Omar Jacques Omran

💡 In my recent interview on Asharq BusinessWeek on Bloomberg Alsharq hosted by Nadia Bsat, we discussed several important topics regarding AI infrastructure in the region and its economic impact. Here are the key points I shared: 1️⃣ Infrastructure required for AI development: Saudi Arabia and the UAE are investing in advanced data centers, data management policies, and high-speed networks. For example, SDAIA is setting policies to ensure AI development aligns with ethical and Islamic values. SDAIA | سدايا 2️⃣ Guarantees required to ease U.S. restrictions on chip exports: Both countries need to provide guarantees around the safe use of chips and cooperate with U.S. companies to ensure that advanced technology doesn't fall into unwanted hands. 3️⃣ Impact on relations with China: Despite the UAE being a BRICS member, it has maintained a balanced relationship with both China and the U.S., fostering bilateral relations without compromising economic interests. 4️⃣ AI's contribution to economic transformation: Saudi Arabia aims for AI to contribute 12.5% to its GDP by 2030, while the UAE targets 14% by 2031. Both countries are heavily investing in digital infrastructure to boost efficiency and productivity. 5️⃣ Opportunities for tech companies in Gulf markets: The UAE and Saudi Arabia represent new and crucial markets for companies like Nvidia to offset losses caused by U.S. restrictions on China. The Gulf market is expected to compensate for part of the lost market share. 🌍 The digital transformation in our region is steadily moving towards enhancing innovation and economic diversification. I look forward to hearing your thoughts on these developments and having a shared conversation about the future of AI in our region! 🤖🚀 Asharq Business اقتصاد الشرق

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📍Here's the MENA startup, VC, and tech news you missed out on this week... 👇 💸 FlapKap (🇦🇪 UAE), a fintech platform offering revenue-based financing solutions, has raised $34 million in a combination of debt and equity funding, bringing its total to $37.6 million. The round was led by BECO Capital, with participation from Pact VC, A15, Nclude, QED Investors and debt financing from Channel Capital. 🚀 Founded in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani 🔥 💸 Paymob (🇪🇬 Egypt), a fintech platform, has raised $22 million in a Series B extension, bringing its total Series B raise to $72 million. The round was led by EBRD Venture Capital and Endeavor Catalyst, with participation from PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures. 🚀 Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa El Menessy. Bruno Lusic, CFA Allen Taylor Hazem Safwat Taher 🧠 G42 (🇦🇪 UAE) has launched NANDA, a 13-billion parameter Hindi Large Language Model (LLM) at the UAE-India Business Forum. 🚀 Developed in collaboration with Cerebras Systems, MBZUAI (Mohamed bin Zayed University of Artificial Intelligence), Inception and Core42, NANDA was trained on 2.13 trillion tokens, is optimized for Hindi, Hinglish, and English and supports over 500 million Hindi speakers. 🤝 Entlaq Holding (🇪🇬 Egypt) has acquired a stake in Brotinni (🇪🇬 Egypt), a foodtech platform, for an undisclosed amount. Brotinni operates as a dark store, offering online meat and poultry services. 🚀 Entlaq – Supporting entrepreneurs in Egypt, founded in 2022 by Mohamed Ehab Hafez, Omar Rezk, Menna Zaghloul and Aya Ismail 🚀 Brotinni – Founded by Dalia abou Omar in 2020 💰 Raised $600,000 in a Seed round in 2022, led by innlife investment & technology company 🎧 In this week's VC React Podcast, Jamie and Ahmad dive into fintech highlights from Riyadh's 24 Fintech event, featuring Tabby's acquisition of Tweeq, Tamara's new finance license, Tarabut's Vyne acquisition, and funding rounds by Ziina زينة ($22M) and Malaa Technologies ($17.3M). This week, they were joined by: 🚀 Hasan Haider – Founder and Managing Partner, Plus VC (+VC) 🚀 Karim Samakie – Advisor, Fintech Saudi 🚀 Kevin Holliday – Managing Director, C3 - Companies Creating Change Get the full 5-minute briefing 👉 https://lnkd.in/g9CteaUT 🐢 And while you're here, do yourself a favor and sign up so that the next edition goes straight to your inbox: https://lnkd.in/dszhXGGP #menatech #startupnews #venturecapital #fintech #AI #techtrends

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MAGNiTT's FY2024 Emerging Venture Markets Report reveals a transformative shift in MENA's venture landscape: while deal volume rose 10%, total funding dropped 29% in 2024. What's particularly telling isn't just the numbers — it's the structural shift they represent. ⚙️ As MEGA deals plunged 56%, early-stage investments ($1M-$5M) gained significant ground (+5PP YoY). Even regional powerhouses weren't immune: Saudi Arabia saw a 44% decline while UAE funding settled at $613M (-8%). But perhaps this 'downturn' signals something more nuanced: a maturing ecosystem where capital deployment is becoming more deliberate. This pivot to early-stage funding could lay the groundwork for a more resilient MENA startup landscape — one built on sustainable unit economics rather than growth at all costs. Is this the end of the unicorn chase in MENA, or just a temporary reset? Are we witnessing the birth of a more sustainable startup ecosystem? 🤔 I’d love to hear your thoughts! Here’s the full report if you want to learn more: https://lnkd.in/duT6dZgp #VentureCapital #MENA #StartupEcosystem

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The sixth episode of Rally Cap VC's podcast is out 🗣️🎙️🔊 Amir Farha is a prominent figure in MENA VC, managing the largest solo-GP fund in the region [$54m]. He previously co-founded the first and largest early-stage VC firm in the Middle East [BECO Capital, $500m AUM]. Timestamps: (1:49) Building a second VC firm (3:02) What does 'strong founder' even mean? (4:29) Investing in underdogs (6:15) Aren't we all improvising? (7:05) The evolution of Amir 1.0, Amir 2.0, Amir 3.0 (11:18) Aren't VCs just monetizing access? (13:26) Raising $50m as a solo-GP (15:16) KSA/UAE/Egypt, too many startups, beyond the VC model (17:57) Unconventional founder moves in nascent markets (20:34) Unhealthy obsession: psychological cost of succeeding in VC?

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🚀 Welcome to Start Up Spotlight Dubai! 🚀 Are you a #startup #founder ready to take your venture to the next level? Or perhaps you’re an #investor, #VC, family office, or angel group looking for your next big opportunity? This is the event you’ve been waiting for! 📅 When: 18th Jan 2025 📍 Where: in5 Dubai Tech, Dubai StartUp Spotlight Dubai is all about showcasing the most innovative and promising startups from the region. Join us for a day of high-energy pitches, inspiring stories, and unmatched networking opportunities that bring together the brightest entrepreneurial minds and investors under one roof. 💡 What to Expect: • Game-changing pitches from top startups • Meaningful connections between founders and investors • Insights into the booming Dubai startup ecosystem 🌐 Want to stay in the loop? Join our WhatsApp Group for real-time updates on the Investors and Founders Meet: Join Here 🖊️ Register here: https://lnkd.in/dSc__XHc 📞 Got questions? Contact us at: +971 543918220 Walied Albasheer, a distinguished leader in the realms of technology, entrepreneurship, and investment, will also be part of this transformative initiative. Renowned for his expertise in scaling businesses and fostering innovation, Walied’s career is marked by his active involvement in venture capital, strategic investments, and his unwavering dedication to mentoring startups. With an influential presence across global markets, Walied plays a key role in developing sustainable business ecosystems, empowering emerging entrepreneurs, and aligning business success with impactful social change. His forward-thinking approach continues to inspire innovation and growth, making him a cornerstone in the global startup community. Don’t miss this incredible opportunity to learn, connect, and grow. Let’s build the future of innovation together! 💼✨ #StartupSpotlightDubai #VC #AngelInvestors #Fundraising #Startups #Innovation #DubaiEcosystem #NetworkingOpportunities

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Saudi Arabia’s “Project Transcendence,” a $100 billion AI investment, aims to establish the Kingdom as a leading tech hub. Beyond infrastructure, it’s about building a full AI ecosystem—data centers, startup support, and talent recruitment. While facing regulatory and talent hurdles, Saudi Arabia’s vast resources enable it to tackle these challenges. This shift from an oil-based economy to a tech-driven future could create jobs, enhance public services, and elevate the Kingdom’s influence on the world stage. SovAI Systems "SovAI" Canvass AI

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“Dubai 🇦🇪 is run like a tech startup”, tweeted by @balajis (a serial entrepreneur) during his meeting with world’s first AI minister His Excellency Omar Al Olama and Bryan Johnson. If you run a company, learn from these principles as they drive mindset towards- Growth, Prosperity, Technological Advancement and obviously Success. 🔴 The union is the foundation :: Collaboration, togetherness, and unity in diversification. 🔴 No one is above the law :: Discrimination does exist in the dictionary. Injustice anywhere is a threat to justice everywhere. Justice delayed is justice denied. 🔴 We are a business capital :: Politically neutral; business-friendly global hub that focuses on creating economic opportunities. 🔴 Three factors drive growth :: (a) credible, resilient, and excellent government (b) active, fair, and open private sector (c) generate profitability, resources, and future-proof avenues. 🔴 Our society has a unique personality :: Respectfulness, openness & tolerance. Away from discrimination and bias. 🔴 We believe in economic diversification :: Create productive new economic sector every three years, create jobs, contribute to GDP and prevailing productivity everywhere. 🔴 A land for talent :: Attract skilled and talented people; nurture the brightest minds to generate innovative ideas. Continually review and renew policies & procedures to ensure appeal to talented individuals. 🔴 We care about future generations :: Invest and create valuable assets for future generation. Focus today on ensuring the prosperity of our future generations. Comprehend these principles here - https://lnkd.in/dNPztxiz #Dubai #UAE #Startup #Entrepreneurship #ArtificialIntelligence #AI #Technology

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In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about Delivery Hero IPO-ing 15% of talabat for $1B in the #UAE, IMAX releasing its 1st local production in #SaudiArabia, #Egypt launching a $530M sustainable aviation fuel company, #Pakistan’s PM meeting VEON to discuss #5G, #AI, #digitalexports, #Malaysia’s Tranglo entering 3 Gulf markets, #MENA funds posting robust performance, #SoutheastAsia leading #Chinese #app installs globally, Yandex investing in #Indonesia’s #AI ecosystem, and #India’s gaming market hitting $9B+ by 2029. 🇦🇪 #UAE Mubadala eyes Haier Smart Home stake 🇸🇦 #KSA Apartment rental yields the highest in the GCC - Sakan 🇪🇬 #EGYPT Vodacom pays $150M for 5G renewal, $17M for existing license 🇵🇰 #PAKISTAN trial #VPN block faces pushback 🌍 #GCC #WallStreet giants look to #AbuDhabi, #Riyadh for funds, deals 🌍 #GCC rail link to go live by 2030 🇹🇷 #TURKEY to launch long-term climate strategy at #COP29 🇹🇷 #TURKEY Borsa Istanbul investors ▼ to ~7M due to high rates 🇸🇬 #SINGAPORE Tencent partners with Visa on palm-based authentication 🇻🇳 #VIETNAM Temu, SHEIN told to register or be blocked 🇮🇳 #INDIA Competition Commission finds Zomato, Swiggy violated #antitrust laws

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📊 A month of revitalization in MENA MENA startups raised $282M across 63 deals in September — 234% increase from August and a 607% surge compared to September 2023. Venture capitalists continue to favor early-stage investments, with Seed-stage startups securing $102M across 32 deals. Debt financing accounted for only 12% of the total volume. The largest deal was closed by Saudi Arabian startup SHIFT, raising $82.8M to expand its car-sharing platform. In second place was Syarah, an online marketplace for buying and selling cars, which raised $60M in a Series C round (including $20M in debt financing). The top three countries remained unchanged: 🇸🇦 Saudi Arabia: 23 startups raised $170.8M.  🇦🇪 UAE: 12 startups raised $73.8M.  🇪🇬 Egypt: 13 startups raised $25M. Despite geopolitical challenges, the MENA ecosystem continues to grow. In Q3 2024, startups raised $727M, a 192% increase year-over-year. The outlook for Q4 remains positive.

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Summary: Despite Saudi Arabia's history of human rights abuses, there is a growing interest from U.S.-based investors to invest in startups in the Middle Eastern nation. General Catalyst is planning to invest in a fintech startup, Lean Technology, and other firms such as Coatue Management and Andreessen Horowitz have recently backed Saudi Arabian startups. Key takeaways: Despite concerns about the country's human rights record, some U.S. investors are showing a willingness to invest in Saudi Arabian startups, potentially driven by the country's large and growing market. General Catalyst investment in Lean Technology is a significant step in this trend, as it is the firm's first investment in a Middle Eastern nation. Other U.S. firms, such as Coatue Management and a16z, have also recently backed Saudi Arabian startups or expanded their presence in the country through investments in related industries (such as co-living). Counter arguments: There may be ethical concerns about investing in a country with a record of human rights abuses and suppressing dissent. The motivations behind these investments may also be driven by the goal of gaining access to the huge Saudi Arabian market, rather than solely supporting the growth of the country's startups. #venturecapital #vc #venture #startups

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Saudi Arabia ranks first in total VC funding across MENA 🥇🇸🇦 A Venture Capital Report published by MAGNiTT and sponsored by STV tells all! Here're the top findings: • The report covers the first half of 2024 🗓️ • Saudi Arabia had a total VC funding of $412M, while the UAE had $225M, and Egypt had $86M 💰 • 63 deals have been closed in Saudi Arabia during the first half of the year 🤝 • Saudi investments make up 54% of all VC investments in the region, compared to 38% during the first half of 2023 💪 • E-commerce got the biggest share of investments by 52%, with a total funding of $214.9M 🛍️ • Out of all deals, Fintech startups acquired the largest number of deals by 14% 💳 • The number of investors backing Saudi startups have been increasing by 16% annually 📈 • Salla E-Commerce Platform and Rewaa were the top fundraisers in Saudi Arabia 🛒 • Non-Mega deals valued at ~$26.7M or less have increased by 83% compared to last year 📊

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My new article.

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"For Mubadala’s next act, Ajami is seeking to milk his tech connections to put more money directly into startups. At the same time, Mubadala is increasingly using its clout to encourage Western companies and investors to deepen their ties to the UAE’s tech ecosystem, part of the country’s broader push to diversify its economy away from oil. For Ajami, 49, the goal is for Mubadala—a term that means “exchange” in Arabic—to one day be mentioned in the same breath as Sand Hill Road’s most vaunted investment firms. “The way founders speak about Sequoia—why not, 20 years from now, won’t they speak that way about Mubadala?” asked Ajami. Ajami has a ways to go before he gets Mubadala there. Mubadala has stumbled badly in Europe as it has tried to employ a strategy similar to the one it used to break into the U.S. The companies it has backed in Europe have performed so poorly that Mubadala has put Jonno Elliott—who joined the firm in 2022 after leading VC investments at Virgin Management Ltd.—in charge of salvaging its portfolio of companies from the region, according to a person who spoke to Elliott. Among some European investors and founders, it has developed a reputation for aggressive tactics that could impact its ability to invest in top European companies in the future. And while plenty of tech investors speak highly of Mubadala, many of them are eager to curry favor with the deep-pocketed firm so it continues to invest in their funds, especially in the current dismal fundraising environment for VC firms. Privately, after singing the praises of Mubadala as a limited partner, many venture capitalists have also said its direct investments in startups don’t carry the weight of other investors’ bets. Sovereign wealth funds just don’t have the track record of picking winners that VC firms do, those critics say. Still, Mubadala has had some notable successes. Ajami and his lieutenants have helped it buy shares in buzzy companies like SpaceX, Waymo, Klarna, Brex, Chime, pharmaceuticals company Recursion and AI infrastructure company Crusoe Energy Systems, among others. Mubadala Capital, the VC and private equity arm of the sovereign wealth fund, oversees a $24 billion pool of capital with 180 employees spread across several offices, including in London, New York and San Francisco, which hosts a tech team they first established in 2017. Mubadala is also continuing to plow money into other VC funds. Its portfolio includes Altimeter Capital Management, Greenoaks Capital, Iconiq Capital, Dragoneer Investment Group, 8VC, Marcelo Claure’s Bicycle Capital, DCVC, Haun Ventures, Arch Venture Partners, Clocktower Group, Radical Ventures and a handful of emerging managers, like a new $30 million seed fund called Nebular, according to several people familiar with these funds." https://lnkd.in/gnyGdbg3

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In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about the #UAE’s Mubadala ranking as the top #SWF spender with $29B+ deployed, Meituan’s Keeta launching #fooddelivery in #SaudiArabia's #Jeddah, #Egypt taxing imported #mobilephones, #Pakistan targeting $10B in investments annually in its new National Economic Plan, #Bahrain’s Export Bahrain facilitating $1B in exports, #Oman naming a new central bank chairman and governor, #Indonesia backtracking on its #VAT hike, #SoutheastAsia’s #cloud and #AI drive facing challenges despite #BigTech funding, and #India pushing back #UPI market share caps to 2026. 🇦🇪 #UAE 15% #MNC tax, #Emiratization targets take effect 🇸🇦 #KSA Public Investment Fund (PIF) AUM ▲ 37% to $42B+ 🇪🇬 #EGYPT population ▲ 1%+ to 107M 🇵🇰 #PAKISTAN Annual #inflation ▼ to 4.1% in December, a 6.5-year low 🇰🇼 #KUWAIT expects economic boost from new 15% #tax 🌍 #GCC #Qatar – KSA trade ▲ 335% since 2021 🇲🇾 #MALAYSIA Google, X fail to register for #socialmedia license 🇮🇩 #INDONESIA developing #genAI with a focus on local culture, languages 🇮🇳 #INDIA #Dataprotection act to move ahead with MeitY consultation

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Saudi Arabia’s JeelPay | جيل باي, a fintech company specializing in Buy Now, Pay Later (BNPL) solutions for education financing, has raised SAR 25 million ($6.6 million) in a Pre-Series A funding round. The investment was led by Joa Capital, AlJazira Capital, and other angel investors. JeelPay’s “study now, pay later” model empowers parents by offering upfront tuition financing for their children. This innovative approach aligns with the growing demand for flexible financial solutions in the education sector, a key focus area for Saudi Arabia’s Vision 2030. The funds will support JeelPay's expansion plans, including the development of new financing solutions and partnerships with educational institutions. This milestone underscores the increasing investor interest in GCC start-ups, particularly in fintech and edtech. The news follows the recent success of Middle East food-tech start-up Calo, which raised SAR 94 million in a Series B funding round and plans to go public in Saudi Arabia by 2027. (Image by Jeel Pay) #SaudiArabia #Fintech #BNPL #GCCStartups #Innovation #Investment

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UAE-based startups led the region in funding last month, securing $82.5 million across 15 deals. Egyptian startups followed with $15 million raised by four companies, marking the second-highest total. Saudi Arabia dropped to third, with seven startups raising $13.5 million. Notable activity was also observed in Iraq, with six startups raising an estimated $1.2 million, though this amount could be higher as Orisdi, BonLili, and Alsaree3 did not disclose their investment values. Sector wise, fintech reclaimed its position as the most funded sector in June, securing $38 million over 10 deals, closely followed by contech, thanks to Tenderd’s deal. Meanwhile, three proptech startups raised $19.6 million in June, reversing the lead it achieved in May. The majority of June’s investment went to the pre-Series A stage, as four startups received $45 million, followed by the Seed stage, where five startups raised $27.3 million. However, when considering investment volume, early stage startups are still capturing the attention of investors, where eight startups at their pre-seed stage garnered $3 million, and eight others received $140,000 in grants. Wamda Capital Wamda ومضة Nesma Abdel Azim

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