Abdul Latif Jameel to invest $220m in Greaves Electric
Abdul Latif Jameel will invest up to $220 million in Greaves Electric Mobility, one of the sub-continent’s leading mobility players. As part of the deal, Abdul Latif Jameel will initially invest $150 million for a 35.8% stake in Greaves Electric Mobility, said the companies in a joint statement. Saudi Arabia-headquartered Abdul Latif Jameel has committed one of the largest investments into India’s two-to-three-wheeler space.
Canada Fund CDPQ invest $5bn in DP World’s Dubai Asset
Canadian fund Caisse de Depot et Placement du Quebec (CDPQ) will invest $5 billion in three of DP World’s UAE assets Jebel Ali Port, the Jebel Ali Free Zone, and the National Industries Park. The Montreal-based pension fund will take a 22 percent stake in the three Dubai-based assets through a new joint venture with DP World, the Dubai-based global ports operator said in a statement on Monday. CDPQ will invest $2.5bn while the remainder of the transaction will be financed by debt.
Mena start-ups and VC funds explore partnerships to boost Dubai’s digital economy
The emirate attracted 57 percent of the total regional funding that these fast-growing start-ups have received, estimated at $5.2 billion. Dubai announced the launch of a new VC finance fund with about Dh370 million ($100.7m) to bolster start-up projects in the emirate and promote its ambition of becoming a global FinTech hub.
UAE’s Strata exploring biopharmaceuticals and EV-manufacturing joint ventures
UAE’s Strata, the aviation unit of Mubadala Investment Co., is expanding into biopharmaceuticals manufacturing and it is also in discussions with global electric vehicle makers to start EV production in the country. The company seeks to form partnerships with existing companies as part of its long-term strategy to expand its advanced manufacturing capabilities and include more industrial sectors, the local media reported.
UAE FinTech sector to benefit from access to funding and expertise
Globally, digital payments are expected to grow to $8.26 trillion by 2024, from $4.4tn in 2020, Statista said. Access to funding is of paramount importance to start-ups, Mr. Kazim said, citing how the DIFC’s FinTech Fund is helping such businesses and VCs by investing Dh1bn ($272 million) in innovative FinTech companies. The UAE Digital Economy Strategy aims to increase the digital economy’s contribution to the country’s gross domestic product to about 20 percent in the next 10 years from 10 percent.
Abu Dhabi’s IHC and Alpha Dhabi to invest $50m in Elon Musk’s SpaceX
Abu Dhabi’s International Holding Company (IHC) and its subsidiary Alpha Dhabi are investing $50 million (AED184 million) in Elon Musk’s SpaceX. IHC, which already has a stake in SpaceX, will invest $25 million, while Alpha Dhabi will make its first investment in the California-based space company at $25 million. The companies confirmed the investments via a statement and regulatory filing.
Saudi Arabia’s Noon Academy raises $13m in a funding round led by STV
Saudi Arabia’s education technology start-up Noon Academy secured $13 million (Dh47.7m) in its second funding round led by Riyadh-based Saudi Technology Ventures (STV) to finance its expansion plans. Edtech start-up to use funds for expansion, including opening a new hub in London where its product, design and data science teams will be based.
“With this investment, we’re aiming to bring together 50 million students and tutors from around the world by 2023,” Mohammed Aldhalaan, co-founder and chief executive of Noon Academy, said.
EDB partners with Hamriyah and Sharjah Free Zone for funding to SMEs
Emirates Development Bank has signed a preliminary agreement with the Hamriyah Free Zone and the Sharjah Airport International Free Zone to help small and medium enterprises and start-ups grow by providing them with financial support. The MoU reflects the shared commitment to developing a supportive environment for business and accelerating the UAE’s economic diversification agenda by championing pioneering projects and emerging industries, it stated.
UAE ranked first regionally, and 19th globally in attracting FDI
The report compares the FDI performance of countries in 2021 with that of 2020 and noted that in 2021, the UAE attracted $20.7 billion worth of FDI, recording a 4 percent growth from 2020. This makes it the first Arab country to acquire 40 percent of the total FDI received by the Arab countries, which is $52.9 billion. The UAE attracted foreign investments to various sectors and vital economic activities, with the oil, gas, and energy sectors accounting for 59 percent of it. This is followed by the information technology and communications sector which attracted 10% of the total inward FDI; followed by banking, finance, and insurance (7 percent); real estate, management, and development activities (7 percent), health care (6 percent), and manufacturing (5 percent).
Dubai’s dnata plans to invest $100 million in green operations
Dnata, a Dubai-based airline and travel services provider, has announced a $100 million investment in green operations over the next two years to improve environmental efficiency across its global network.
The company’s ongoing investments in infrastructure, equipment, and process improvement are expected to reduce its carbon footprint by 20% by 2024 and 50% by 2030.
Jordan’s Innovative Start-ups and SMEs Fund invests $250,000 in Gamiphy
Jordan’s Innovative Start-ups and SMEs Fund (ISSF) is investing $250,000 in Palestine-based digital loyalty and gamification platform Gamiphy. The direct investment is part of the $1.55 million funding round led by Kuwait-based Al Muhallab VC, which also includes investments from the Bank of Palestine, Innovative Private Sector Development (IPSD), and other angel investors, according to a statement.
Aramco’s Wa’ed and Paul Pogba head a $50m investment
International footballer Paul Pogba and Saudi Aramco’s Wa’ed Entrepreneurship Center have led a $50 million Series B fundraising round into the New York-based fintech Wahed. The company Wahed, which runs the ethical investment platform Wahed Invest, has also added Paul Pogba as its newest brand ambassador. Strategic family offices and institutions are some more investors. The funding round’s financial adviser was HSBC Bank plc.
