Softbank, Sanabil Inject $125 Million in SMEs

Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
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Softbank, Sanabil Inject $125 Million in SMEs

Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)

Saudi Arabia-based engagement platform Unifonic announced its half a billion Saudi riyal ($125 million) Series B funding round, led by SoftBank Vision Fund 2 and Sanabil Investments.

Less than three years after raising the largest Series A funding round in the Middle East at the time, Unifonic has quadrupled in size.

Unifonic plans to continue this growth trajectory and will be accelerating product development and hiring to expand into new markets around the globe whilst bolstering its leading market share across the Middle East.

“At Unifonic our mission has always been to empower organizations to engage and communicate seamlessly with their customers," highlighted Ahmed Hamdan, founder and CEO at Unifonic.

"Our team is our anchor and together we aim to continue this journey and serve our clients in the best ways possible.”

Managing Partner for SoftBank Investment Advisers Faisal Rehman said, “Our investment team on the ground in Riyadh has followed Unifonic for some time and we have witnessed first-hand the company’s progress in establishing significant market leadership in the Kingdom of Saudi Arabia."

"We look forward to supporting the Unifonic team in scaling the platform across the Middle East and other emerging markets.”

A spokesperson for Sanabil Investments added: “Unifonic is poised to play a significant role in accelerating digital transformation initiatives for public and private enterprise in the Middle East. And so, we wanted to be a part of their journey, resulting in one of our largest investments in high growth, a high-impact technology company in Saudi Arabia."

"We believe we can play a significant part in strengthening their strategic position and supporting their future international growth while aligning with the country’s vision of fostering innovation.”



Gold Falls as Traders Gauge Risk Outlook on Trump's Tariff Clarity

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
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Gold Falls as Traders Gauge Risk Outlook on Trump's Tariff Clarity

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo

Gold prices fell on Friday as investors reassessed their risk outlook in the wake of US President Donald Trump's tariff measures, which have provided more clarity on market trends but raised concerns over economic slowdown.

Spot gold was down 0.4% at $3,101.01 an ounce, as of 0710 GMT. Still, bullion was on track for a fifth consecutive weekly gain, buoyed by its safe-haven appeal that aided gold to reach three record highs this week.

US gold futures edged 0.1% higher to $3,123.00.

In the previous session, gold dropped more than 2% as a broader market sell-off sparked by Trump's import tariffs, weighed on bullion traders.

This sharp pullback came just hours after gold reached a record high of $3,167.57.

"Gold tends to rally amid difficult-to-price uncertainty - like the start of a war - but tends to lose that support once markets learn how to price the risks involved," said Ilya Spivak, head of global macro at Tastylive.

"The Trump administration seems to have picked a road, and while sentiment clearly doesn't like it, at least the path of least resistance is more visible and easier to price. That is trimming some of gold's "market confusion" premium."

Trump said he would impose a 10% baseline tariff on all imports to the US and higher duties on some of the country's biggest trading partners.

US trading partners threatened to ratchet up a trade war with Washington as these tariffs ignited fears of steep price increases in the world's largest consumer market.

Federal Reserve officials, seeking more detail on Trump's trade plans, got perhaps more than they anticipated when he unveiled sweeping tariffs, analysts said, noting that it could dramatically reshuffle the country's economic outlook.

The market now awaits the US non-farm payrolls report, which could provide insights into the Fed's interest rate path.

Spot silver declined 1.5% to $31.4 an ounce, platinum lost 0.8% to $944.80, and palladium was steady at $928.33.