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 Prices Extend Gains as US-China Trade War Escalates

FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
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Gold Prices Extend Gains as US-China Trade War Escalates

FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo

Gold prices extended gains on Thursday, driven by an escalating trade war between the United States and China, even after President Donald Trump announced a 90-day pause on tariffs for other countries.

Spot gold was up 1% at $3,113.20 an ounce at 0955 GMT, after its biggest daily gain since October 2023 on Wednesday. US gold futures were up 1.6% to $3,129.90.

"We're just living in a world of extreme uncertainty. We just don't really know which way this trade war is going to go ... I think for the course of this year, gold will march higher," said Nitesh Shah, commodities strategist at WisdomTree.

Trump said on Wednesday he would temporarily lower the hefty duties he had just imposed on dozens of countries, but ramped up the tariff on China to 125% from 104% following Beijing's decision to impose an 84% levy on US goods.

The US Federal Reserve's minutes of its meeting last month showed policymakers were nearly unanimous in thinking the US economy faced simultaneous risks of higher inflation and slower growth, with some noting that "difficult trade-offs" could lie ahead for the central bank.

Investors' focus is on US consumer price index data at 1230 GMT to gauge the trajectory of the Fed's monetary policy. The market is currently pricing in 84 basis points of rate cuts by the Fed by year-end.

Bullion is viewed as a safe haven amid geopolitical and economic uncertainties, and tends to thrive in a low-interest rate environment. Spot gold prices have maintained an upward trend from last year, and have risen over 18% this year.

"My forecast (for gold) is for $3,600 in about a year's time with a lot of upside risk, and I wouldn't be surprised if we get to $4,000," Shah said.

Spot silver fell 0.3% to $30.95 an ounce, platinum lost 0.8% to $930.19, and palladium shed 1.9% to $914.20.