Saudi start-ups, Ghaf Tree & Mushrooms.
Edition 1 of Middle Eastern Tech & Start-ups
Saudi leading the start-up funding in the region: 2.3B$ in funding, 160% YoY increase.
Last year, Saudi Arabia was by far the most active market for startups in the MENA region. Total funding reached $2.3 billion spread over 145 deals: more than half the region’s $4 billion startup investment total and a 160% year-on-year increase, according to research network Wamda.
The Kingdom welcomed four of the region’s biggest deals: buy-now, pay-later platforms Tamara (with $340 million) and Tabby ($200 million), e-commerce site Floward ($165 million) and online groceries platform Nana ($133 million).
“Government efforts to ease regulations and build an attractive startup hub in Riyadh are paying off,” the Wamda report stated, “with an increasing number of startups from across the region relocating their headquarters to Saudi Arabia in a bid to gain access capital and the region’s largest market.”
National tree of UAE gets its genome sequenced
Ghaf tree, UAE’s national tree, is renowned for its ability to thrive in arid conditions. As the world grapples with the effects of climate change and its impact, this feels like an important thing to do.
Abu Dhabi’s M42 in collaboration with the Environment agency (EAD) has completed the sequencing and analysis to further build upon previous research led by Khalifa Center for Genetic Engineering and Biotechnology. This work supplements the effort to create a robust catalogue of genetic variants offering valuable insights into gene functionality, gene expression patterns and unique genetic traits.
You could read more about this here.
Abu Dhabi’s Below Farm aids Country's Circular Economy Goals
Produced with no pesticides or fertilisers, Below Farm uses fully automated controlled environment systems, adopting an indoor vertical farming technique that requires minimal space, and can be set up anywhere, effectively negating the need for arable land.
As it stands, the company's growth plans won't be limited to monetary-related metrics alone. Founder-funded to date, team of 11, working to bring the mushrooming trend of fungi-based products to consumers in the Middle East, is also committed to educating people on the benefits mushrooms can have on their wellness as well as the wellbeing of the planet. In 2024, they are looking to scale across the Middle Eastern markets.
Applications open for Dubai Holding's Innovate for Tomorrow Global Sustainability Challenge
Dubai Holding, a UAE-based global investment holding company that operates across 13 countries, has opened applications for its global sustainability-focused challenge, Innovate for Tomorrow.
Open to innovators, entrepreneurs, and scale-up companies across the world, the competition invites scalable and impact-driven solutions that can directly address pressing sustainability issues in the UAE.
Interested individuals can submit their applications by March 31, 2024, here.