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Regional startups fuel surge in investments

Abu Dhabi-headquartered digital assets infrastructure provider Fuze raised $14 million in a funding round led by Further Ventures and Liberty City Ventures. (Supplied)
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Updated 23 September 2023
Nour El-Shaeri
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Regional startups fuel surge in investments

  • Deep tech startups capture significant portion of venture capital activity
Updated 23 September 2023
Nour El-Shaeri

CAIRO: Venture capital investments in the region have surged, with deep tech startups capturing a significant portion of the activity.

Web3 applications, blockchain, and ventures focusing on carbon control have secured substantial funding, reinforcing the region’s role as a driver of innovation and change.

UAE-based digital assets infrastructure provider Fuze has announced a successful seed funding round, securing $14 million.

The investment was spearheaded by Abu Dhabi’s Further Ventures and saw participation from US firm Liberty City Ventures.

Founded in 2022 by Mohammed Yusuf, Arpit Mehta, and Srijan Shetty, Fuze offers a platform that enables financial institutions, fintech startups, and traditional enterprises to integrate regulated digital asset products into their native applications.

“We are excited to build the future of regulated financial infrastructure and digital assets out of the UAE,” Yusuf said.

“Regulations have played a pivotal role in propelling the UAE into a central position within the global Digital Assets industry. To receive the backing of Abu Dhabi-headquartered Further Ventures combined with the deep expertise of US-based Liberty City Ventures, confirms the relevancy and potential of Fuze’s mission to rapidly expand our cutting-edge infrastructure across the region,” he added.

With this fresh capital in hand, Fuze is poised to further its expansion goals, enhance its technological offerings, and recruit new talent to its team.

The company claims to be the first-of-its-kind infrastructure provider to offer regulated digital asset products to its customers in the Middle East and North Africa region.

“We are building a suite of products that addresses the growing demand for regulated digital asset capabilities through trusted channels. Our technology-first approach is a game-changer for the region and offers our customers a reliable bridge to the new era of investments and to the future of finance,” Yusuf added.

Dubai’s Cultos Global secures investment for Web3 innovations

Dubai’s Web3 innovator Cultos Global has garnered an undisclosed sum in its recent funding round.

Among the notable contributors were Sameer Mehta of Boat, Tarun Katial of Coto, Ashwath Bhat from Fractal Analytics, and Vijay Ratnaparkhe of Bosch Southeast Asia, the latter of whom will now contribute as part of the company’s advisory panel.

The influx of funds is earmarked to bolster Cultos Global’s product and engineering divisions in both the UAE and India. 

We’re thrilled to welcome his highness Sheikh Ahmed not only as an investor but also as our chairman.

Martin Reynolds, CEO of Zero Carbon Ventures

“Cultos Global is revolutionizing brand-customer engagement with a sophisticated, unified platform that seamlessly combines digital marketing and customer rewards programs. This transforms passive consumers into an active network of nano-influencers,” Adib Samara, the company’s co-founder, said.

The company enables brands to devise and implement their brand token and rewards strategies, ensuring a more organic acceptance which fuels operational efficiency, a surge in conversion ratios, and a tangible uptick in sales, as per the press release.

“Cultos Global is excited to have industry leaders on board as we scale up our mission to offer brands the capability to bring their rewards, loyalty, and influencer marketing to Web3,” CEO Pavan Govindan, said.

“This grants brands access to first-party data with advanced security and enhanced privacy for consumers. With strategic investors supporting our vision, we are more confident than ever in establishing Cultos Global as the preferred Web3 wallet for major global brands,” he added.

Zero Carbon secures $5m from Dubai ruling family

Zero Carbon Ventures, a cleantech startup based in the UAE, has successfully secured a seed funding round of $5 million.

The investment comes from Sheikh Ahmed Mana Khalifa Al-Maktoum, an Emirati businessman and a member of Dubai’s ruling family.

In addition to the financial boost, Sheikh Ahmed Al-Maktoum will also lend his expertise as a strategic adviser and take over the role of chairman of the board.

Co-founded by Peter Jodlowski and Martin Reynolds in 2022, Zero Carbon Ventures is steadfast in its commitment to champion carbon-reduction technologies across the MENA region.

“I initially met Martin and the Zero Carbon team in April this year, and fell in love with their vision,” Sheikh Ahmed Al-Maktoum said.

“The world now needs people like them to actually get to work on the delivery of these kinds of projects. I hired Zero Carbon to begin work on decarbonizing my own Dubai real estate portfolio. I see immense potential in Zero Carbon, and I am eager to guide and do my part in this pivotal journey toward net-zero,” he added

The company’s approach is structured around four central pillars: waste management, water conservation, energy efficiency, and sustainable materials.

The fresh infusion of capital is set to catalyze Zero Carbon’s sustainable endeavors, particularly in the lead-up to COP28.

The global climate summit will be hosted by the UAE later this year, and Zero Carbon Ventures is gearing up to play a significant role in steering sustainable development conversations during the event.

“We’re thrilled to welcome his highness Sheikh Ahmed not only as an investor but also as our chairman,” Reynolds said.

“His involvement is more than an endorsement; it’s a powerful union of vision and purpose. Our ambition has always been to enact tangible change. Our fully established and experienced senior management team, with his Highness by our side, is incredibly well-positioned to drive our sustainability initiatives even further,” he added.

Jordan’s DigiZag secures seven-figure series A funding round

DigiZag, a digital advertising and performance marketing startup headquartered in Jordan, has successfully closed a seven-figure series A funding round.

The substantial investment comes from the SME Investment Fund, which is managed by Al-Arabi Investment Group.

Established in 2015 by Saif Atout, DigiZag offers a suite of technology-driven solutions in performance-based marketing.

These solutions help companies and institutions optimize their advertising campaigns, in order to drive revenue growth and sales.

With the capital, DigiZag is poised to further strengthen its market position and enhance its digital footprint in the Gulf Cooperation Council region, signaling a promising growth trajectory for the startup.

Topics: VENTURE CAPITAL startups

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Closing Bell: Saudi main index closes in green at 12,212

Updated 7 sec ago
Miguel Hadchity
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Closing Bell: Saudi main index closes in green at 12,212

Updated 7 sec ago
Miguel Hadchity

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 39.49 points, or 0.32 percent, to close at 12,212.24.

The total trading turnover of the benchmark index was SR7.17 billion ($1.91 billion), as 116 of the listed stocks advanced, while 114 retreated.  

The MSCI Tadawul Index increased by 9.44 points, or 0.62 percent, to close at 1,526.65.

The Kingdom’s parallel market Nomu dipped, losing 17.28 points, or 0.06 percent, to close at 31,299.81.

This comes as 47 of the listed stocks advanced, while 34 retreated.

The best-performing stock was Nice One Beauty Digital Marketing Co., with its share price surging by 9.94 percent to SR59.70.

Other top performers included the Power and Water Utility Co. for Jubail and Yanbu, which saw its share price rise by 5.77 percent to SR55, and United International Transportation Co., which saw a 4.86 percent increase to SR84.10.

The worst performer of the day was Astra Industrial Group, whose share price fell by 5.46 percent to SR190.60.

Saudi Reinsurance Co. and Riyadh Cables Group Co. also saw declines, with their shares dropping by 3.53 percent and 3.05 percent to SR57.40 and SR146, respectively.

On the announcements front, Al Rajhi Bank has successfully completed its offer of US dollar-denominated additional Tier 1 capital sustainable sukuk, raising $1.5 billion. 

The issuance, with a par value of $200,000 per sukuk and totaling 7,500 sukuk units, will be settled on Jan. 21, according to a Tadawul statement.

Offering an annual return of 6.25 percent, the perpetual sukuk includes a callable feature after five years. It will be listed on the London Stock Exchange’s International Securities Market, adhering to Regulation S under the US Securities Act of 1933. 

The sukuk is aimed at eligible investors within Saudi Arabia and internationally, contributing to the bank’s sustainable financing initiatives.

Al Rajhi ended today’s trading session surging by 0.21 percent to SR96.20.

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

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WEF: War, disinformation, and climate dominate global threats in 2025

Updated 32 min 54 sec ago
Arab News
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WEF: War, disinformation, and climate dominate global threats in 2025

  • More than 900 global leaders highlight escalating geopolitical tensions, environmental crises and misinformation as critical issues shaping the year ahead
  • Davos to begin Jan. 20 amid fragmented global order marked by growing power rivalries, weakened multilateralism
Updated 32 min 54 sec ago
Arab News

LONDON: Escalating wars, rising disinformation, and intensifying climate challenges rank as the most pressing global threats for 2025, according to the World Economic Forum’s Global Risk Report, released Wednesday ahead of the Davos annual meeting.

Based on insights from 900 global leaders in business, politics and academia, the report highlights escalating geopolitical tensions, environmental crises and misinformation as critical issues shaping the year ahead.

“Rising geopolitical tensions, a fracturing of global trust and the climate crisis are straining the global system like never before,” said Mirek Dusek, WEF managing director.

“In a world marked by deepening divides and cascading risks, global leaders have a choice: To foster collaboration and resilience, or face compounding instability. The stakes have never been higher.”

State-based armed conflicts are flagged as the most immediate concern for 23 percent of respondents, with wars in the Middle East, Sudan and Ukraine driving global instability.

The forum will host a historic gathering of Middle Eastern leaders, including representatives from Iran, Syria, Yemen and Gulf countries, to discuss prospects for peace amid hopes of a ceasefire between Hamas and Israel after 15 months of devastating war that has killed tens of thousands of Palestinians.

Donald Trump, set to be sworn in as the 47th US president on Jan. 20, has vowed to end the war in Ukraine. He will deliver a virtual address to the forum on Jan. 23. Ukrainian President Volodymyr Zelensky will also attend and deliver a speech on Jan. 21.

“From conflicts to climate change, we are facing interconnected crises that demand coordinated, collective action,” said Mark Elsner, WEF’s head of the Global Risks Initiative, who urged world leaders to make “renewed efforts to rebuild trust and foster cooperation.” 

While conflicts rank as the most immediate threat, the survey highlights the climate crisis as the dominant risk of the next decade. Environmental risks — including extreme weather, biodiversity loss and critical changes to Earth’s systems — account for three of the top four long-term global concerns.

In 2024, global warming hit a record 1.54 degrees Celsius above pre-industrial levels, triggering catastrophic weather events, such as the Los Angeles wildfires, devastating floods in Spain caused by the DANA weather phenomenon and unprecedented rainfall across the Middle East, which triggered floods in the Arabian Peninsula and Sahara Desert for the first time in half a century.

“The climate and nature crisis requires urgent attention and action,” said Gim Huay Neo, the WEF’s managing director for the Center for Nature and Climate.

Two technology-related concerns ranked next on the list of global threats: “Misinformation and disinformation” and the “adverse outcomes of AI technologies.”

The survey, conducted between September and October, noted rising anxieties about misinformation. These concerns have intensified following Donald Trump’s election victory and his alignment with tech leaders like Elon Musk and Mark Zuckerberg, who are reportedly advocating for deregulation policies expected to benefit the tech industry.

It coincides with Zuckerberg’s recent decision to scale back fact-checking and content moderation across Meta’s platforms, a move widely criticized by experts as an appeasement of Trump, whose return to the White House will overlap with the forum’s opening.

Organizers are expecting 60 heads of state and government to attend, alongside chief executives and campaigners. Several ministers and business leaders from Saudi Arabia are also expected to take part.

The WEF’s report found that 64 percent of experts foresee a fragmented global order dominated by competition among middle and great powers, with multilateralism under significant strain.

Against this backdrop, the forum’s theme, “A Call for Collaboration in the Intelligent Age,” highlights the need for renewed cooperation, even as Trump’s anticipated policy shifts could undermine collective efforts on critical global issues, including the climate crisis.

Topics: WEF 2025 World Economic Forum Global Risk Report climate change AI war

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Private sector partnerships key to mining sector growth, says Al-Jadaan

Updated 40 min 23 sec ago
Reem Walid
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Private sector partnerships key to mining sector growth, says Al-Jadaan

Updated 40 min 23 sec ago
Reem Walid

RIYADH: The mining sector’s success in Saudi Arabia hinges on strong private sector partnerships, according to Finance Minister Mohammed Al-Jadaan. Given the significant investments and expertise required, the government alone cannot drive the sector’s growth, he said.

Speaking on the second day of the Future Minerals Forum in Riyadh, Al-Jadaan emphasized the need for collaboration between public and private sectors to unlock the full potential of the mining industry. The forum, which runs from Jan. 14-16, aligns with Saudi Arabia’s ambitious goal to increase the mining sector’s contribution to the nation’s gross domestic product from $17 billion to $75 billion by 2035.

It also supports the country’s Vision 2030 objective of establishing mining as a critical pillar of the industrial economy.

“This is a very complex industry that requires significant investments that, you know, the government alone cannot do. It requires significant know-how that the government alone cannot do, and you need to make sure that you actually partner with the private sector to enable this sector,” Al-Jadaan said.

Al-Jadaan outlined three key enablers for the mining sector's development: cross-sectoral alignment, the strategic use of data, and a competitive regulatory framework.

“If you want to do the right thing within mining, it is not the mining alone that will make it. You will need to make sure that you are aligning multiple sectors together — energy, mining, logistics, and possibly even a few others,” he explained.

He pointed to the National Industrial Development and Logistics Program as a successful example of how integrated sectors can collectively drive progress.

On the importance of data, Al-Jadaan emphasized its foundational role in shaping the sector's future. “There was real focus on making sure that we make an investment early on in data relating to mining, including specific technicalities and budgeting for supporting surveys throughout the mining sectors, and actually providing even support to companies who are coming for exploration,” he said.

The minister also highlighted the necessity of a stable and investor-friendly regulatory environment. “These are long-term investments investors would need to make. You know, we need to have predictability, confidence in the regulatory framework, and we need to ensure it is investor-friendly. They must be able to obtain their licenses on time and with certainty,” he added.

Al-Jadaan further acknowledged the challenges faced by emerging economies, particularly those in the Global South, which possess abundant mineral resources but often lack the capital, expertise, and infrastructure to exploit them fully. He suggested that with the right support, these nations could leverage their mineral wealth not only for industrial growth but as a key driver of broader economic development.

“With the right setup, they can utilize these resources not only for the mineral and metal industries but as part of a package for economic development,” he said, stressing that targeted support such as subsidized logistics and services could unlock the mining potential of these nations.

In a related panel discussion, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Africa’s critical role in the global energy transition. He pointed out the disparity between the continent’s vast resource potential and its actual contribution to the market.

“Today, investment needs to happen not only in extraction but also in infrastructure. We have seen great assets today in Africa are falling behind because of infrastructure challenges, not mining challenges,” Alkhorayef noted.

As the Future Minerals Forum continues, the collaboration between the private sector and government remains central to advancing the sector, not only in Saudi Arabia but across the global mining landscape.

Topics: Future Minerals Forum Mining

Saudi Arabia unveils major gold, copper discoveries in Arabian Shield

Updated 30 min 16 sec ago
MOHAMMED AL-KINANI
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Saudi Arabia unveils major gold, copper discoveries in Arabian Shield

  • Finds include extensive gold deposits at Wadi Al-Jaww for gold and copper deposits at Jabal Shayban
Updated 30 min 16 sec ago
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia has announced significant gold and copper discoveries in the Arabian Shield region, a move set to bolster its global mining ambitions and strengthen the country’s economic diversification efforts. 

The Saudi Arabian Mining Co., or Ma’aden, revealed the discoveries during the Future Minerals Forum 2025, held from Jan. 14-16 in Riyadh. 

The finds include extensive gold deposits at Wadi Al-Jaww for gold and copper deposits at Jabal Shayban, with mineralization extending deeper and in multiple directions from shallow depths of 20 to 200 meters. 

Bob Wilt, CEO of Ma’aden, highlighted the company’s aggressive exploration efforts, calling them part of “the world’s largest single-jurisdiction mineral exploration programs.” 

“Through the work we have undertaken in recent years, the raw prospectivity of the Kingdom has been proven. The results announced today provide a further boost as we continue to accelerate drilling activities across our exploration program in 2025,” he said. 

Wilt said the Kingdom’s focus on mining aligns with its broader economic transformation goals, creating opportunities for growth and development in the sector. 

The company said that Jabal Shayban has long been recognized as a key exploration site, with programs dating back to the 1940s. In contrast, Wadi Al-Jaww represents a new frontier, as no prior exploration has been conducted there. 

While Ma’aden didn’t provide specific estimates on the size and quality of the mineralization, the company said that ongoing analysis and drilling efforts would refine its understanding of the deposits throughout 2025. 

Ma’aden announced new findings from its Mansourah-Massarah gold mine. Drilling has revealed high-grade gold mineralization below the current pit design and significant underground potential. Recent results include intercepts such as 61 meters grading at 10.4 g/t gold and 20-meter grading at 20.6 g/t gold within 400 meters of the mine. 

The results build on earlier success at the mine, with Ma’aden noting strong growth opportunities from both open-pit and underground operations.  

In a statement to the Saudi Stock Exchange, Ma’aden clarified that the financial impact of these discoveries remains undetermined. The company reaffirmed its commitment to transparency, promising to update shareholders on any significant developments. 

Topics: Saudi Arabian Mining Co. (Ma’aden) Ma’aden Saudi mining Gold copper

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Saudi energy minister calls for global efforts to address critical minerals shortage

Updated 15 January 2025
Nirmal Narayanan
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Saudi energy minister calls for global efforts to address critical minerals shortage

Updated 15 January 2025
Nirmal Narayanan

RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman emphasized on Wednesday that achieving energy security and sustainability hinges on addressing the challenges related to the supply and extraction of critical minerals.

Speaking at the Future Minerals Forum in Riyadh, Prince Abdulaziz highlighted that the primary energy security challenges of the modern world no longer revolve around oil, but are now focused on gas, electricity, and mining.

“I believe that energy security, affordability, and sustainability depend on urgent, collective, and inclusive efforts to address critical minerals’ challenges,” the minister stated.

He went on to say, “Today, oil no longer poses an energy security challenge due to the availability of storage, developed infrastructure, and a mature supply chain, and the production of oil has become more perfected. Instead, energy security is now about gas, electricity, and predominantly mining.”

According to Prince Abdulaziz, one of the most significant obstacles in the global energy transition is meeting the rising demand for critical minerals and ensuring a reliable supply. The energy minister cautioned that the energy transition is inherently material-intensive, and the demand for these minerals could soon outpace their available supply.

“I believe that meeting the increased demand for critical minerals presents substantial challenges to ensuring a reliable supply. In oil, we have always said that we are the most stable and reliable supplier. In this one (critical minerals), there is no Saudi Arabi. There has to be many ‘Saudi Arabias,’” he added.

During his speech, Prince Abdulaziz also discussed the importance of sustainability as the world accelerates mining activities.

He pointed out that mining and processing currently contribute to 5 gigatonnes of carbon dioxide emissions, which accounts for 12 percent of annual global greenhouse gas emissions. He stressed that any significant growth in mining and processing would inevitably result in higher emissions unless innovative solutions are found.

“Mining and processing currently contribute to 5 gigatonnes of carbon dioxide emissions, corresponding to 12 percent of the annual global greenhouse gas emissions. Significant growth in mining and processing activities will result in higher emissions unless we figure out a way to address this challenging issue,” he said.

The minister also noted the challenges posed by the geographical concentration of critical minerals and the long time required for their discovery and extraction. Drawing on sources such as the US Geological Survey and McKinsey, Prince Abdulaziz highlighted that the extraction and processing of critical minerals required for the energy transition are concentrated in just a few countries, creating significant dependency risks.

As countries race to secure access to these critical minerals, Prince Abdulaziz warned that such competition could drive up metal prices and increase energy costs, further complicating the global energy landscape.

The minister also underscored Saudi Arabia’s efforts to strengthen its mining sector, valued at an estimated $2.5 trillion, through localization and strategic partnerships with both regional and international companies.

“We will extract and utilize every ounce, gram, molecule, atom, and electron of our resources, and you are welcome to join,” Prince Abdulaziz concluded.

Topics: Future Minerals Forum

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