Welcome to the latest dispatch from Startup 3l Mashi ستارتب على الماشي, your gateway to the vibrant startup ecosystem across the Middle East and North Africa. This issue is packed with insightful updates, emerging trends, strategic opportunities, and groundbreaking tech innovations shaping our region.

Ready to embark on this week's journey?

Let's get started!

Highlights of This Edition:

Table of Contents

• Weekly Roundup: Catch up on the top startup headlines

• In The News: Discover key developments and partnerships

• Trendy, Trendy, Trendy: Uncover the latest trends fueling innovation

• In Focus: The Kingdom of Saudi Arabia

• Upcoming Programs & Opportunities

• Cool Events: Mark your calendar for must-attend events

• Interesting Stuff: Engage with curated reads and resources to inspire your startup adventure

• Tech Updates from around the World

Weekly Roundup

Gear Up for This Week's MENA Startup Highlights

In The News

Dive into this week's key updates and partnerships energizing the MENA startup scene

• The global venture capital scene sees the US and China dominating the high-value funding deals, accounting for 70% of the volume in 2023, signaling a concentrated landscape of investment powerhouses

• A notable development as a Saudi-backed Chinese VC aims to raise $1 Billion for Mideast startups, marking a significant cross-border collaboration set to infuse the MENA startup ecosystem with substantial capital

• Tech giant Alibaba sets its sights on MENA, planning partnerships with local companies in Saudi Arabia and the UAE, highlighting the region's growing importance in the global tech landscape

• The Innovative Startup Support Fund (ISSF) pledges $5 million for MSA Novo's MENA fund, underlining the commitment to nurturing regional startups.

• The unveiling of DFDF's vision introduces an AED 1 Billion Fund focusing on global innovation and sustainable finance, aiming to catalyze transformative projects with far-reaching impacts

• Sharjah Investors Services Center's launch of The Emerging Entrepreneurs Initiative showcases local efforts to foster a nurturing environment for budding entrepreneurs

• Oman makes a significant leap with $2.58 billion awarded for Sultan Haitham City project, setting the stage for a transformative development in the region

• Qatar's retail sector witnesses robust growth in Q4 2023, reflecting the country's economic resilience and consumer confidence

• The UAE's strategic move to sign agreements with Arab countries to avoid double taxation underscores efforts to enhance economic collaboration and investment flow within the region

• With the launch of a tech fund for developing countries, Abu Dhabi demonstrates its commitment to empowering global innovation through targeted support

• The UAE steps forward with the launch of the $300 million Falcon Foundation to develop open-source AI, signifying a landmark initiative to lead in the AI frontier

Trendy, Trendy, Trendy

Unpacking the Latest Trends Driving MENA's Startup Ecosystem Forward

In Focus: The Kingdom of Saudi Arabia

• Saudi Arabia's tourism sector is set for a significant boost in 2024, reflecting a focused drive towards diversifying its economy

• Business expansion activities have surged fourfold since 2018, indicating a thriving entrepreneurial landscape, according to AstroLabs’ 2023 Saudi Market Entry Report

• In international collaborations, Saudi Arabia and France outline a joint plan for initiatives and projects, enhancing bilateral relations and economic partnerships

• The kingdom targets a $30 billion trade relationship with Turkey, aiming to strengthen economic ties and regional influence

• A move towards technological advancement as Saudi Arabia shows readiness to establish Tech Industrial Zones, positioning itself as a hub for innovation

• Insights from Flat6Labs reveal the hidden potential in Saudi Arabia, drawing from a decade of early-stage investing and the vibrant startup ecosystem

• The Kingdom prepares 10 regions to rank among the top 50 global cities, underscoring ambitious urban development and global positioning efforts

• Saudi Arabia's non-oil revenues have seen an 11% increase in 2023, highlighting successful economic diversification strategies

• Taking significant steps toward digital transformation, Saudi Arabia launches an AI academy, emphasizing its commitment to technological education and innovation

• Investments in Saudi tourism to accelerate in 2024, says top expert

• Business Expansion Activity Across Saudi Arabia Sees 4X Increase Since 2018, Says AstroLabs’ 2023 Saudi Market Entry Report

Upcoming Programs & Opportunities

Elevate Your Startup with These Premier Accelerators and Initiatives

Discover more programs and opportunities here

Cool Events

Engage with the MENA Region's Most Anticipated Events

For the most accurate and up-to-date information, including how to secure your spot at these not-to-be-missed events, please visit our events page

Interesting Stuff

Explore Insights and Innovations Shaping Tomorrow's Business Landscape

• Abdulla Al-Janahi's entrepreneurial journey highlights the story of a 16-year-old turning his passion for cooking into a profitable business with Abdul's BBQ. This narrative showcases the potential of youth entrepreneurship in transforming hobbies into successful ventures

• TradeHub's launch by the co-founder of Bosta represents the next step in the entrepreneurial journey, focusing on scaling businesses by connecting Egyptian manufacturers with global markets, highlighting the importance of global connectivity for local businesses

• The spotlight on MDBX Health in Abu Dhabi as a one-stop shop for chronic disease management illustrates innovation in healthcare, addressing critical needs within the startup ecosystem for health tech solutions

• 6 Ways Artificial Intelligence Is Revolutionizing E-Commerce article delves into the technological advancements shaping industries, providing insights into AI's transformative role in e-commerce and beyond

• Seed Investors' active areas, including construction to AI diagnostics, reveal where early-stage capital is most engaged, offering a glimpse into future investment trends and sectors ripe for innovation

• Exploring startup opportunities in personal finance highlights emerging trends and areas for potential disruption, guiding entrepreneurs toward sectors with significant growth prospects

• Y Combinator’s request for startups further emphasizes the ongoing search for innovative solutions addressing current problems, urging entrepreneurs to think critically about future needs

• Lastly, Kitopi’s expansion journey into the Saudi FoodTech space underscores the sector's growth and the broader trend of startups scaling across the MENA region, marking a significant shift towards food technology as a pivotal area of development

Tech

Latest Breakthroughs and Strategic Moves in the Tech World

• Cryptocurrency Update: Bitcoin's surge to the $50,000 mark for the first time in over two years marks a significant milestone, signaling a renewed investor interest in cryptocurrency

• AI Developments by OpenAI: The unveiling of the revolutionary text-to-video model Sora and discussions between Sam Altman and Middle East backers over a chip venture highlight the rapid advancements and potential regional collaborations in AI technology

• Nvidia's Market Moves: Nvidia's AI investments led to a stock surge ahead of its earnings report, coupled with becoming the third most valuable U.S. company, showcasing the company's influential role in shaping the future of AI and computing

• Apple's Innovations: The AI revolution within Apple, including new Xcode and Siri upgrades, along with the development of over 1,000 apps for Apple's Vision Pro, indicate significant strides towards integrating AI into user interfaces and enhancing the tech ecosystem

• Generative AI Platforms: Google introduces Gemini, a new generative AI platform, expanding the competitive landscape of AI technologies and opening up new possibilities for developers and businesses

• Content Creation and Social Media Innovations: Platform X's challenge to YouTube by offering higher profits for content creators and TikTok's test of an exclusive 'Sub Space' for live creators to interact with subscribers, showcase evolving dynamics in digital content creation and platform strategies

• AI's Role in Hospitality and Services: Airbnb's strategy to leverage AI, including its acquisition of GamePlanner, aims to create the 'ultimate concierge', reflecting the increasing incorporation of AI in enhancing customer experiences

• Advancements in AI Interaction: ChatGPT's new feature to remember and forget specific user inputs demonstrates OpenAI's commitment to improving the utility and personalization of AI conversational agents

As we wrap up this issue, it's clear that the MENA startup landscape is dynamic, continuously transforming, and brimming with possibilities. Your path to innovation and achievement is a shared venture, and we're committed to supporting you at each turn.

Thank you for being a part of this journey. Your enthusiasm and commitment to the startup community propel us onward. Continue to explore, stay motivated, and always strive to break new ground in innovation.

Till our next encounter, aim high!

The Startup3lMashi ستارتب على الماشي Team