Startup Wrap – cross-border funding and acquisitions flourish as MENA activity steps up

US-based AI platform aiXplain benefitted from a pre-series A funding round led by venture capital firm Wa’ed Ventures. Supplied

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Updated 01 October 2024

Nour El-Shaeri

July 19, 2024 11:11

Startup Wrap – cross-border funding and acquisitions flourish as MENA activity steps up

Updated 01 October 2024

Nour El-Shaeri

July 19, 2024 11:11

CAIRO: Regional startup activity has seen many acquisitions and funding rounds in recent weeks, with climate technology, artificial intelligence, and Web3 garnering the most attention.

Saudi Arabia’s venture capital firm Wa’ed Ventures, a $500-million Aramco subsidiary, led California-based AI platform aiXplain’s $6.5 million pre-series A funding round.

Backed by US-based firms including Transform VC and Calibrate VC, aiXplain has raised a total of $16.5 million since its inception, aiming for a global rollout of AI solutions.

Founded in 2020 by Hassan Sawaf, aiXplain has designed an integrated platform to simplify the creation, deployment, and management of AI solutions.

The company aims to democratize access to AI innovation by enabling the building of advanced solutions through natural language prompts for users with no coding background.

This approach allows businesses to maximize operational efficiencies by accelerating the time and effort needed for integrating AI into large-scale operations.

“Hassan and his team deeply understand the global disparity in AI access and the potentially damaging effects of leaving this gap unaddressed,” said Fahad Alidi, managing director and CEO at Wa’ed Ventures.

He added that aiXplain “has already helped close the AI innovation gap in the MENA (Middle East and North Africa) region, and we see significant potential for the company to localize its solutions in the Kingdom.”

To accelerate its entry into the Kingdom, aiXplain’s existing subsidiary in Saudi Arabia will function as the company’s MENA region headquarters.

Beyond the Kingdom, aiXplain works with businesses worldwide to build AI solutions efficiently, as well as fine-tune and benchmark AI models.

Oman-based climate tech 44.01 secures $37m in series A funding

Oman-based climate technology startup 44.01 has closed a $37 million series A funding round, led by Equinor Ventures with participation from Shorooq Partners, Air Liquide Venture Capital, Alumni Ventures, and other investors.

Founded in 2020 by Talal Hassan, Ehab Tasfai, and Karan Khimji, 44.01 specializes in eliminating carbon dioxide by converting it into rock.

The funding will enable the firm to continue refining its technology, develop commercial-scale projects, and expand its deployment internationally. The company’s tech has been piloted in Oman and the UAE.

Talal Hasan, founder and CEO of 44.01, said: “We believe mineralization can play a significant role in protecting and repairing our climate. We are grateful to our investors for committing to that mission and for demonstrating their confidence in our technology.”

He added: “Our investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralize CO2 at scale world-wide.”

Sentient Labs raises $85m in seed investment

UAE-based Web3-focused startup Sentient Labs has raised an $85m through a seed investment round co-led by Pantera Capital and Framework Ventures, with additional funding from Arrington Capital, Canonical, Dao5, and others.

Founded in January 2024 by Sandeep Nailwal, Pramod Viswanath, and Himanshu Tyagi, Sentient Labs is dedicated to democratizing AI development to ensure its benefits are shared by humanity as a whole.

Sentient Labs will use the capital to accelerate the development of its open-source AI platform.

Muller & Phipps acquires Power League Gaming

Regional technology distribution house Muller & Phipps Middle East Group has acquired UAE-based gaming and esports agency Power League Gaming for an undisclosed value.

The acquisition will see Muller & Phipps invest in scaling Dubai operations and expanding into Saudi Arabia in the fourth quarter of 2024.

Founded in 2013 by John Lacey, Power League Gaming offers comprehensive solutions for brands entering the gaming sector and publishers engaging audiences through esports events, content creation, and omni-channel ecosystem development.

Muller & Phipps will acquire all company assets, retaining the management team to lead the business.

“With Power League Gaming we see market experts who have grown rapidly and who have the talent and drive to take the business and the category itself to the next level across our region. We are excited to launch into Saudi Arabia later this year and to offer local clients the latest and most commercially sound esports and gaming strategies in the field,” group CEO of Muller & Phipps Middle East Group Holdings, Trevor Price, said.

Tokinvest secures $500k in pre-seed funding

UAE-based tokenization platform Tokinvest has raised $500,000 in pre-seed funding from a group of investors, including Michael Ourabah, CEO of global infrastructure provider BSO.

Founded in 2024 by Scott Thiel and Matthew Blom, Tokinvest creates virtual tokens representing rights to assets, connecting real-world asset issuers with global investors through its marketplace.

The newly acquired funds will be used to enhance Tokinvest’s technological infrastructure, expand its team, and accelerate market penetration.

“We are immensely grateful for the trust and support from our early investors. This funding fuels our technological and operational development and solidifies our strategy to lead in the real-world asset tokenization space. We are excited about the opportunities that lie ahead and are keenly focused on launching our marketplace later this year,” Thiel, the company’s CEO, said.

Swyt concludes undisclosed seed round

UAE-based IT solutions provider Swyt has concluded an undisclosed seed funding round.

Founded in 2022 by Edouard Bouvet, Swyt offers an all-in-one platform designed to simplify and secure IT operations for businesses.

The seed funding will support Swyt’s mission to accelerate research and development on their platform and expand its presence throughout the Gulf region.

Dopay closes $13.5m series A extension round

Egypt-headquartered fintech Dopay has closed a $13.5 million series A extension round, adding to a previous $18 million series A round raised in 2021. The new funding initiative was led by Argentem Creek Partners with participation from existing investors.

Founded in 2014 by Frans van Eersel and Ahmed Nassef, Dopay offers a virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries.

The fresh funding will enable Dopay to expand in Egypt, launch new financial services, and extend its multi-bank, multi-country platform to other markets.

“This funding comes at a pivotal moment, with our growth exhibiting a true hockey stick trajectory. The new funds will help us elevate our platform and, in collaboration with our partner banks, leverage deposited funds to create a self-financing lending model,” Eersel said.

“This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable and mutually beneficial financial ecosystem. Our customers can look forward to new financing products that will be seamlessly embedded into our platform, enhancing their overall experience,” he added.

Majarra acquires NLP technology provider Lableb

UAE-based Arabic digital content provider Majarra has acquired natural language processing technology provider Lableb for an undisclosed amount.

Founded in 2004 by Abdulsalam Haykal, Majarra provides Arabic content through its app, offering a vast library of over 50,000 articles, videos, and audio content.

Lableb, founded in 2017 by Kinda Al-Tarbouch, offers Arabic AI services and NLP. The acquisition aims to solidify Majarra’s position at the forefront of Arabic digital innovation and marks its entry into the rapidly expanding AI sector.

“Joining Majarra marks an exciting new chapter for Lableb. Our shared vision of advancing Arabic AI and NLP will drive innovation and deliver significant value to online businesses and their customers. Lableb’s tools are robust, ready to deploy, and capable of handling millions of queries weekly,” Al-Tarbouch said.

Topics: startups Wa’ed Ventures

Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister

Updated 22 January 2025

Mustafa Abu Sneineh

January 22, 2025 23:01

Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister

Syrian leadership’s promises ‘very positive,’ Ali Ahmed Al-Kuwari tells World Economic Forum
Fiscal deficit, rising borrowing affecting many countries are ‘problems that few want to discuss’

Updated 22 January 2025

Mustafa Abu Sneineh

January 22, 2025 23:01

DAVOS: Qatar considers it a duty to support Syria and its new administration after 14 years of devastating civil war, Qatari Finance Minister Ali Ahmed Al-Kuwari said on Wednesday.

The cost of reconstructing Syria is estimated at $400 billion, as the country needs to rebuild the housing, industrial and energy infrastructure damaged during the conflict.

Since 2011, Qatar supported Syrian opposition factions that captured the seat of power in Damascus in early December 2024.

Doha also avoided reestablishing diplomatic relations during the twilight months of the Assad regime, which rejoined the Arab League in 2023.

Al-Kuwari, who visited Syria last week, said: “The whole world is supposed to help Syria (right now). The words and promises from the leadership there are promising and very positive.”

He added that the new leadership, led by rebel-turned-statesman Ahmed Al-Sharaa, recognizes that the task ahead is transitioning from insurgency to building Syrian institutions.

“This task will need the help of the world. We can’t afford Syria going back to the (years) of bloodshed again,” Al-Kuwari said.

“We’ll invest in education (to help the Syrians) because educated people will work hard, they’ll make money, they’ll prosper and grow.”

The Qatari minister made these comments during the “Navigating the Fiscal Squeeze” panel at the World Economic Forum in Davos, which discussed challenges for financial growth, global debt and rising inflation.

The panel included speakers from the International Monetary Fund, the UCLA School of Law, the London Stock Exchange Group, and Zimbabwe’s Finance Minister Mthuli Ncube.

Syrians watch fireworks as they gather for New Year's Eve celebrations in Damascus after the fall of Assad (AFP)

Qatar has one of the highest per capita incomes in the world, making it one of the wealthiest nations due to its abundant natural gas and oil reserves.

However, the country dealt with several challenges following the COVID-19 pandemic, leading to an inflation rate of 5 percent in 2022.

Doha was not alone in facing these difficulties; the pandemic contributed to a nearly 4.4 percent contraction of the global economy in 2020.

Al-Kuwari said Qatar is pursuing a policy of fiscal discipline, which has allowed the country to maintain a budget surplus and low debt levels, as well as effectively manage any economic challenges it encounters.

“We’ve developed a medium-term fiscal policy framework for the upcoming 20 years, with different scenarios of revenues based on oil prices, taxation and spending scenarios ... (Based on that) we decide to invest or save,” he said, adding that the fiscal deficit and rising borrowing affecting many countries are “problems that few want to discuss,” which poses the threat of a financial crisis.

An IMF report projected that global debt — including government, business and personal borrowing — will exceed $100 trillion, about 93 percent of global gross domestic product, by the end of 2024. It is expected to reach 100 percent of GDP by 2030.

“There will be a huge impact if we don’t do anything about it today,” Al-Kuwari warned. “So many people focus on economic growth and creating quick wins for their economy while the fiscal issues get forgotten.

“The fiscal balance should complement the economic growth, and we shouldn’t have growth at the expense of the fiscal.”

Topics: WEF 2025 Qatar Syria

Saudi Arabia’s non-oil GDP defying expectations, finance minister tells World Economic Forum

Updated 23 January 2025

DANIEL FOUNTAIN

January 22, 2025 22:31

Saudi Arabia’s non-oil GDP defying expectations, finance minister tells World Economic Forum

IMF downgrading of Kingdom’s growth projection for the year ahead did not paint the full picture, says Minister Mohammed Al-Jadaan
KSA’s economic diversification was driving steady growth, with the Kingdom prioritizing its non-oil GDP over traditional oil revenues, he said

Updated 23 January 2025

DANIEL FOUNTAIN

January 22, 2025 22:31

DAVOS: Saudi Arabia’s finance minister on Wednesday said that the recent International Monetary Fund downgrading of its growth projection for the Kingdom’s economy for the year ahead did not paint the full picture.

Speaking on a panel at the annual meeting of the World Economic Forum in Davos, Mohammed Al-Jadaan said that it was important not to look just at gross domestic product but at other indicators as well.

The IMF revised Saudi Arabia’s 2025 GDP growth projection down to 3.3 percent, citing the impact of extended oil production cuts.

Saudi Arabia’s commitment to economic diversification under Vision 2030 was driving steady growth, with the Kingdom prioritizing its non-oil GDP over traditional oil revenues.

“The whole idea of Vision 2030 is to diversify our economy. So our focus is really the non-oil GDP, and non-oil GDP has been growing very healthily over the last few years,” he said.

Al-Jadaan underscored the significance of private-sector confidence, pointing to a sharp rise in private-sector investment as a percentage of GDP — from 16–17 percent a few years ago to 24 percent today.

“That 50 percent increase is not easy. Ask any economist, and they will tell you it requires significant structural change, and it is happening in Saudi Arabia,” he said.

Saudi Arabia had also made strategic decisions to contain oil production despite having significant spare capacity. “We can produce 1,000,000 barrels more per day and we will have the highest-growing GDP in the world, but how is this helpful? It isn’t, actually,” Al-Jadaan said.

“We need to be very careful when we look at GDP as a measure for growth because you need to look at other indicators,” he added.

With unemployment rates at historic lows and the private-sector thriving, Saudi Arabia continued to make “tough, difficult decisions” to sustain long-term growth. “If you want to see it, you will need to make tough decisions,” Al-Jadaan said.

Al-Jadaan also highlighted the role artificial intelligence could play in this diversification of the economy, saying in the future that the Kingdom could be exporting data instead of oil.

“I think AI is a trendy term, but if we are not careful we could be left behind,” he said. “We need to think: Where is our competitive advantage within the value chain of AI?”

To build the necessary infrastructure for AI, significant amounts of energy, particularly clean and renewable energy, were required, he said. This effort also demanded substantial land for renewable projects, robust fiber-optic networks and a skilled workforce.

According to Al-Jadaan, Saudi Arabia’s competitive edge lies in its ability to produce the world’s cheapest solar power, its government’s agile and supportive policies allowing quick licensing and approvals, and the Kingdom’s plans to implement regulatory measures that treat data centers with the same protections as embassies, ensuring robust security and compliance with international standards.

He also highlighted that Saudi Arabia was a world leader in government cybersecurity, adding that it was “handled, operated, managed, programmed and coded 100 percent by Saudi talent.”

Discussing the broader Middle East and North Africa region, which is projected to rebound from a growth rate of 2 percent in 2024 to 3.5 percent in 2025, according to IMF projections, Al-Jadaan said that he was optimistic about the region’s prospects.

He acknowledged its significant challenges, including high youth unemployment and geopolitical crises.

“MENA has possibly the highest youth unemployment in the world, at I think 27, 28 percent. MENA needs to create, according to the IMF, about 30 million new jobs by 2030,” he said.

Despite these challenges, Al-Jadaan highlighted the region’s strengths, including a young, tech-savvy population and abundant natural resources. “If we focus on human capital, if we focus on skilling our people in MENA, I think the potential is absolutely high,” he said.

He also called for regional stability and reform to unlock long-term potential, adding: “With the right ingredients of reforming governments, reforming governance and utilizing technology to our own competitive advantage, I think we’d see a new region.”

Topics: WEF 25 IMF

Saudi Vision 2030 spurring growth across the real estate sector, says industry leader at Davos

As one of the world’s top 20 economies, Saudi Arabia’s evolving real estate market reflects its broader ambitions. (Supplied)

Updated 22 January 2025

DANIEL FOUNTAIN

January 22, 2025 21:32

Saudi Vision 2030 spurring growth across the real estate sector, says industry leader at Davos

Sustainability is at the heart of Saudi Arabia’s real estate development, says Dar Al-Arkan Chairman Yousef Al-Shelash
Housing demand in Saudi Arabia is surging, driving the need for significant funding and development

Updated 22 January 2025

DANIEL FOUNTAIN

January 22, 2025 21:32

DAVOS: Saudi Arabia’s real estate sector is undergoing a transformation that ranges from affordable housing to luxury living under the Kingdom’s Vision 2030 reform agenda, according to the chairman of Saudi company Dar Al Arkan.

Yousef A. Al-Shelash highlighted the strides being made during a conversation with Arab News at the annual meeting of the World Economic Forum in Davos on Wednesday.

“The Vision 2030 has developed the whole economy, not only the real estate sector,” Al-Shelash said. “It’s developed not only the approach of the sector, but it has also brought a new standard in regulations to be as good as we deserve.”

As one of the world’s top 20 economies, Saudi Arabia’s evolving real estate market reflects its broader ambitions. “As a country, we are one of the big 20 economies of the world, so we believe the Saudis deserve more,” Al-Shelash added.

s one of the world’s top 20 economies, Saudi Arabia’s evolving real estate market reflects its broader ambitions. (Supplied)

Vision 2030 places a strong emphasis on affordable housing and improving living standards for Saudi citizens. Al-Shelash said that the government is playing a proactive role in ensuring these goals are met.

“The vision is there not only to facilitate for the developers and for the foreign investors, but also to facilitate affordable housing for most of the Saudi citizens,” he said.

The Kingdom’s growing population and rapid urbanization have led to a pressing demand for housing.

“The Kingdom needs more housing, and that requires a lot of funding and development,” Al-Shelash said.

He emphasized the role of government entities such as the Public Investment Fund and the Ministry of Housing in elevating the industry’s standards.

“The government itself has entered to become a developer or a service provider, not just to compete with the private sector, but to raise the standard,” he said.

In addition to affordable housing, Saudi Arabia is experiencing strong demand in the ultra-high-net-worth individual market. “There's a lot of demand. We have more than 3,000 brokers worldwide, a lot of demand from foreign entities to invest in (the Kingdom) and to hold a second home in Saudi Arabia,” he added. He also expressed his confidence that regulatory changes to facilitate such investments “will be coming any time now.”

Dar Global, the international arm of Dar Al Arkan of which Al-Shelash is vice-chairman, listed on the London Stock Exchange in 2023 and Al-Shelash underscored the significance of this move. “London is for sure an attractive market for Saudi investors. The stock exchange there is one of the best worldwide. So that will put the company on a very high standard regulation,” he said.

The listing not only positions Dar Global among the world’s most regulated markets but also strengthens its ability to collaborate with local partners in diverse regions. “To be a developer, you have to be with some other partners. So, if you would like to do some joint ventures or work with other companies — because the real estate industry is everywhere — it’s about local knowledge,” he said.

Developing real estate sustainably is becoming a cornerstone of the Kingdom’s development strategy, and this is the case for Dar Al Arkan, domestically and internationally. “Developing sustainably is about embracing and using the technology that’s out there and facilitating green practices wherever possible,” Al-Shelash said.

Topics: WEF 2025 Saudi Vision 2030

AI can offer solutions for water scarcity say WEF panelists

Updated 22 January 2025

Arab News

January 22, 2025 20:38

AI can offer solutions for water scarcity say WEF panelists

Christophe Beck: We need to redesign our processes being data centers, mill production, or processors in ways that the water never leaves the site
Fabrizio Palermo: AI can also help in the transportation of water because it’s a question of managing data

Updated 22 January 2025

Arab News

January 22, 2025 20:38

DUBAI: Artificial intelligence can be used to reduce wastewater and redesign systems to facilitate resource recycling, a panel of experts told the World Economic Forum in Davos.

Christophe Beck, chairman and CEO of Ecolab, said countries are becoming aware of the need for water to produce chips that get into the AI chain, which could, in return, be used to reduce wastewater.

According to UN figures, by 2030, more than half of the world’s population will be water stressed, affecting economics, health and existing food scarcity and threatening $1.6 trillion in assets.

“We need to redesign our processes being data centers, mill production, or processors in ways that the water never leaves the site. That’s what we do in data centers related to chip cooling where water never leaves the data centers, unlike the old technologies,” Beck said.

He called for legislations that enable the use of new technologies to reuse water, which ultimately saves energy. “Up to 75 percent of the energy used by power plants is used to manage, heat, cool, transport and treat water. When we reuse and recycle the water, we save energy and money, as well as reduce carbon footprint,” Beck said.

The Water Resilience Coalition aims to get 150 companies that affect a third of the world’s water usage to make three commitments: to save water by saving energy and leveraging technology; work on the 100 most critical basins that are serving 3 billion people; and provide water to 300 million people.

“It is business driven, and it is capital that’s invested at a return, creating a business model that is ultimately much more sustainable and provides water for people in need,” Beck said.

Fabrizio Palermo, CEO and general manager of Acea, emphasized the need for investment and funding in water resilience, given water’s importance to agriculture, industry, energy and AI.

An ecosystem needs to be created to protect sources, collect rainwater properly and achieve maintenance on basins, he said.

“AI can also help in the transportation of water because it’s a question of managing data. This infrastructure in Europe has been designed more than 56 years ago where the landscape in terms of technology was completely different and no one is in a situation to do predictive maintenance on this infrastructure,” Palermo said.

He called for net zero in water to avoid waste and curb government spending on health.

“It is very important that the water is reused and not sent to the rivers and then to the sea because water is linked with water. Government spending on health is related to water because the consequences of not having proper fresh water are evident nowadays,” Palermo said.

Meanwhile, Fajer Mushtaq, co-founder and CEO of Oxyle, warned of the effects of synthetic chemicals, known as PFAS compounds, on water contamination in Europe, calling for regulations and corporate responsibility to tackle water treatment and monitor the safety of discharged substances.

“I think it’s a systematic problem. The biggest barrier is to enable a proper treatment of water, which is not just going to be from a PFAS perspective, but our system that makes micropollutants.”

Technology needs to be directed at creating a new ecosystem, guided by clear regulations, to ensure safe water is provided for communities, Mushtaq said.

Topics: WEF 2025 artificial intelligence (AI) Ecolab Christophe Beck Acea Fabrizio Palermo Oxyle Fajer Mushtaq

Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

Updated 22 January 2025

Reuters

January 22, 2025 17:34

Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

Offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors
Remaining 25% will be sold to retail investors in Oman

Updated 22 January 2025

Reuters

January 22, 2025 17:34

DUBAI: Oman’s state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the Gulf country’s privatization drive.
The group, owned by Oman’s sovereign wealth fund, plans to sell a stake of at least 20 percent in Asyad Shipping Co. and float it on the Muscat stock exchange, it said in a document detailing its intention to float.
“The intended listing would provide investors with the opportunity to invest in one of the world’s largest diversified maritime shipping companies and a key player in the Omani economy,” the company said.
Oman is pushing forward with a privatization drive to attract foreign investors.
That strategy, along with fiscal reforms, has helped the sultanate pay down debt and turn its large fiscal deficit of recent years into a surplus since 2022.
Asyad Shipping focuses on transporting liquefied natural gas, crude oil and other products. It lists energy firms BP and Shell, as well as trading firm Trafigura among its customers and partners.
Reuters reported in July last year that Asyad was planning an initial public offering of the subsidiary and had selected Jefferies Group and EFG Hermes as advisers.
The offering will be made in two tranches, with 75 percent made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75 percent tranche, 30 percent of shares have been earmarked for anchor investors, the firm said, without naming them.
The remaining 25 percent will be sold to retail investors in Oman.
The subscription period is expected to start next month, after the company has received regulatory approval.
Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.
The company posted an adjusted core profit margin of 69 percent for the first nine months of last year, up from 65 percent over the same period in 2023.
Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.

Topics: Oman Asyad Group IPO shipping Muscat Stock Exchange initial public offerings (IPOs)

Startup Wrap – cross-border funding and acquisitions flourish as MENA activity steps up

Startup Wrap – cross-border funding and acquisitions flourish as MENA activity steps up

Startup Wrap – MENA venture activity sees funding, expansion, and collaborations

Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister

Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister

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Saudi Arabia expected to be among top tourism destinations by 2030, minister says

Saudi Arabia, Gulf region ‘well positioned’ to take lead on global energy transition, says S&P executive

Saudi Vision 2030 spurring growth across the real estate sector, says industry leader at Davos

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AI can offer solutions for water scarcity say WEF panelists

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Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

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Startup Wrap – cross-border funding and acquisitions flourish as MENA activity steps up

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