أعلن كل من صندوق الصناديق "الواحة"- الذي يديره بنك البحرين للتنمية، ومجموعة الاستثمار الدولية Hambro Perks عن تأسيس استوديو"HP Spring Studios" لمشروعات الشركات الناشئة المتخصصة في التكنولوجيا المالية في المنامة، ليكون بذلك أول استديو من نوعه في منطقة الشرق الأوسط وشمال إفريقيا.

دعم شركات التكنولوجيا المالية الناشئة

يمثل إطلاق استوديو"HP Spring Studios" دفعة قوية لشركات التكنولوجيا المالية لا في البحرين فحسب، بل في عموم منطقة الشرق الأوسط وشمال إفريقيا، كما سيكون عاملاً مساعداً على تأسيس المزيد من شركات التكنولوجيا المالية في المنطقة والتي شهدت في السنتين الأخيرتين نمواً غير مسبوقاً على كافة الاصعدة. حيث توفر استديوهات الشركات الناشئة بيئة مختبرية للشركات الناشئة تمكنها من تجريب واختبار منتجها، كما تدعهما من الناحية التكنولوجيا، وفي العمليات الفنية، ووضع الخطط وتطوير المنتج.

ولجهة استوديو"HP Spring Studios" فإن القائمين على هذا المشروع يسعون إلى لعب دور أكبر، إذ يهدف "HP Spring Studios" لأن يكون عضواً نشطاً في النظام البيئي المحلي للتكنولوجيا المالية، والاستثمار، وتطوير المواهب، والمشاركة في الفعالية، إلى جانب الترويج للبيئة الاستثمارية والتقنية التي توفرها البحرين كوجهة استثمارية. كما ستستفيد الشركات الناشئة في المملكة من بيئة تنظيمية صديقة للتكنولوجيا المالية وعلاقات وثيقة مع مصرف البحرين المركزي ومجلس التنمية الاقتصادية لتمكين الانطلاق السريع إلى السوق.

بالإضافة إلى كذلك سيعمل "HP Spring Studios" على خلق وظائف جديدة تتطلب مهارات عالية، سواء في فريق عمل الاستوديو أو في الشركات الناشئة التي سيساعد على إطلاقها.

حلول تكنولوجية جديدة ومستثمرين دوليين

في تعقيبها على إطلاق "HP Spring Studios" قالت أريج الشكر (مدير صندوق الصناديق "الواحة"): "نتشرف بالمشاركة في هذه المبادرة التي ستثبت أهميتها كمورد قيّمٍ لرواد الأعمال المحليين والمجتمعات التي ستستفيد من حلول التكنولوجيا المالية الجديدة في البحرين. حيث تأسس صندوق "الواحة" لمساندة الشركات الناشئة في التغلب على التحديات المتعلقة بالوصول إلى التمويل. وستعزز "HP Spring Studios" إلى حد كبير منظومة التكنولوجيا المالية في المنطقة، ليس عبر تمكين الشركات الناشئة فقط، إنما أيضًا عبر تحسين الطريقة التي يدخر بها الأشخاص أموالهم ويرسلونها ويقرضونها ويديرونها ويستثمرونها".

فيما علق دومينيك بيركس (الرئيس التنفيذي لشركة Hambro Perks): "بمجرد أن تصبح الشركات الناشئة المحفظة جاهزة للتوسع، لن يخلق الاستوديو وHambro Perks المزيد من الوظائف فحسب، بس سيجلب مستثمرين مشاركين عالميين موثوقين الشركات التي تتخذ من البحرين مقراً لها، ويسهل أيضاً تدفقات رأس المال الوافدة. وجذب المزيد من المواهب والمستثمرين ".

تطور سوق التكنولوجيا المالية في المنطقة

شهدت أسواق الشرق الأوسط وشمال إفريقيا نمواً سريعاً وتطوراً في بيئة التكنولوجيا المالية، إذ احتلت الشركات الناشئة الناشطة في مجال التكنولوجيا المالية مراكز متقدمة في قائمة الشركات الأكثر تمويلاً في المنطقة على مدار السنتين الماضيتين، إذ بلغت نسبة ما حصلت عليه شركات التكنولوجيا المالية الناشئة من إجمالي التمويل الشركات الناشئة في المنطقة على نحو 21% في عام 2021. فيما وصلت حصتها من إجمالي تمويل الشركات الناشئة في النصف الأول من العام الجاري إلى نحو 38.4%. كما احتلت البحرين مركزاً متقدماً في استثمارات رأس المال الجريء إذ جاءت في المركز الرابع في النصف الأول من عام 2022 بإجمالي تمويل تجاوز 111 مليون دولار.

نبذة عن صندوق الصناديق "الواحة"

تأسس صندوق الواحة للمساعدة في بناء منظومة ديناميكية لشركات رأس المال الجريء في منطقة الشرق الأوسط وشمال أفريقيا، ومن خلال خبراته الواسعة في قطاعي البنوك وريادة الأعمال، يلتزم فريق الواحة بتنمية فرص الاستثمار في منطقة الشرق الأوسط وشمال أفريقيا وتسريع نمو قطاع رأس المال الجريء ومنظومة عمل قطاع التكنولوجيا بشكل العام.

نبذة عن Hambro Perks

شركة Hambro Perks، التي يقع مقرها الرئيسي في لندن ولها مكاتب في الرياض ودبي وأبو ظبي، قامت ببناء واستثمار وتسريع أكثر من 145 شركة ناشئة تنشط في مجال التكنولوجيا على مستوى العالم. تركز بشكل خاص على التكنولوجيا المالية، بعد أن استثمرت في شركات مثل ثروة، تايد، وبايميلز.

نجحت الشركات الناشئة في الشرق الأوسط وشمال إفريقيا في جمع تمويل في شهر أغسطس/آب قدر بنحو 378 مليون دولار بنسبة نمو شهرية بلغت أكثر من 260%. توزيع حجم التمويل على 33 صفقة بانخفاض نسبي عن شهر يوليو/تموز بمعدل 25%.

توزيع التمويل حسب الدول

حصلت الشركات الناشئة الإماراتية على حصد الأسد من إجمالي التمويل، إذ بلغ حجم التمويل الذي حصدته ما يقرب من 232 مليون دولار، أي بنسبة أكثر من 60% من إجمالي التمويل لشهر أغسطس/آب. جاءت الشركات السعودية في المرتبة الثانية بنحو 102 مليون دولار، تليها الشركات المصرية بحوالي 38 مليون دولار. تشير الأرقام السابقة بأنه لا يوجد تغير يذكر على خارطة توزيع تمويل الشركات الناشئة جغرافية، إذ صلت الحصة الأكبر من التمويل من نصيب الشركات الناشئة في كل من الإمارات والسعودية ومصر، التي حصلت مجتمعه على ما نسبته 98% من إجمالي التمويل.

على صعيد التوزيع العددي للصفقات جاءت الشركات الناشئة المصرية بواقع 12 صفقة وهو الرقم ذاته الذي حصلت عليه الشركات الناشئة الإماراتية. أما الشركات الناشئة السعودية فقد اقتصر عدد الصفقات التي حصلت عليه على 6 صفقات، فيما توزعت الصفقات الثلاثة المتبقية على كل من البحرين والكويت وقطر.

توزيع تمويل الشركات الناشئة حسب القطاعات

استمر قطاع التكنولوجيا المالية بالسيطرة على الحصة الأكبر من حجم التمويل إذ بلغ مجموع ما حصلت عليه الشركات الناشئة الناشطة في هذا القطاع نحو 256 مليون دولار، اي ما يقرب من 68% من إجمالي تمويل الشركات الناشئة في شهر أغسطس/آب. علماً أن حجم التمويل الذي حصل عليه هذا القطاع قد تأثر بصورة مباشرة بصفقتي Tabby وTamara حيث حصلت الشركتين على 150 مليون دولار و100 مليون دولار على التوالي. بل يمكن القول إن حصيلة تمويل الشركات الناشئة في شهر أغسطس/آب تأثرت بصورة كلية بهاتين الصفقتين.

جاءت الشركات التجارة الإلكترونية في المرتبة الثانية حيث حصلت على نحو 32 مليون دولار من خمسة صفقات، فيما حل قطاع الإعلام في المرتبة الثالثة بمجمع تمويل بلغ 30 مليون دولار هو حصيلة ما جمعته شركة ArabyAds لتكنولوجيا الإعلانات.

وبعيداً عن القطاعات التي بات حصول الشركات التي تنشط بها أمراً اعتيادياً، فإن شهر أغسطس/آب حمل صفقة فريدة من نوعها، هي صفقة تمويل شركة إيفيردوم "Everdome" الإماراتية التي تنشط في مجال الميتافيرس.

توزيع التمويل وفقاً لمراحل نمو الشركات الناشئة

تركت صفقات التمويل بحسب توزيعها على مراحل نمو الشركات الناشئة، على المراحل المبكرة، حيث ذهبت نحو 15 صفقة إلى شركات ناشئة في مرحلتي ما قبل البذرة، والبذرة. لكن مبالغ التمويل في هاتين المرحلتين كان صغيراً نسبياً، إذ لم يتجاوز 14.5 مليون دولار. أما من ناحية التركز النسبي لحجم التمويل وفقاً لمراحل الشركات الناشئة، فقد جاء من عملية الاقتراض (تمويل بالدين)، وتحديداً من صفقة شركة Tabby التي حصلت بموجبها على نحو 150 مليون دولار كما أشرنا سابقاً.

توزيع التمويل حسب النوع الاجتماعي

لا جديد في توزيع التمويل حسب النوع الاجتماعي فقد استمرت الشركات الناشئة التي يديرها ذكور تستحوذ على معظم تمويل الشركات الناشئة، حيث بلغت نسبة ما جمعته من إجمالي التمويل نحو 99%، بينما ذهبت نسبة 1% فقط إلى الشركات الناشئة التي أسستها أو شاركت في تأسيسها سيدات.

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UAE-based metaverse startup Everdome, has succeeded raising $10 M from digital asset investment firm GEM Digital Limited based in Bahama.

Everdom achievements motivates the transaction

The announcement comes during a period of heightened activity for Everdome, since June 2022, a total of 11,700 plots (97%) located throughout the Everdome metaverse were sold throughout an eight-week auction experience. In total, plots were purchased for upwards of US$18.6 M, equivalent to 1,531 million DOME, Everdome's own digital currency. The average price of a plot of land in Everdome was $1590

Everdom will control the funding

Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation. At its discretion, Everdome has the ability to sell up to 200% of their average daily volume, in Tokens across multiple exchanges to GEM Digital.

Sustainability of Everdome's future business

Gryn, CEO and Founder of Everdome commented about expected funding gains "the commitment from GEM will be used to strengthen Everdome's offering and ensure future sustainability in the business.

We're thrilled to partner with and achieve this investment commitment milestone with GEM, which confirms that we're on the right track as we seek to push new boundaries in the metaverse.

This is the perfect time for us to put our foot on the gas and really grow our product, which GEM's investment commitment will help us to do.

Everdome is in a very exciting place, and together with GEM we’ve taken the next step in order to build our metaverse ecosystem to the next level."

GEM's investment will be focused on team growth and metaverse technological expansion, and will see the game's virtual reality (VR) capabilities set on a fast track. Funds will also go towards boosting marketing efforts, partnership enablement, and investments that will aid Everdome's sustainable growth.

Dubai-based startup Stake is offering retail investors from across the globe the opportunity to buy fractions of rental property in UAE’s marquee city and earn regular income. The startup, founded in 2020, claims that because of Dubai’s real estate rules it has managed to attract investing users on the platform from more than 80 countries in the world.

The company, founded by Manar Mahmassani, Rami Tabbara and Ricardo Brizido in 2020, has raised $8 million in a pre-Series A round from investors like BY Ventures, MEVP and Vivium Holdings to expand its portfolio and launch in Saudi Arabia and Egypt. The company first raised a $4 million seed round last year.

“This round is a testament to what we are building at Stake and our mission to bring access and liquidity to the oldest, largest, and most sought-after asset class in the world. The proceeds will allow us to expand into Saudi Arabia and Egypt, continue attracting the best talent to the team, and cement Stake’s position as the category leader in the MENA region,” Mahmassani said in a written statement.

Tabbara told TechCrunch over a call that after being in the real estate business for more than 15 years, he realized a lot of people want to invest in the MENA region but can’t afford to put in large chunks of money without paying huge commissions to brokers and developers. So he wanted to accelerate the process of investing in real estate with Stake.

The firm says it lists premium properties on its platform that are already on rent. To acquire a property, Stake looks at factors like location, build quality, view and if it has tenants. Tabbara said if the property is not rented, the company uses its data to list properties that could be rented out quickly. Stake has paid over AED 1 million ($272,249) in rental income to investors, which is credited every month.

Stake currently manages more than 44 properties with a combined value of AED 56 million ($17.9 million). The company claims that it has achieved an average 17% monthly growth rate in both investors and assets under management (AUM).

“Our platform currently boasts 42,000 registered users and more than 2,100 active investors on the platform. While we have users from many countries on the site, folks from UAE, Saudi Arabia, Kuwait, the U.K. and India are our top five investor bases,” Tabbara said.

Users can quickly register with the platform and invest from as low as AED 500 ($136). Because of Dubai’s investment rules individual investors can only invest up to AED 183,500 ($50,000) per year. The proptech company also limits maximum ownership by a single investor in a property to 33% to evenly spread out gains.

The firm doesn’t rely on financing to acquire homes. All the money to purchase a property comes from the investors. While Dubai’s property rule allows for partial deeds, there’s a cap of four investors, so Stake creates a special purpose vehicle for each property to facilitate deed registration. All properties usually have an investment term of five periods, but a house’s value goes up 30% in the market, and the investors can vote to sell it.

Stake’s business model relies on various fees. When investors purchase a property, the company charges them 1.5% with an additional 0.5% charged annually for maintenance. Plus, there are 0.2% Know Your Customer (KYC) and Anti-money laundering fees up front and 0.1% annually from the second year of the term. The company also charges investors 2.5% as an exit fee when they sell their stake. What’s more, if the property is sold at a higher rate than its acquisition, Stake takes a 15% cut from the profit. The company is not profitable yet but has achieved 470% year-on-year growth in terms of revenue.

In the next 12 months, apart from launching its platform in Egypt and Saudi Arabia, the company also wants to build a second-day trading platform, where investors can sell their stake in a property to other investors. Stake is focusing on launching a way to let people invest in vacation properties that go on platforms like Airbnb — something that platforms like Komoco and Here are trying in the U.S.

In the local market, Stake’s closest competitor is SmartCrowd, which raised a $3 million bridge round in June. Tabbara claims that his company has already surpassed SmartCrowd when it comes to AUM.

“We are banking on our team, technology and experience in dealing with different properties to become the most prominent real estate investment platform in the Middlel East and North Africa (MENA) region,” he said.

Source: Techcrunch

Jordan-based fintech liwwa has closed an $18.5 million pre-Series B round of equity and debt. The $4.5 million in equity investment was led by existing investors, DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, and Bank al Etihad, in addition to German Development Finance Institution DEG approving an investment of $790,000.

The round also included debt contributions from a network of local banks and international development finance institutions; Bank al Etihad increased its debt financing agreement by $5 million, while an additional $8.5 million debt facility was raised from the Capital Bank of Jordan under the NASIRA agreement, Jordan Kuwait Bank and Triodos Bank extended a $1.1 million and a $2.2 million finance facility respectively, PROPARCO approved a €1 facility and Triple Jump approved a $500,000 loan.

Founded in 2015, liwwa employs technology across its operations to provide tailored financial solutions. It also owns and operates the liwwa Investment Platform, a peer-to-peer platform that enables retail investors to finance liwwa loans and earn returns.

liwwa will utilise the funds for its growth and expansion plans.

Press release:

Jordan-based Fintech liwwa closed an $18.5 million pre-Series B round of equity and debt. Founded in 2015, liwwa employs technology across its operations to provide tailored financial solutions. It also owns and operates the liwwa Investment Platform, a peer-to-peer platform that enables retail investors to finance liwwa loans and earn returns.

The round included $4.5 million in equity investment led by existing investors, DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo, and Bank al Etihad, in addition to German Development Finance Institution DEG approving an investment of $0.79 million.

The round also included debt contributions from a network of local banks and international development finance institutions; Bank al Etihad increased its debt financing agreement by $5 million, whereas an additional $8.5 million debt facility was raised from the Capital Bank of Jordan under the NASIRA agreement, Jordan Kuwait Bank and Triodos Bank extended a $1.1 million and a $2.2 million finance facility respectively, PROPARCO approved a €1 facility and Triple Jump approved a $500,000 loan.

liwwa will be utilizing the funds for its growth and expansion plans. liwwa’s CEO, Dennis Ardis, shared his thought on the funding round, “With this funding round, we have yet taken another major step towards accomplishing our goals.

We will continue to grow as the market grows by bringing in innovative Fintech solutions and cash flow-based lending."

Source: Wamda

Saudi Arabia-based digital freight network TruKKer, has raised $100 million in a pre-IPO round, led by Bahraini investment firm Investcorp who alone invested $51 million.

This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets within three years.

Founded in 2016 by Pradeep Mallavarapu and Gaurav Biswas, TruKKer currently serves over 700 enterprises and boasts a fleet of more than 40,000 trucks.

Last February, TruKKer raised $96 million in a mix of equity and debt for its Series B financing, led by ADQ and STV, with participation from Mubadala and other investors.

Press release:

Investcorp, a leading global alternative investment firm, today announced that Investcorp Saudi Pre-IPO Growth Fund LP led the Pre-IPO round in privately-held TruKKer Holding Limited, MENA’s largest digital freight network with a leading position across Saudi Arabia, the United Arab Emirates, Egypt and neighbouring countries. Investcorp led the initial close of this round with a $51 million investment alongside new and existing investors.

Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp commented: “Saudi Arabia is increasingly rich in highly investable companies, from fast-growth technology businesses like TruKKer to long-established family businesses that have grown consistently and are now looking for capital to implement more ambitious expansion plans. We are seeing a lot of interest in pre-IPO rounds as scale-ups secure greater market share and more Saudi businesses prove themselves successful on a national and regional basis.

TruKKer is just one example of the kind of company that we believe will prove attractive to institutional investors as the Saudi ecosystem matures, and our Pre-IPO fund will focus on exactly these kinds of high-growth businesses.”

“We are excited to add TruKKer to our portfolio and are keen to work with the founders of this regional champion to explore a possible market listing, as a continuation of our strategy and in line with our track record,” said Walid Majdalani, Head of Private Equity MENA and Southeast Asia at Investcorp.

“Thanks to its proprietary technology, TruKKer is ideally positioned to continue its strong growth while reducing carbon emissions across its markets. We look forward to our partnership with TruKKer and contributing our strategic and capital markets resources as well as our local and global insights to accelerate the company’s next phase of growth.”

This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets within 3 years. The fund provides investors with an opportunity to gain exposure to growing and market-leading businesses in strategic, high growth and underserved sub-sectors such as business services, transport and logistics, healthcare and consumer.

The United Arab Emirates and Saudi Arabia are key markets for TruKKer and represent a significant portion of the company’s revenues. The United Arab Emirates market has witnessed strong growth over the years in large part due to the development of UAE – KSA cross-border lanes with over 30,000 annual shipments transported by TruKKer, a key value proposition as the company continues to focus on scaling its network and looking to gain market share.

“TruKKer is at a key inflection point towards scaling its network and market share. Today, the company continues to grow exponentially serving over 700 B2B enterprise clients and is on track to cross $200 million in revenues in 2022. The TruKKer team is proud to be delivering on its vision of making a positive contribution to the community by having close to 10,000 drivers generating more than 70% of their monthly income on the TruKKer platform.

Our technology also enables us to optimize truckloads to reduce empty miles and idle time thereby helping us achieve our sustainability objectives.” commented Gaurav Biswas, Founder & CEO of TruKKer.

“We welcome Investcorp and are excited to partner with them through the next growth chapter of the company. Together with our partners, we look forward to continuing to bolster the company and create significant shareholder returns with a focus on healthy unit economics” adds Gaurav.

In 2008, Investcorp established a dedicated presence in Saudi Arabia, and TruKKer marks Investcorp’s eighth investment in the country, with multiple successful public listings on the Saudi Stock Exchange, including BinDawood Holdings, Theeb Rent A Car, Leejam Sports Company and L’Azurde.

source: Wamda

Egypt-based el-dokan, a company that specialises in enterprise e-commerce solutions, has raised a $550,000 pre-Seed round led by a group of local and regional investors including EFG EV and Flat6Labs, 500 Global and Hala Ventures.

Founded in 2020 by Ahmed Maher, Mohammed Shirt and Sherif Alaa, el-dokan offers e-commerce technology to corporate clients to set up their web storefronts. It primarily caters to long-tail businesses, software houses as well as startups.

The company said it helped its clients achieve $45 million in GMV sales.

Press release

el-dokan, the first-of-its-kind company to offer enterprise e-commerce technology in MENA, has announced that it successfully secured a $550,000 pre-Seed round, led by a cluster of local and regional investors including EFG EV and Flat6Labs, 500 Global and Hala Ventures.

E-commerce is now an integral part of every retailer’s business strategy, and technology builders and platforms are scrambling to provide retailers with the best technology to help them scale up and optimize their operations.

Unlike companies like Shopify and other local shop builders in the region whose focus is to address the needs of smaller retailers, in its latest turn, el-dokan provides e-commerce APIs for large- and medium-sized retailers as well as startups, enabling them to build highly customized and personalized e-commerce stores.

Launched in late 2020 in Egypt, el-dokan primarily targets large retailers and chain stores seeking to expand their e-commerce market share, increase sales and operation automation.

Utilizing "headless e-commerce technology, el-dokan offers the optimal technology infrastructure that allows tech teams to develop highly customizable e-commerce with maximum flexibility to help businesses respond faster to changing business needs and keep up with the rapid changes in e-commerce.

Besides retailers, it also targets software companies and developers that work directly with enterprises looking to build their e-commerce stores in fast and cost-efficient manner, with 300+ available API endpoints.

Commenting on the announcement, Ahmed Maher, co-founder and chief executive officer (CEO) of el-dokan, said that the key reason behind the company's ability to earn the trust of investors and close its pre-Seed round is the fact that el-dokan is among the very select few companies that focus on building advanced software using cutting-edge technologies such as headless, composable e-commerce architecture.

"The majority of retailers have repeatedly shown the willingness to either replace the traditional e-commerce methods with more advanced and flexible technology. The technology pioneered by el-dokan 'changes the equation' by helping retailers drive sales growth while simultaneously bringing down maintenance costs, making it possible for our retailers to quickly and easily develop APIs connections with our partners to ensure the highest levels of operational efficiency. Our technology can easily integrate with any third-party providers like payments, shipping, point of sale (POS) and (ERP) systems," commented Mohamed Yousry, chief technology officer (CTO) and co-founder of el-dokan.

“After seeing the great impact el-dokan has had on enterprise businesses in MENA, and the profound growth we’ve experienced over a short period of time, we’re excited about the fact that our clients managed to achieve $45 million GMV after migrating from other global well-known software solutions that don’t meet the present-day challenges to ours. We are now serving a global roster of clients such as Procter & Gamble (P&G), Misr Pharmacies, Mobily, Zahran stores and Apple Premium seller Switch Plus, along with grocery delivery app Appetito, among others.

And this is a testament to the ability of regionally-based tech startups to develop leading-edge technologies trusted by large, international brands and compete with global counterparts," Yousry explained.

For his part, Walid Hassouna, CEO of valU, Egypt's leading buy now pay later (BNPL) platform expressed his excitement over the company's successful completion of its initial funding round which counts EFG EV among its earliest backers.

"We are looking forward to exciting times ahead with el-dokan and its all-star team who are able to carve out a niche for themselves in the rapidly-evolving e-commerce market," said Hassouna.

Source: Wamda

Venture capital investments in Bahrain increased by 167% last year compared to the previous year.

MANAMA: Bahrain is among the top countries in attracting venture capital worth $52 million last year, an economic report revealed.

Venture capital investments in Bahrain increased by 167 per cent last year compared to the previous year, as startup funding in the Middle East rose by 138pc recording $2.5 billion.

A report issued by Magnitt, a company specialising in publishing data on startups and project investments across emerging markets, said the UAE ranked first in attracting venture capital worth $1.1bn, recording a growth of 93pc, followed by Saudi Arabia with $548m, recording a growth rate of 270pc, then Egypt with a value of $502m, an increase of 176pc.

In recent years, venture capital has played a significant role in improving economic, social and scientific life in many countries. GCC states have adopted venture capital investment as part of their strategy to diversify their economy and move away from dependence on crude oil revenues.

Venture capital investment is a form of financing that provides funds to early-stage startups with high growth potential, in exchange for property rights or equity.

source: Zawya