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- Qatar Economic Forum Closes; Middle East's Series B Crisis, per Noor Sweid; Saudi AI Startup Incubator
Qatar Economic Forum Closes; Middle East's Series B Crisis, per Noor Sweid; Saudi AI Startup Incubator
Augustus Media FZ LLC
May 23, 2025
Friday, May 23, 2025
Happy Friday everyone!
The fifth edition of the Qatar Economic Forum, powered by Bloomberg, came to an end on Thursday and the last day delivered more insights for Middle Easter and global audiences. Details in our first story of the day.
Meanwhile, Noor Sweid, founder of venture capital firm Global Ventures, says Middle East startups are struggling to raise Series B funding, potentially slowing their path to public listings. Also, Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) has introduced a specialized incubator within its Center of Digital Entrepreneurship focused on supporting AI startups.
But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.
Highlights of Day 3 of Qatar Economic Forum
Who said what?
Qatar’s $524 billion sovereign wealth fund, the Qatar Investment Authority (QIA), remains actively engaged in China despite rising geopolitical tensions. Speaking at the Qatar Economic Forum, Mohammed Al-Hardan, QIA’s head of technology, media, and telecoms, said the fund is pursuing Chinese investments while carefully avoiding moves that could harm relations with the U.S. “We can’t discount China. It is a very significant market,” he noted. Al-Hardan also defended recent AI-related deals signed during former U.S. President Donald Trump’s Middle East visit, emphasizing that access to advanced chips benefits both the U.S. and the region. These agreements have sparked concerns in Washington, where officials worry that American technology could indirectly reach Chinese firms. Despite such tensions, QIA is expanding its U.S. footprint, with its CEO announcing plans to invest an additional $500 billion in the U.S. over the next decade—effectively doubling the fund’s annual investments in America.
At a tech investment panel, Samia Bouazza, CEO of Abu Dhabi-based Multiply Group, shared that she uses a “virtual board” developed by local firm Aleria to challenge her decisions. Multiply’s largest shareholder, International Holding Co. (IHC), also introduced an AI-powered board observer last year to enhance strategic decision-making.
Goldman Sachs’ Christina Minnis, global head of credit and asset finance, told Bloomberg TV that Europe is a major focus for investors, with growing capital flowing into defense, AI, healthcare, and research. She noted a surge in investment in these sectors, reflecting broader Wall Street sentiment that European stocks could outperform U.S. markets for the first time in decades. Minnis highlighted that this trend aligns with geopolitical shifts and rising demand for advanced technologies and security. Beyond Europe, she identified the U.S. and the Middle East as other key regions where Goldman Sachs sees strong investment potential ahead.
At a panel on African startups, the conversation centered on the shifting landscape of venture capital and the impact of former U.S. President Donald Trump’s trade war and the scaling back of the U.S. Agency for International Development. Despite these setbacks, there was optimism as African venture capital funds showed growth, accounting for 46% of investment in a Bloomberg survey of 147 companies. Chilufya Mutale-Mwila, co-founder of Zambian fintech eShandi, noted that international VC firms were often rigid, making fundraising challenging. She emphasized the importance of investors understanding how their money is used. Startups were also increasingly diversifying their capital sources, looking to the Middle East — including Qatar, Saudi Arabia, and the UAE — as well as local African funders, in an effort to build more resilient and flexible financing networks.
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Noor Sweid Warns of “Massive Funding Gap” in Middle East at Series B Stage
📰 What Is It About
Middle East startups are struggling to raise Series B funding, potentially slowing their path to public listings, according to Noor Sweid, founder of venture capital firm Global Ventures.
Sweid pointed out a “massive funding gap” in the region at the Series B stage, which is critical for scaling operations.
The challenge is partly due to smaller fund sizes in the region, limiting the amount any single investor can commit to one company.
❗ Why It Matters
Founders are spending months — sometimes up to nine — raising capital instead of focusing on revenue growth and scaling.
This fragmented funding process is causing delays in startup maturity and IPO readiness, weakening the region’s startup momentum.
Without large, committed investors, the growth of high-potential firms is being stunted.
🔍 What’s Next
Global Ventures recently led a $15 million round in UAE-based language tech firm Tarjama, joined by over six investors.
The firm expects to close two more deals this quarter, one involving an AI-focused startup.
While Series B interest has picked up in early 2025, Sweid says larger funds—$300 million and up—are urgently needed to unlock the next wave of MENA startup IPOs.
Saudi Arabia Launches Specialized AI Startup Incubator to Boost Digital Innovation
🔹 What Is It About:
Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) has introduced a specialized incubator within its Center of Digital Entrepreneurship focused on supporting AI startups.
The four-month program will include 20 AI startups and provide training, financial backing from the National Technology Development Program (NTDP), mentorship, digital incentives, networking opportunities, and office space.
The initiative is a collaborative effort involving the Saudi Data and AI Authority (SDAIA), NTDP, the Saudi Company for Artificial Intelligence, SambaNova, and BIM Ventures.
🔹 Why It Matters:
This move strengthens Saudi Arabia’s position as a regional innovation hub and highlights AI’s crucial role in driving digital economic growth.
The program offers vital resources to AI entrepreneurs, helping transform ideas into viable technologies and fostering a robust innovation ecosystem.
It aligns with the Kingdom’s broader AI strategy, including a $1 billion investment announced at Leap 2024 to accelerate regional AI startups.
🔹 What’s Next:
Saudi Arabia continues to expand its AI ecosystem with initiatives like SparkLabs Group’s AIM-X accelerator, which supports early-stage AI startups with $200,000 investments under the national AI.M initiative.
The incubator is expected to nurture a new wave of AI innovation, contributing to the Kingdom’s goal of becoming a global leader in artificial intelligence technology.