Revolut has obtained regulatory approvals from the Central Bank of the United Arab Emirates, allowing it to launch its services in the competitive UAE financial market. The London-based fintech company has been granted Stored Value Facilities (SVF) and Retail Payment Services licences, marking a significant step in its market entry plans.

Dubizzle Group has made an investment in Tern, a rental rewards platform based in the UAE, aiming to enhance its services beyond property listings. This partnership will allow tenants to pay rent using credit cards while earning loyalty points that can be redeemed across various retail outlets. The integration will be exclusive to Dubizzle-owned platforms, including Bayut and dubizzle.

CNTXT AI, a data and artificial intelligence company based in the UAE, has successfully raised $60 million in a Series A funding round co-led by AI71 and BlueFive Capital. The company focuses on sovereign AI solutions and aims to scale secure AI deployments for enterprise and government clients globally. This funding represents a significant milestone for the two-year-old company.

The Federal Government has inaugurated a modern vegetable market in Gombe State, aimed at enhancing market access for farmers and strengthening the agricultural value chain. This initiative is part of efforts to boost the food supply chain in the region.

Uganda's digital retail sector is experiencing a shift towards 'quick commerce,' which aims to deliver groceries and essentials within 30 to 60 minutes. However, industry players highlight that this growth is challenged by ongoing issues related to digital infrastructure and retail preparedness. The Vice President of Quick Commerce discussed these developments in the context of the evolving market.

African electric mobility company Spiro has raised $55 million from Chinese growth-stage fund NewTrails Capital, increasing its total funding to $270 million. This investment aims to support Spiro's expansion of electric vehicle and battery-swapping infrastructure across the continent, as announced on June 22.