PayPal sets up regional HQ in Dubai to serve Mideast, Africa

PayPal is planning to run its digital commerce operations for 80 countries in the Middle East and Africa out of a new regional headquarters in Dubai.

Speaking at the Dubai AI Festival on Wednesday, PayPal’s President of Global Markets Suzan Kareere said the UAE hub would help customers with new features, including frictionless payments, more robust security and better network access to help companies sell across international borders.

“We want to empower businesses in this region to connect with our global consumers, while enabling consumers here to shop with confidence internationally,” she said.

Sheikh Maktoum bin Mohammed, the UAE’s Minister of Finance and Deputy Ruler of Dubai, discussed PayPal’s plans with Kareere, posting a photo of their meeting on Instagram.

Thiel co-invests with Saudi PIF, Qatar in new business platform

Tech investor Peter Thiel is teaming up with Saudi Arabia’s Public Investment Fund and a Qatari lender to back a new business-to-business commerce platform, starting with a combined sum of $110 million.

Thiel, a co-founder of data software giant Palantir Technologies and PayPal, will invest in SILQ Group through his Valar Ventures unit, according to a statement issued Wednesday.

The $925 billion Saudi sovereign wealth fund will participate through its Sanabil Investments subsidiary, joining Valar in a group that also includes Qatar Development Bank.

SILQ was formed through a merger between the Riyadh-based online marketplace Sary and ShopUp, Bangladesh’s largest business-to-business commerce platform.

With the funds from Thiel, Sanabil and Qatar, the merged company plans to target markets across the Middle East and Asia, and raise more money in 2027 through an IPO.

“Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today,” James Fitzgerald, Founding Partner at Valar Ventures, said in the statement. “This merger reflects a bold vision to place these markets at the center of a new commercial ecosystem connecting with South Asia.”