Dash Venture Labs: Our Weekly Picks (Issue No. 34)

1. Entrepreneurship/Startups

Meta launches training program to support 20k SMEs in Saudi Arabia

US-based Meta announced the launch of a new training program named ‘Meta Boost’ to support 20,000 SMEs in Saudi Arabia. Through this initiative, Meta will provide education and training on the use of Meta products and tools to accelerate business growth online. The program will also offer dedicated workshops and masterclasses to SMEs organized by experts at Meta. The hub will provide SMEs with access to a suite of free tools, on-demand training videos and best-practice digital marketing strategies directly from Meta experts, along with live training sessions provided by AstroLabs.

Sharakah outlines future vision for Oman SMEs

Sharakah, Fund for Development of Youth Projects, made by Royal Decree for supporting the SME sector in Oman, discussed future cooperation and joint projects. Sharakah, aside from offering financial support and guidance to SMEs, also helps build local entrepreneurial capacity, advocates policies related to the SME sector and promotes the concept of entrepreneurship in the Sultanate in line with Oman’s 2040 vision. The incubation provided by multinational organizations and universities for SMEs has played a vital role in promoting green innovation by providing funds, closing gaps for research and development and acting as a catalyst in their integration of a green ecosystem as part of their ESG contribution.

2. Technology

Saudi Arabia’s point-of-sale transactions drop to USD 2.85 billion

Saudi Arabia’s point-of-sale transactions fell by SAR 1.6 billion (USD 0.43 billion) to reach SAR 10.7 billion in the week ending on Dec. 17, pulled down by education spending. The decline in POS transactions was primarily led by a 40% decrease to SAR 197.6 million in the education sector spending. The telecommunications and electronics and electric appliances sectors came next, with both recording a fall of 8% in POS transactions to reach SAR 85.1 million and SAR 218.8 million respectively.

Dubai opens first physical NFT shop in Mall of the Emirates

Dubai will soon be home to the first physical NFT shop, located at the Mall of the Emirates. Operated by international tech giant SoftConstruct, the ftNFT Shop will offer customers to browse, buy and sell NFTs in person. Visitors can also interact with and look through a unique variety of physical art and even create 3D avatars of themselves through a professional 3D scanner.

Dell Technologies, G42 Cloud sign MoU to accelerate UAE customers’ digital transformation efforts

Dell Technologies and G42 Cloud signed a MoU to help customers in the UAE accelerate their digital transformation by collaborating on cloud, security, IT, and managed services. The two companies will work together across various areas, including private cloud solutions as well as consulting, residency, and managed services. Further, this collaboration aims to offer features including computing, data storage, and data protection, as well as assist customers in unlocking and capitalising on cloud experiences and driving innovation. Additionally, the collaboration will also serve the UAE by enabling customers manage their day-to-day business operations and accelerate digital transformation with a more secure and consistent cloud experience.

Majid Al Futtaim signs deal to launch digital smart rooms in UAE

Majid Al Futtaim Leisure, Entertainment & Cinemas signed a deal with Immersive Gamebox (IGB) to offer seven hyper-immersive and interactive ‘Gameboxes’ to Magic Planet in City Centre Mirdif, Dubai and City Centre Al Zahia, Sharjah. IGB (formerly known as Electric Gamebox) is a gaming company which designs and develops interactive digital smart rooms called ‘Gameboxes. The platform is a completely new genre of group entertainment featuring cutting-edge technologies, including patented touch screens, 3D motions tracking and surround sound to deliver a hyper-immersive shared gaming experience.

Gulf Scientific Corporation established a strategic partnership with DNA Script

Gulf Scientific Corporation (GSC) announced its new strategic partnership with DNA Script for DNA on demand. DNA Script offers the SYNTAX System, the first DNA printer powered by Enzymatic DNA Synthesis, which is designed for ease of use, productivity, convenience, control, and confidentiality. The platform enables automated nucleic acid synthesis. This collaboration offers physicians, researchers, and industry experts across the GCC, to access a new technology that has a potential to revolutionize life sciences research by enabling custom DNA printed on demand.

Naseej for Technology inks nearly over USD 3 million deal with TVTC

Saudi-based Naseej for Technology Company signed a SAR 14.85 million agreement with Technical and Vocational Training Corporation (TVTC). The project aims to transfer the basic educational platforms, such as the student information system (SIS) and the admission portal, from the TVTC data centre to a local cloud in Saudi Arabia. It also seeks to provide high security, flexibility, and scalability, besides benefiting from these platforms' managed services for three years.

The Champion Hospital signs with Oracle Cerner to deliver an integrated healthcare system

The Champion Hospital, the first general and rehabilitation private hospital in Kuwait, selected Oracle Cerner to implement an integrated electronic health record (EHR) platform across its full care facilities. The Cerner Millennium EHR is designed to support a patient’s health care journey from the doctor’s office to the hospital or outpatient clinics, to post-acute care and rehab via an integrated IT platform. The EHR will provide access to a single, reliable, and integrated source of clinical information. Once implemented, the platform is intended to provide caregivers with immediate and secure access to a patient’s health record and treatments and, as a result, help them make more informed decisions based on specific patient needs.

CheckMe acquires DoctorOnline

Egypt-based healthtech platform CheckMe acquired a majority stake in DoctorOnline, a doctor appointment booking app. The deal was facilitated through M&A advisory firm Exists.Me and brings CheckMe's valuation to USD 20 million. CheckMe provides on-demand medical lab services. DoctorOnline is a telemedicine platform that enables users to consult doctors via video conferencing or a call.

Sharjah launches media-focused venture builder ‘Shams Valley’

Sharjah Media City (Shams), in collaboration with Grow Valley, announced the launch of Shams Valley, a venture-builder studio that aims to build and scale tech companies in the media sector. The new partnership allows Shams to capitalise on Grow Valley’s expertise in building new ventures, starting from the idea stage to commercialisation.

3. Funding Activity?

Revival Lab leads USD 13.6 million round through United Investments partnership

Saudi Arabia-based venture builder Revival Lab, signed an investment partnership worth SAR 50 million (USD 13.6 million) with United Investments to support startups in the F&B sector. United builds scalable brands that fit market opportunities and seeks to acquire more than 30 new and fast-growing F&B brands in Saudi Arabia.

LumiShare raises USD 3.2 million Seed round

UAE-based blockchain digital asset management LumiShare raised a USD 3.2 million Seed round led by Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi royal family, in the early stages of its Abu-Dhabi-licensed USD SRG token presale. LumiShare provides consumers with an inflation hedge through its USD SRG token that is backed by three uncorrelated assets: gold, a cash recovery fund, and technology. The money raised will be used to buy gold reserves that will be stored in a safe room at a bank in Abu-Dhabi and broadcast live 24/7.

Omani cloud kitchen KitchenomiKs raises USD 1.7 million Seed round

Oman-based cloud kitchen operator KitchenomiKs raised USD 1.7 million in its Seed round from angel investors. KitchenomiKs offers cloud kitchens for virtual multi-brand restaurants and establishing delivery hubs in Oman. The cash infusion will be deployed in centralised kitchens, technology, hiring leadership teams, building more brands, and will fuel its expansion plans into other GCC countries.

Muqbis raises pre-Seed round from Nama Ventures

Egypt-based Muqbis, an online marketplace for handicrafts, raised an undisclosed amount in pre-Seed funding from Nama Ventures. Muqbis positions itself as the Etsy of the Mena region. It provides a platform for local artisans in Egypt to sell their products.?The investment will be used to help its artisans reach more customers.

Gargash Group invests in Germany’s Blacklane

UAE-based Gargash Group participated in the Series F round of the German chauffeur services provider Blacklane, along with Mercedes-Benz Mobility. Blacklane provides its clients with chauffeur services in over 50 countries worldwide. The new investment will allow Blacklane to ramp up its electric fleet, set up local chauffeur academies, and support the technical and operational expansion of its platform.

Any feedback to share?

Email us at [email protected], or [email protected]

?Disclaimer:

This newsletter is prepared by Dash Venture Labs and provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, as to their accuracy, completeness or correctness does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization’s estimates and views and does not represent the views of Dash Venture Labs and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness.

Dash Venture Labs does not accept any liability for any loss arising from the use of material presented in this report. Dash Venture Labs may seek to do business, or may already have had some business dealings, with companies covered in this report. This document has not been reviewed by, approved by or filed with the ESCA or CBUAE. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company.