Hello MENA entrepreneurs!

Get ready for another exciting edition filled with the latest updates from the MENA startup ecosystem.

Yalla, let’s dive in!

Weekly Funding Roundup

• Tokinvest (UAE/Fintech) raised $500K to deliver a pioneering real-world asset tokenization marketplace

• Swyt (UAE/IT) secured significant funding to transform IT operations in the region

• Sentient Labs (UAE/Robotics) secured $85 million in seed funding

• Maalexi (UAE/AgriTech) raised $1M in venture debt to accelerate growth plans

• DAMAC Group (UAE) invested in Anthropic, xAI and Mistral

• Abu Dhabi Investment Authority (ADIA) invested $120 million in Purplle

• Dubai Holding (UAE) acquired a stake in Bio D Technology (UAE/Energy)

• 2PointZero (UAE) is set to acquire 20% of Elsewedy Electric

In The News

• Swvl (UAE) signed a $6.3 Million partnership deal with Etisalat e&

• ISSF Jordan invested $5 million in Global Ventures’ Fund III to support regional startups

• Al-Hokail Academy to sell over 2 million shares on the Saudi bourse

• Kuwait is set to introduce a new tax system for companies

• Thailand opened an investment office in Saudi Arabia to foster economic ties

• Innovate Africa launched a new $2.5M angel fund to invest in early-stage startups

Ecosystem Updates

• Kafalah program financed 3,000 establishments in Saudi Arabia, providing over 6 billion SAR in loan guarantees

• Dubai Future Labs partnered with Osaka University for R&D on new tech and concepts

• Bank of Palestine partnered with Technopark to boost entrepreneurship in Palestine

• Startup Grind Qatar partnered with Builder.ai to enhance digital transformation for local businesses

• Raya FutureTECH wrapped up its first accelerator program successfully

• Core Istanbul launched an internship program to foster local talent

Startup Highlights

• Abjjad (Jordan/EdTech) launched Gaza’s Books initiative to provide free access to its platform in Gaza

• EdfaPay (KSA/Fintech) expanded to Morocco, enhancing its global presence

• Tmyyoz (KSA/Edtech) signed an MoU with the Ministry of Human Resources in KSA

• Grintafy (KSA/SportsTech) partnered with Serie A to scout football talents

• MyFatoorah (Kuwait/FIntech) partnered with Servme (UAE) to enhance digital payments in Middle Eastern restaurants

• Transitlab (Iraq) aims to transform public transport in Baghdad

• Three Bahraini entrepreneurs qualified for the Entrepreneurship World Cup 250

• Bahtinet (Egypt) won the Global Student Entrepreneur Awards

Upcoming Programs & Opportunities

• Flat6labs Seed Program - Amman & Riyadh

• Business Development for Entrepreneurs Program - Jordan

• Hub71+ ClimateTech - Abu Dhabi

• Spinneys Local Business Incubator - UAE

• 500 Global Seed Bootcamp- Egypt

• TIEC Pre-Incubation Program - Egypt

• Antler Program - MENA

Must Attend Events This Week

• Blockchain in Banking - 16 July, Dubai

• The Real Deal on the Sanabil 500 MENA Accelerator - 17 July, Virtual

• Saudi Arabia's Regulatory Environment - 18 July, Virtual

• Gulf Business Tech Awards - 18 July, Dubai

• Growth and opportunities in the Saudi and Omani markets - 18 July, Virtual

• Digital Transformation Youth Summit - 20 July, Baghdad

Interesting Stuff

• AI to inject US$320 Billion into Middle East economy by 2030

• Robots with lab-grown brains and human skin are pushing AI boundaries

• Guide: What is private capital? Key concepts, types & definitions

• Article: AI without the hype: Mena’s real implementation strategies

Techy Bytes

• Google to fund AI research at KAUST University (KSA) with $100,000 grants

• AWS promised to generate enterprise apps from a written prompt with its new App Studio

• Samsung unveiled new devices at Samsung Unpacked

• Meta will soon let kids aged 10 to 12 interact with others in VR with their parent's approval

• Everything you need to know about Musk's Grok 2 and Grok 3