Hello, Smashi Business readers! 🌟

Expand North Star 2024, Organised by Dubai World Trade Centre and hosted by Dubai Chamber of Digital Economy, concluded its 9th edition on Wednesday at the Dubai Harbour and the biggest takeaway from the event in Founder and Executive Chairman of S4 Capital Sir Martin Sorrell’s words was: “Media planning and buying will turn upside down, with 250,000 jobs disappearing in three years due to inefficiencies and lack of transparency.” His suggestion for survival? “Learn Spanish, Chinese, Arabic, and also coding.”

Meanwhile, amidst the glitz and glamour of GITEX Global 2024, entering its last day today at the Dubai World Trade Centre, the annual Aviation Future Week concluded at the Museum of the Future on Thursday. The 3-day long event brought airline execs and investors together, envisioning tomorrow’s skies. Over three days, aviation leaders discussed everything from AI-powered airports to sustainable jet fuels, with heavyweights like Sheikh Ahmed bin Saeed, Chairman and Chief Executive of Emirates airline, and Flydubai CEO Ghaith Al Ghaith leading the charge. Who said innovation was limited to silicon chips?

For the stories we are covering today, we have chosen:

1. 💰 Saudi Venture Capital Invests $15M in Saqr Fund II to Support Early-Stage Startups 🌟

2. 🥇 Fade Fit Launches 10X Protein Bars: Fueling Growth & Healthy Lifestyles 🛍️💪

3. 🛴 Rabbit Mobility Raises $1.3M to Power Expansion Across Egypt & North Africa 🚀

Let's dive in! 👇

💰 Saudi Venture Capital Invests $15M in Saqr Fund II to Support Early-Stage Startups 🌟

📰 What is it about?

• Saudi Venture Capital (SVC) has committed $15 million to Saqr Fund II, a venture capital fund managed by Vision Ventures.

• The fund aims to raise $90 million to invest in early-stage startups from pre-seed to pre-series B stages.

• Investments will focus on Saudi Arabia and the wider MENA region, with a sector-agnostic approach.

💡 Why it matters?

• SVC’s investment supports Saudi Arabia's growing startup ecosystem, reducing entry barriers for venture fund managers.

• Vision Ventures has a strong track record, identifying and fostering high-potential startups through their entrepreneurial expertise.

• By anchoring Saqr Fund II, SVC is helping catalyze venture capital activities, aligning with Saudi’s Vision 2030 goal of fostering innovation and entrepreneurship.

  Some facts for context:

• In 2024, Saudi startups have continued to attract significant venture capital investments. As of H1 2024, Saudi Arabia secured $412 million in total venture funding.

• The Kingdom now leads the MENA region in funding, accounting for 54% of the region's total venture investments during this period. A major contributor to this was the $130 million mega-deal from Salla, the only mega-round seen in the MENA region this year.

• Saudi Arabia's deal flow remained stable, representing 30% of the region’s total deals in H1 2024, marking an increase from 25% the previous year.

🔜 What’s next?

• Saqr Fund II will actively invest in high-growth startups in various sectors, contributing to the expansion of the Saudi and MENA startup ecosystem.

• With SVC’s backing, Vision Ventures is well-positioned to attract more investors and entrepreneurs, further driving the region’s startup success stories.

• Future growth stages of startups in Saqr Fund II’s portfolio will likely receive additional venture investments, boosting regional innovation.

📈 Markets

🥇 Fade Fit Launches 10X Protein Bars: Fueling Growth & Healthy Lifestyles 🛍️💪

📰 What is it about?

• Kris Fade announced the launch of Fade Fit's new 10X Protein Bars, designed to provide high protein with low sugar.

• Took two years to develop and is the first ‘made in UAE’ protein bar.

• Nutritional details:

  • 21 grams of protein

  • 210 calories

  • Only 1 gram of sugar.

💡 Why it matters?

• Fade Fit, founded in 2018, is rapidly becoming one of the region’s fastest-growing snack brands.

• The brand began to provide affordable, healthy snacks for families, and has since expanded into multiple categories like energy bars, multivitamins, and dairy.

• Its local manufacturing and vegan, keto-friendly ingredients cater to the increasing demand for clean, nutritious snacks.

• Available in major retailers like Carrefour, Spinneys, LuLu, and Starbucks, Fade Fit taps into the health-conscious consumer market across the UAE and beyond.

🔜 What’s next?

• With the launch of 10X Protein Bars, Fade Fit continues its expansion plans across Saudi Arabia, Kuwait, and other regional markets.

• The brand aims to lead the region in healthy, convenient snacking solutions, and could add more fitness-related products to its portfolio in the future.

• Expect increased engagement with fitness communities through product partnerships and promotions.

Quote of the day
“Every individual has to perform his duty. Man is mortal, but his work is not. Therefore, work is greater than wealth.” - His Highness (the late) founding father of the UAE Sheikh Zayed bin Sultan Al Nahyan

🛴 Rabbit Mobility Raises $1.3M to Power Expansion Across Egypt & North Africa 🚀

📰 What is it about?

• Egypt-based micromobility startup Rabbit Mobility secures $1.3 million in funding.

• The round was led by venture firms 500 Global and Untapped Global, along with angel investors.

• Rabbit Mobility, founded in 2020, provides electric scooters and bikes for urban transportation.

💡 Why it matters?

• Funding will support Rabbit Mobility's expansion in Egypt and other North African markets.

• The company promotes sustainable transportation, aiming to reduce traffic congestion in urban areas.

• Rapid growth with 450,000+ users completing over 1 million rides reflects strong demand for green mobility.

  Competitors:

• One notable competitor for Rabbit Mobility in the MENA region is FENIX, a UAE-based startup that has become a trailblazer in the micromobility space. Launched by former Careem executives, FENIX operates the largest fleet of electric vehicles in the region, primarily focusing on e-scooters. They recently pivoted towards e-commerce, but still operate their e-scooter fleet in some countries.

• Another competitor for Rabbit will be Dubai-based, Terra Tech, founded in 2021. Terra focuses on electric motorbikes with an innovative "swap and drive" subscription model, targeting businesses with a B2B approach.

🔜 What’s next?

• Rabbit Mobility plans to triple its fleet and expand its operations across Egypt by year-end.

• Profitability is expected soon, further solidifying its market position.

• Strategic partnerships with global investors will support Rabbit's long-term growth and innovation in sustainable mobility.

In other news…

1. InsuranceMarket.ae owner is proud of his company’s achievement of getting naming rights for one of the metro stations in Dubai. He thinks Dubai, with its infrastructure expansion, is becoming stronger, safer and more connected.

2. We also found a video of Steve Jobs talking about the ‘idea’ of ChatGPT back in 1985. Have a look!

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