Dash Venture Labs: Our Weekly Picks (Issue No. 39)

1. Entrepreneurship/Startups

Ministry of Economy to support EGA Ramp-Up programme to foster entrepreneurship ecosystem

Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, today announced that the UAE Ministry of Economy is to support EGA Ramp-Up, the company’s programme to foster the entrepreneurship ecosystem in the UAE and help grow the national economy in line with the Entrepreneurial Nation strategy.

The EGA Ramp-Up programme is attracting aspiring and recently-established entrepreneurs to a series of informative online courses on effective entrepreneurship. The programme will work even more closely with the most promising start-ups, providing mentoring support from a global network of experts.?The Ministry’s Entrepreneurial Nation platform will provide EGA Ramp-Up with greater access to budding entrepreneurs and support the programme’s outreach campaign.?

Emirates NBD’s 2022 net profit reaches AED 13 billion

Emirates NBD, a leading bank in the region, announced that its profits rose 40% to AED 13 billion in 2022, driven by strong regional economic growth and the success of its diversified business model. The bank's Q4 profit was particularly strong, at AED 3.9 billion, up 94% year-on-year, reflecting improving margins and a lower cost of risk. H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman, Emirates NBD, said, that Emirates NBD played a lead role in delivering over AED 31 billion of IPOs in 2022, which contributed to the growth of the Dubai economy and the development of the equity capital markets.

MoIAT reduces government service fees to further ease doing business in UAE

The Ministry of Industry and Advanced Technology (MoIAT) reduced the fees for 14 services and waived the fee for one service as of January 1, as part of efforts to support entrepreneurship in the industrial sector by reducing the cost of doing business in the UAE, it said in a statement on Tuesday. The UAE has reduced and waived fees for certain government services as the country seeks to create an attractive business environment for investors and support small-and-medium enterprises in the industrial sector

UAE leadership’s vision to empower women ensured women are equal participants in nation’s sustainable development: Mona Al Marri

Mona Ghanem Al Marri, Vice President of the UAE Gender Balance Council, said that the leadership’s vision to empower women has ensured that women are equal participants and major contributors to the nation’s sustainable development journey. The rapid progress that the UAE has achieved in gender balance is demonstrated by the country being ranked first in the Arab world and 11th globally on the Gender Inequality Index (GII) of the United Nations Development Programme’s Human Development Report 2022, Al Marri said.

Al Marri commended the Dubai International Project Management Forum 2023 for including gender-balance related topics in the event’s agenda. She called on the private sector to play a bigger role in advancing gender balance as part of the leadership’s broader vision for women’s development and empowerment.

Masdar City names Hub71 official startup ecosystem partner

Abu Dhabi’s Masdar City and Hub71 have expanded their partnership to promote opportunities for clean tech and climate tech startups focused on sustainability, the companies said on Wednesday. The two entities will identify opportunities to collaborate in areas including mobility, food, health, and climate action. They will also promote knowledge sharing by providing Hub71’s existing startups access to Masdar City’s corporate tenants and partners, and explore incentives to help these companies establish permanent roots in the UAE.

The agreement also names Hub71 Masdar City’s official startup ecosystem partner. Hub71 startups will also benefit from The Catalyst, the region’s first start-up accelerator focused on sustainability and clean tech, which is jointly owned by Masdar City and BP.

Revving up the EV market in the Middle East: Opportunities and challenges ahead

The electric vehicle (EV) market in the Middle East region is still in its early stages, but it is showing promising signs of growth. The macro landscape of the region is characterized by increasing oil prices and a dependence on fossil fuels. However, the growing awareness of environmental issues and the need to reduce greenhouse gas emissions is driving the adoption of EVs in the region.

One of the main drivers for e-mobility in the Middle East is the increasing demand for sustainable transportation. Governments in the region are recognizing the need to reduce their carbon footprint and are implementing policies to support the adoption of EVs.?Despite these challenges, there are also opportunities for companies to invest in the production and distribution of EVs and the development of charging stations and other infrastructure.

UAE has 11 IPOs worth $2.2bn in the pipeline, says top official

?After seeing its highest level of initial public offerings by aggregate value in 2022 for 14 years, the UAE is set to keep up the momentum this year with IPOs worth more than 8 billion dirhams ($2.2 billion) in the pipeline, a top official said. The UAE’s IPO pipeline was very strong last year with a number of public and private sector entities listing on the Dubai and Abu Dhabi stock exchanges. Al Hadari went on to say that Abu Dhabi Securities Exchange could list 13 additional companies this year including four companies from outside the UAE.

Four free-zone entities and two special purpose acquisition companies (SPACS) are in the listing pipeline in 2023, Mohamed Al Hadari said in his address at the Mena IPO Summit on Tuesday.

Dubai megaproject: New floating ‘Vertical City’ proposed for 2030

Vertical City, a zero-energy city building could be added to the iconic Dubai skyline. The project with an undisclosed budget was designed by Luca Curci Architects. The city was proposed at the Knowledge Summit in Dubai in 2019.The official project states Middle East as the site, with the client listed as private under the status of project proposal. Vertical City is designed to be self-sustainable towers on water which houses 25,000 individuals. The city will have a zero-waste policy and use renewable resources such as solar panels, wind turbines and wind water.

With Dubai’s sustainable efforts in recent years and companies heading towards a net-zero future, the project would align with the sustainability goals of the country.

2. Technology

ValU inks partnership with fintech start-up Sympl to provide short-term BNPL plans for customers

MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, announced today that it has partnered with Sympl, a first-of-its-kind fintech start-up in the Egyptian Buy-Now, Pay-Later (BNPL) space that has gained traction in a short period of time since it was founded last year, to allow ?valU customers to pay for purchases using Sympl’s interest-free, three-month payment plans across select valU and Sympl retail partners and merchants.

The partnership does not only aim to enhance valU and Sympl’s platforms but also to set an example for others in the market to follow suit and work toward a common goal of empowering consumers.?

Bitcoin options exchange Deribit looks to relocate to Dubai

Deribit, the world’s biggest Bitcoin and Ether options exchange, is making plans to relocate to Dubai as soon as the third quarter. Deribit plans to submit an application and supporting documents for a Full Market Product license to Dubai’s Virtual Assets Regulatory Authority once the agency gives an update on its regulatory regime

Dubai has made extensive efforts to woo the world’s largest firms with crypto-friendly policies. As some financial centers tightened regulations last year, many UAE officials were touting virtual assets as a key pillar for economic growth and diversification. Companies like Binance, the world’s biggest crypto exchange, have expanded in Dubai.

Industry cheers as crypto market crosses crucial $1 trillion mark

The crypto market crossed the crucial $1 trillion mark, with Bitcoin (BTC) trading above $23,000 level on Tuesday, sustaining the rally in the virtual currency market since the beginning of 2023.

Bitcoin value has notched up an impressive 37 percent jump this month, while Ethereum – the second largest crypto which follows the BTC trajectory, surged by 34 percent, taking the global crypto market cap to $1.02 trillion at the close of trading hours on Tuesday, as per data from CoinMarketCap, the most-referenced price-tracking website for crypto assets.

Pre-seed investor Techstars announces continuation of Riyadh startup program??

The organizers of The Riyadh Techstars Accelerator announced the continuation of the startup program this year after successfully completing the first edition in 2022 with investments in 11 portfolio companies from Saudi Arabia and the wider Middle East and North Africa region.

As a part of Saudi Arabia's emerging entrepreneurial ecosystem, the accelerator will work with startups and their founders on building and growing businesses in the MENA, according to a press release.?The program is also set to benefit from the deep connections with the leadership and mentors from MCIT, SNB and RAED Ventures.

Crypto to play ‘major role’ for UAE trade, says minister

Cryptocurrency will play “a major role for UAE trade going forward,” the nation’s minister of state for foreign trade Dr. Thani Al Zeyoudi said during an interview with Bloomberg adding that global governance of cryptocurrencies and crypto companies must be ensured. Al Zeyoudi also added that a key area the UAE is looking to expand, is cryptocurrencies. “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” Al Zeyoudi said.

VARA was established in March and is responsible for licensing and regulating the crypto sector in Dubai and its free zone territories (excluding DIFC) as per UAE law.

UAE’s Astra, MoneyGram sign deal for money transfers on Botim

UAE’s technology investment firm Astra Tech has entered a deal with MoneyGram International, one of the world’s largest money transfer operators, to offer remittance services on the region’s most popular voice-calling app Botim. Backed by Abu Dhabi’s G42, in which sovereign wealth fund Mubadala has a significant minority stake, Astra Tech has recently acquired Botim and has plans to create a “world’s first ultra app” that will offer users everything from e-payments to instant messaging.?

Through the “strategic partnership” with MoneyGram, Botim users will be able to make real-time money transfers across 200 countries and territories worldwide, Astra said on Thursday.?

Japan’s Terra Drone gets $14M lift from Saudi investors

TTerra Drone has raised $14 million in Series C funding from Wa’ed Ventures, the venture capital arm of Saudi Aramco, marking the VC firm’s first investment in Asia. The Japan-headquartered company, which builds drone software, hardware and uncrewed aircraft traffic management software, said the new capital brings its total raised to $97 million since its inception in 2016. The move comes in line with Saudi Arabia’s “Vision 2030” plan, which lays out goals to reduce the nation’s dependence on hydrocarbons and promote the use of drones in services.

With the latest funding, Terra Drone plans to set up a new subsidiary, Terra Drone Arabia, wholly owned by Terra Drone, and further promote drone inspections in the region.

3. Funding Activity

Wafeq raises $3 million Seed led by Raed Ventures

UAE-based fintech Wafeq, has raised $3 million in a Seed round led by Raed Ventures with participation from Wamda Capital.

Founded in 2019 by Nadim Alameddine, Wafeq is an accounting platform targeting SMEs in the Middle East, enabling them to conduct their e-invoicing, taxation and employee payroll online. Wafeq meets every requirement of Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA), the UAE's Federal Tax Authority, and soon the Egyptian Tax Authority.?Businesses on Wafeq create over 630,000 invoices every month totalling over $117 million. The startup will utilise capital to enter Egypt while doubling down on growth in Saudi Arabia and the UAE.?

Saudi Aramco’s Wa’ed invests in PASQAL’s $108 million Series B

Wa’ed Ventures, the Saudi Aramco Entrepreneurship Centre (Wa'ed), has invested in a $108 million Series B for French quantum computing startup PASQAL. Founded in 2019 by Georges-Olivier Reymond, PASQAL is a software startup developing quantum computing solutions for commercial use.

Using the freshly acquired funding, PASQAL will be able to further develop its neutral atoms quantum computing platform and accelerate its expansion to other global markets, namely the Middle East.?PASQAL will also use the funding to accelerate the company’s research and development efforts to build a 1,000-qubit quantum computer in the short term and fault-tolerant architectures in the long term.

LyRise raises pre-Seed funding to grow its talent marketplace

Egypt-founded and US-headquartered HR tech startup LyRise, has raised an undisclosed a pre-Seed funding round from a group of regional and international investors including Launch Africa, Plus Venture Capital (+VC), First Check Ventures, Techstars, and strategic angel investors like Hisham El Araby, CFO of Udacity.

Founded in 2019 by Marc Banoub, LyRise offers an AI-powered talent marketplace to help talent from the Middle East and North Africa region (Mena) match with potential employers. It plans to use the fresh capital infusion to deepen its platform proprietary capabilities, grow its team and support its expansion plans.

NB Ventures invests in $1.2 million Seed round for India’s career-tech Suraasa

UAE-based NB Ventures has invested in India-based career-tech Suraasa's $1.2 million Seed round, led by Inflection Point Ventures. Other investors participating in this round include SuperMorpheus, Vinners, SucSEED Innovation, along with angel investors.

Founded in 2018 by Rishabh Khanna, Suraasa is focused on upskilling teachers and providing them with employment opportunities. It has so far onboarded over 150,000 teachers on its platform from 50+ nationalities. Suraasa is on a mission to bring teaching into mainstream career choices by successfully developing skilled new educators and enabling existing teachers to achieve their personal and professional goals.

UAE’s EDGE group invests $14m in Israeli drone fleet management company

The UAE’s EDGE group has announced a $14 million investment in High Lander, an Israeli drone fleet management company, Emirates News Agency reported. EDGE has been focusing on the development of autonomous systems, such as unmanned aerial vehicles, smart weapons, and cybertechnologies, as part of its international growth strategy.

Group management said it was eager to continue assisting High Lander in the development of its Universal UTM, a drone-agnostic unmanned traffic management solution that provides the automation, coordination, and safety required in increasingly congested skies.

Matbakhi raises $2.3 million pre-Seed round

Saudi Arabia-based foodtech startup Matbakhi, has raised a $2.3 million pre-Seed round led by Bugshan Investment Company along with an undisclosed group of angel investors.

Founded in October 2022 by Joe Frem and Rodolph Njeim, Matbakhi operates a series of cloud kitchens in five locations across Riyadh, with a focus to help food and beverage (F&B) brands create chef-driven food concepts.

It plans to use the fresh capital infusion to introduce its “hotel cloud kitchen model,” with plans to accelerate its expansion in Riyadh and Eastern Region to grow its clientele.

Saudi: KAUST startup Lihytech raises $6mln for lithium extraction from seawater

King Abdullah University of Science and Technology (KAUST) on Wednesday announced that Ma’aden, the Saudi Arabian mining company, and KAUST Innovation Ventures fund are investing $6 million into Lithium Infinity (Lihytech).

The KAUST startup’s battery-grade lithium will be a key component in driving the Kingdom of Saudi Arabia’s commitment to developing the entire value chain of electric vehicles (EVs). Lihytech has patented a membrane-based lithium extraction technology developed by Professor Zhiping Lai at KAUST. This investment will take the technology from lab to commercial pilot scale. Ma’aden is leading the investment with $4 million and KAUST Innovation Ventures is investing $2 million.?

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