROOM
Forbes Middle East - English|May 2022
With her financial comparison website and accompanying education program now acquired by SHUAA Capital, Ambareen Musa, Founder and CEO of Souqalmal, is onto her next challenge. She’s on a mission to revolutionize regional financial literacy by building a multipurpose on-demand platform.
JAMILA GANDHI
THE MONEY CLASSROOM

This year marks the 10th anniversary of financial comparison website Souqalmal.com, a U.A.E.-headquartered financial comparison website that has become a homegrown success story in the region’s technology space.

But founder and CEO Ambareen Musa has more cause for celebration against the backdrop of a significant milestone for her company—getting acquired. On March 21, 2022, asset manager SHUAA Capital announced the majority acquisition of Souqalmal, in a deal that had been in the making for over six months.

“The funniest moment during the exit process came from my kids. Their reaction was such an innocent one! They were worried that they would take all my awards and change the name on the accolades,” laughs Musa. In reality, she feels more empowered with the sale and SHUAA’s vote of confidence in her decision-making. “SHUAA approached us with a vision to digitize personal financial services in the U.A.E., and our alignment in strategy instantly clicked.”

The deal’s value remains confidential, but since it was established in 2012, Souqalmal has secured over $15.2 million in funding from investors, including Riyad Capital and U.K. comparison website GoCompare, who will remain shareholders in the Fintech company. Envisioned as a highly transparent marketplace, Souqalmal—or “money market” in Arabic—allows users to compare over 3,200 personal finance products such as credit cards, loans, bank accounts, and insurance offered by providers in the U.A.E. and Saudi Arabia. The company’s sales hit $7 million in the 2018 financial year and $14 million in 2019, and the platform recorded about 600,000 subscribers as of 2021.

Denne historien er fra May 2022-utgaven av Forbes Middle East - English.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra May 2022-utgaven av Forbes Middle East - English.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA FORBES MIDDLE EAST - ENGLISHSe alt
Celebrating Emirati Businesswomen and Entrepreneurs on Emirati Women's Day
Forbes Middle East - English

Celebrating Emirati Businesswomen and Entrepreneurs on Emirati Women's Day

As part of the U.A.E.’s annual Emirati Women’s Day celebrations, the Abu Dhabi Business Women Council and the Abu Dhabi Chamber hosted an event on August 28, 2024, under the theme “We Collaborate for Tomorrow,” celebrating the role and achievements of Emirati women.

time-read
2 mins  |
Sep 2024
THE MIDDLE EAST'S TOP 100 HEALTHCARE LEADERS 2024
Forbes Middle East - English

THE MIDDLE EAST'S TOP 100 HEALTHCARE LEADERS 2024

MENA’s healthcare landscape is evolving towards integration, marked by the rise of fully comprehensive ecosystems. Industry giants are setting future trends, driven by systems that thrive on data abundance, accessibility, and intersectoral collaboration.

time-read
6 mins  |
Sep 2024
SCOUTING FOR OPPORTUNITIES
Forbes Middle East - English

SCOUTING FOR OPPORTUNITIES

Ayman Cheikh-Lahlou, Chairman and CEO of the Morocco-based Cooper Pharma, took the helm of the family-owned pharmaceutical company in 2005 and has seen business boom over nearly 20 years. Now, he’s exploring expansion opportunities in new markets.

time-read
7 mins  |
Sep 2024
TURNING THE TIDE
Forbes Middle East - English

TURNING THE TIDE

Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region is driving expansion, focusing on innovation and patient-centric care. As she navigates regional challenges, her commitment to expanding access to medicine remains at the forefront.

time-read
7 mins  |
Sep 2024
Supercharging AI
Forbes Middle East - English

Supercharging AI

Armed with a newly raised 640 million, GROQ thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for Al from scratch.

time-read
5 mins  |
Sep 2024
How Technology is Accelerating Digital Equality in Diverse Markets
Forbes Middle East - English

How Technology is Accelerating Digital Equality in Diverse Markets

The rise of smartphones and digital technologies has transformed our daily lives, contributing to the evolution of connected consumers.

time-read
2 mins  |
Sep 2024
Rare Fortune
Forbes Middle East - English

Rare Fortune

Money manager JAMES LITINSKY turned a bad junk bond bet into a $400 million fortune. His MP Materials operates a strategic mine and will begin manufacturing supermagnets for electric vehicles next year.

time-read
6 mins  |
Sep 2024
The State of Mental Health in the Middle East
Forbes Middle East - English

The State of Mental Health in the Middle East

While mental health awareness is on the rise, the Middle East faces some challenges in providing care. Still, we're seeing some progress.

time-read
2 mins  |
Sep 2024
Big Breakthroughs
Forbes Middle East - English

Big Breakthroughs

From gene therapy to nasal sprays, these were some of the most significant healthcare breakthroughs in the last year.

time-read
3 mins  |
Sep 2024
MENA's 5 Most Valuable Healthcare Companies 2024
Forbes Middle East - English

MENA's 5 Most Valuable Healthcare Companies 2024

The combined market cap of 57 healthcare companies listed on MENA's stock exchanges hit $83.7 billion on August 13, 2024, with the top five companies accounting for about 62.4% of the total market cap. These are MENA's five most valuable healthcare companies in 2024.

time-read
2 mins  |
Sep 2024