Dash Venture Labs: Our Weekly Picks (Issue No. 31)

1. Entrepreneurship/Startups

500 Global partners with ITIDA to launch support programmes for local startups in Egypt

US-based venture capital firm 500 Global is set to open an office in Egypt and partnered with Information Technology Industry Development Agency (ITIDA) to launch a range of investment and startup-focused support programmes. As part of its expanded strategy, 500 Global has appointed Amal Enan as a Partner, based in Cairo, overseeing deal-related activities in the country. 500 Global has been investing in Egypt for a decade and has backed more than 60 Egyptian startups, including MaxAB, Homzmart, and Breadfast.

DMCC gathers over 250 Israeli business leaders

UAE’s DMCC hosted its first ever physical ‘Made For Trade Live’ event in Tel Aviv, Israel, as it targets attracting more Israeli companies to Dubai following the UAE-Israel Comprehensive Economic Partnership Agreement signed earlier this year. The UAE-Israel CEPA is expected to increase bilateral trade to over USD 10 billion and add USD 1.9 billion to the UAE’s GDP within five years. The agreement looks to lower or eliminate tariffs on more than 96% of commodities that amount to 99% of the overall value of trade, enhancing market access for exporters, attracting new investment, and creating opportunities in key industries.

Flat6labs, Dar, SIAC launch ‘Makers’ to support ConTech startups across Egypt

Egypt-based early-stage VC and accelerator Flat6Labs has launched ‘Makers’, a construction-tech Innovation Programme to foster startups operating in the construction technology (ConTech) solutions in Egypt. The pre-Seed programme is tailored to provide selected startups with hands-on assistance, unlocking their potential to raise funding. It will enable startups to test and formalise their ideas to both SIAC and Dar, with the possibility of being selected to run a pilot programme with both companies. The new Makers ConTech business models will assist engineers and the construction sector in particular in building, designing, and growing in a cost-effective, sustainable, and safe manner.

Etisalat by e& launches competition 'Hello Business Pitch 3' for startup community

Etisalat UAE announced that it is inviting ideators and start-ups to pitch their next big business idea at the third edition of the ‘Hello Business Pitch’ competition, providing an innovative platform to support the growing entrepreneurial ecosystem in the country. In this year’s competition will have a total of 6 winners, whereby 3 disruptive ideators and 3 ambitious startups will walk away with cash prizes worth AED 350,000.

2. Technology

ADGM’s Financial Services Regulatory Authority launches AI initiative on Open Regulation

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) launched an initiative to foster the development of intelligent regulatory technology (RegTech) tools and help AI achieve regulatory context and understanding, thereby unlocking the potential of AI in the field of regulatory compliance. The Open Regulation (OpenReg) initiative provides a ‘training ground’ where industry specialists, RegTech companies and the data science community have access to FSRA’s AI models, data and research to create AI-enabled RegTech tools.

Bahrain first in GCC to release spectrum for 5G private networks

Bahrain's Telecommunications Regulatory Authority (TRA) made part of the C-Band spectrum available for 5G Private Networks, placing the kingdom at the forefront of GCC countries in enabling both private and public sectors to benefit from the latest technologies. 5G technology enables better mobile broadband for consumers and also supports industrial applications. The licenses will be available to businesses, government users and licensed operators. By being the first country in the GCC to lead this initiative, it will further cement Bahrain’s reputation for leadership in the digital market, having already achieved 100% 5G commercial network coverage.

Microsoft Egypt and ITIDA sign an agreement to expand ICT exports and offshoring services in Egypt

Microsoft Egypt and the Information Technology Industry Development Agency (ITIDA) sign a new incentive agreement in virtue of which the ICT exports and offshoring services of Microsoft Customer Experience and Support in Egypt will be promoted and expanded. Through the investment incentives that this agreement provides, Microsoft will continue to support the development of young talents and IT professionals in Egypt and enhance their access to the job market and employability. It will also contribute to Egypt’s positioning as an offshoring and talent hub for the region.

Transtek Systems signs alliance agreement with KPMG Lower Gulf

UAE-based Transtek Systems signed an alliance agreement with KPMG Lower Gulf, introducing a cutting-edge technological tool, Mojodat and enhancing the Tangible Assets Management offering to its clients. Mojodat is the software for fixed assets management in the MENA region. Transtek Systems is supporting SMEs corporate and governmental organizations in their digital transformation across the MENA region by providing innovative software solutions.

OutSystems introduces AI Mentor System

OutSystems announced the new OutSystems AI Mentor System. This enhanced solution gives a comprehensive set of AI-based development, security, and quality analysis tools that provide expert-level assistance across the most critical areas of the software development lifecycle. With AI Mentor System, IT teams can more easily optimize their architecture for performance, identify and fix security-related coding errors, and minimize technical debt and wasted development time.

YallaMarket launches 15-minute fulfilment for businesses

The new business vertical YallaHub provides business owners access to logistics, marketing, last-mile delivery infrastructure, and all the means necessary to reach customers in Dubai directly within 15-30 minutes. Currently, the company has 7 hyperlocal warehouses located in areas of high demand in Dubai, 60 riders, technologies for storage, packaging, and order picking and delivery. The new B2B model offers benefits to businesses, including: Premium packaging and rapid delivery to end customers: 15 minutes in central Dubai areas, 30 minutes in Dubai’s remote zones, 24 hours across the UAE; Storage of goods in our warehouses (financial responsibility); Creation of virtual stores in aggregators and sales growth therein.

Omnix signs digitalisation, safety deal with viAct

UAE-based Omnix signed a deal with viAct to foster digitalisation and boost safety in the Architecture, Engineering and Construction (AEC) and Oil and Gas Industry. Under the agreement, Omnix will become the master distributor of viAct’s products and services across the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain.

Saudi’s food delivery platform Jahez acquires rival Chefz for USD 172.9 million

Saudi-based Jahez plans to acquire its rival company, The Chefz. Jahez signed a share purchase agreement (SPA) to acquire 100% of the share capital of The Chefz for SAR 650 million (USD 172.9 million). The deal is still subject to regulatory approvals and is expected to close in Q1 2023. The transaction includes a cash consideration worth SAR 325 million and issuance of new shares in Jahez with a value of SAR 325 million, representing 5% of the delivery firm’s share capital. As part of the deal, the founding members of The Chefz will receive an ‘earn-out amount’ of SAR 100 million in cash, subject to ‘various performance-related targets’ attained between January 1, 2022 and December 31, 2022.

Leading Fintech services provider Fawry opens its new HQ

Egypt-based Fawry announced the launch of its new headquarters (HQ), Fawry Quantum Building, located in the Smart Village. The new office provides a unique work experience for Fawry employees that comes in consistency with the company’s vision and future plans. It also reinforces Fawry’s strategy that focuses on expanding their footprint in the local market and its commitment to avail the best innovative technologies through doubling its efforts and enhancing its capabilities in order to support the country’s financial inclusion and digital transformation strategies that target achieving an integrated digital community in accordance with Egypt Vision 2030.

3. Funding Activity?

Egypt’s largest solar and wind power projects secure funding

Financing deals worth USD 1.1 billion have been arranged for Egypt’s largest solar and wind power projects involving International Financial Corporation (IFC), commercial banks and export credit agencies. The financing package (including debt and equity) was raised by IFC alongside UAE, Japanese, Dutch, and private sector commercial bank partners. The financing package will support UAE-based AMEA Power to build, own, and operate the solar and wind plants, delivering more than 1 gigawatt of renewable energy at the lowest price in Africa. The construction of both projects is scheduled to begin in December 2022, with the solar plant expected to be complete in 18 months and the wind farm in 30 months.

UAE’s Fenix Games raises USD 150 million investment

UAE-based gaming platform Fenix Games raised USD 150 million in investment, led by Phoenix Group and Cypher Capital. The new investment will accelerate Fenix Games' plans to acquire, invest and publish both existing games and blockchain games of the future.

CyberTalents wins Black Hat’s USD 25,000 prize

Egypt-based cybersecurity platform CyberTalents won a USD 25,000 prize in the Cyberseed Start-Up Global Competition, organised by the Black Hat conference held in Riyadh. CyberTalents empowers cybersecurity talent by providing them with training, connecting them with global opportunities. Using this prize money, CyberTalents aims to launch more projects to enhance its programme and facilitate more partnerships to build the next generation of a better cybersecurity future.

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?Disclaimer:

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