Dash Venture Labs: Our Weekly Picks (Issue No.52)

1. Entrepreneurship/Startups

Bridging the tech talent gap: Crescent Enterprises supports startups in recruiting quality talent

Crescent Enterprises, a leading global, diversified business headquartered in the UAE, has reaffirmed its long-standing commitment to the American University of Sharjah (AUS) by announcing its partnership for the Startup Career fair due to take place on April 27th. The fair, co-organised by The Sharjah Entrepreneurship Centre (Sheraa), is a dedicated recruitment event to meet and connect with companies at the startup stage seeking to hire quality talent for internship and employment opportunities.

In line with Crescent Enterprises’ vision to support youth to access employment and explore entrepreneurship opportunities to foster economic sustainability, Crescent Enterprises’ Talent Acquisition Lead, William Briggs, delivered a workshop titled ‘Mastering Interviewing Skills’ at the university campus.?The Startup Career Fair is a pilot initiative expected to attract startup companies incubated within Sheraa as well as students and alumni. The fair will explore the changing business landscape, promote private-sector job opportunities and entrepreneurship, and provide essential skills related to interviewing and recruiting. The fair will feature a panel discussion titled ‘How is AI posed to disrupt the job market’.

Female leadership in MENA's startup ecosystem in 2023

Despite progress in recent years, Arab women remain underrepresented in the tech industry, particularly in leadership positions. This lack of diversity not only limits opportunities for women but also hinders innovation and growth in the industry.

According to a report by Wilson Center, only 23% of startup founders in the MENA region are women. These statistics highlight the need for increased support and opportunities for women in tech, especially in leadership roles.

In the MENA region, female entrepreneurship is on the rise, with more women starting their own businesses and taking on leadership roles. However, there is still a long way to go to achieve gender parity in the tech industry. A report by the World Economic Forum in 2022 found that it will take 132 years to close the global gender pay gap at the current rate of progress.

Dubai is the best city for startup networking in 2023

?With the world gradually recovering from the COVID-19 pandemic, entrepreneurs and startups are seeking new opportunities and connections to expand their businesses. In this regard, Dubai has emerged as one of the top cities for startup networking, offering an ideal environment for growth and development. As per the report by The Dubai Chamber of Digital Economy and Entrepreneur Middle East, startups located in Dubai raised a remarkable 96% of all funds raised in the UAE since 2017, highlighting Dubai's position as the go-to destination for fundraising for startups in 2022.

"Dubai is quickly becoming a hub for startups and entrepreneurs, and we're thrilled to be a part of this exciting community,"said Alex Galtsev, CEO of Realiste, a proptech startup that develops AI-based products for real estate investments. "The city's strategic location, supportive ecosystem, and business-friendly policies make it an ideal place for us to grow our business and connect with other like-minded individuals and organizations."

ADDED, Wio Bank partner to support SME growth

Abu Dhabi Department of Economic Development (ADDED) has collaborated with Wio Bank to help small and medium enterprises (SMEs) manage their finances, payments, and overall business operations. The partnership will fast-track the corporate account opening process for SMEs to 48 hours and deliver fast and seamless banking services via Wio Business—the business banking application from Wio Bank—including providing an up-to-date view of their financials, Emirates News Agency said in its report.

Additionally, Wio will work closely with the Abu Dhabi SME Hub, Abu Dhabi Residents Office, and TAMM, Abu Dhabi Government Services, to extend banking and business services, including complete digital onboarding and simplified banking solutions to SMEs registered with them. Wio Business provides startups, freelancers, and SMEs access to banking services and innovative beyond-banking services. The news comes after Wio Bank collaborated with Paymentology in March 2023. An issuer-processor, Paymentology is enhancing the neobank’s innovative banking model with customer-centric card payment services.

2. Technology

?Presight AI and Astana Hub host “The AI Battle” to boost startups’ technology innovations

?Presight AI (ADX: PRESIGHT), the region’s leader in big data analytics powered by artificial intelligence (AI), and Kazakhstan-based Astana Hub, the largest international technology park for IT startups in Central Asia, hosted The AI Battle, a competition aimed at elevating startups’ ideas and scaling up their businesses in the fields of AI, big data and machine learning. The competition, which was held on April 26, saw startups from a pool of over 70 entries pitch their innovations to a panel of industry experts to receive guidance and find potential partners.

Alaqan, a new solution in the field of biometric identification of a person using a palm vein pattern, ReLive, an AI-driven neurorehabilitation platform for stroke patients and ARA, an Automatic Retail Analysis, who won the top three prizes, taking home USD 10,000, USD 5,000 and USD 3,000, respectively. The decisions were reached by jury panel members Askar Zhambakin, Vice-Minister of Digital Development; Thomas Pramotedham, CEO of Presight; Magzhan Madiyev, CEO of Astana Hub; Innovations, and Aerospace Industry of Kazakhstan; Xiaodong Zhou, CTO of Presight; Alexei Burov, Central Asian Lead of Presight and Yersultan Yermanov, Director of the Department of Information Technology Industry Development at the Digital Development, Innovations and Aerospace Industry of Kazakhstan.

?UAE’s Brandripplr, Justlife and TruKKer among fastest-growing Middle East tech companies

Thirteen UAE-based companies are among the fastest-growing technology companies in the Middle East and Cyprus, according to a survey by global consultancy Deloitte.

The UAE-based media and entertainment company Brandripplr was ranked third on the list. Cyprus-based online trading platform Capital.com secured the top spot, followed by Jordan's mobile payment service provider FinTech Dinarak, the second edition of the Middle East Technology Fast 50 revealed. The list includes tech companies from industries such as software, FinTech and media and entertainment. It recognises companies based on revenue growth over the past four years. First-placed Capital.com recorded 2,210 per cent growth, while Dinarak and Brandripplr registered 820 per cent and 816 per cent growth, respectively, the report said. The UAE, the Middle East’s business and finance centre, is offering incentives to attract hundreds of digital companies to set up in the country as part of a programme to draw moreforeign direct investment and position itself as a global tech centre. Other UAE companies that made it on to Deloitte’s top 50 list include CSPSolutions, AlgoDriven, Justlife, TruKKer, Ziwo, 3CX, Plant Shop, You Cloud Pay, Uqu, ICC Loyalty, Property Finder and Lenador Systems.

?UAE launches guide on adopting AI technology in key sectors

The UAE has launched a guide for government entities to adopt?artificial intelligence technology?and use it in vital sectors, from transport to education, as the country continues to keep pace with the?latest digital advancements.

The generative AI guide was introduced by the UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office to further enhance government work models, the government body said on Sunday. The guide shows the potential of using generative AI to give information on government services and streamlining them for the public. These applications can automate customer service inquiries, improving response times and efficiency.

Leveraging generative AI applications, such as?ChatGPT?is a crucial step towards seizing significant futuristic opportunities, Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System, said.

?Deloitte announces Technology FAST 50 rankings for Middle East

Deloitte Middle East has released the results of the second edition of the?Middle East Technology Fast 50, the list of fastest-growing technology companies in the region. The program recognizes technology companies based on revenue growth over the last four years. The ranked technology companies by the program this year achieved an average growth of 277 percent, generating around $800M in total annual revenues during 2021-2022, highlighting their significant contribution to the sector and the broader economy.

The top ranked company is FinTech company, Capital.com, which exhibited 2,210 percent growth. The companies ranked second and third were Jordan-based Dinarak, and the UAE-based Brandripplr, who have showcased 820 and 816 percent growth respectively. Other companies who had participated in the first edition.

MHI, Saipem to collaborate on carbon capture technologies

Mitsubishi Heavy Industries (MHI) has signed a General License Agreement (GLA) with Saipem, one of Italy’s leading engineering companies.

The deal involves the provision of MHI’s proprietary KM CDR Process and Advanced KM CDR Process technologies to Saipem for use in carbon capture plants.

Both technologies were jointly developed with The Kansai Electric Power Co. MHI has had a cooperative relationship with Saipem for many years, which has resulted in the construction of world-class scale fertilizer plants using Snamprogetti Urea technology.

Saipem is a global solution provider that offers engineering, procurement, construction, and project management services in the energy and infrastructure sectors.

Eden brings sustainable reservoir stimulation technology to the Middle East

US-based geotechnical firm Eden GeoPower (Eden) has secured multiple contracts for its innovative Electrical Reservoir Stimulation technology in Saudi Arabia and Oman, company President and Co-founder Ammar Alali told Zawya Projects.

"Since January, we have been helping with geothermal resource assessment for a well-known major client in Saudi Arabia (name withheld) who have ambitious plans to develop 100 percent renewable energy," he disclosed.

In Oman, the firm is supporting SLB for geothermal resource exploration. Eden is also conducting a one-month pilot with an Omani company, 44.01, where its technology is being utilised for carbon sequestration.

The company's first paid commercial pilot for Electrical Reservoir Stimulation was awarded by Petroleum Development Oman (PDO) in September 2022. The pilot, which involves testing six wells over 12 months, has already commenced.

3. Funding Activity

GEM raises investment commitment in Everdome metaverse to $60 million

?Everdome, the most hyper-realistic metaverse, has announced that GEM Digital Limited (“GEM”), a Bahamas-based digital asset investment firm that sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs globally, has agreed to increase its investment commitment from $10 million to $60 million.

In August 2022, GEM committed $10M to Everdome, of which the majority has already been drawn down by Everdome and utilised GEM’s investment proceeds towards the development of the metaverse project. Under the agreement, Everdome will control the timing and the number of drawdowns under this facility and has no minimum drawdown obligation, while enjoying the ability to sell up to 200 per cent of its average daily volume in tokens across multiple exchanges to GEM Digital. This strategic investment partnership with GEM Digital primes Everdome for a dynamic new era of growth and development, injecting pace and power across the multiple areas planned.

?Saudi SMEs: 166% business boost amid $4.8bn funding drive

?UAE-audi Arabia’s support of small and medium enterprises (SMEs) is transforming the Kingdom’s economy and having a major impact for entrepreneurs.

There are now more than 1.14m SMEs in the country and it is becoming recognised as a major hub for businesses. Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) has developed 23 initiatives related to seven of the Saudi Vision 2030 strategic objectives through five of its programmes: National Transformation, Financial Sector Development, Fiscal Stability, Human Capability Development, National Industrial Development and, Logistics Programmes. Some of the most prominent achievements attained by Monsha’at in relation to the National Transformation Programme include increasing the numbers of small and medium enterprises in Saudi Arabia from 429,026 in 2016 to 1,141,733 in 2022, a 166% growth rate since the launch of Vision 2030 in 2016.

The Middle East’s booming venture capital market

The venture capital market may have plummeted last year, but the Middle East and Africa (MENA) has witnessed a flurry of activity as deals dry up in other parts of the world. After a record-shattering 2021, the world entered a parallel universe of investor caution last year amid a slowing global economy, geopolitical tensions and steep valuation resets that fuelled mass layoffs across the tech industry. MAGNiTT, a Dubai-based research firm, said that though there was a decline in funding and deals in the last quarter of 2022, the latest data shows sustained levels of funding and a steady number of transactions in the Middle East, Africa, Pakistan and Turkiye (MEAPT) region.

The Middle East is emerging as a bright spot for venture capital investments, as the regional outlook looks promising driven by robust oil prices, fiscal surpluses from hydrocarbon receipts and ongoing economic diversification programmes as the regional outlook looks promising driven by robust oil prices, fiscal surpluses from hydrocarbon receipts and ongoing economic diversification programmes.

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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.

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