Marhaba folks! 🌟

Hope you're having a great day! In today's edition, we're covering:

• 🚀 Saudi Arabia Soars in Global E-Government Rankings 🌐📈

• 🤝 Sheikh Tahnoon Meets Tech Giants Musk & Bezos to Explore AI Collaboration 🌐🤖

• Amplify Growth Partnership Launches $100 Million Debt Fund to Boost Tech in MENA 🚀💼

Let's dive in! 👇

🚀 Saudi Arabia Soars to 6th in Global E-Government Rankings, UAE Follows Closely on 11th 🌐📈

📰 What is it about?

• Saudi Arabia jumped 25 places in the UN E-Government Development Index (EGDI) 2024, ranking 4th globally, 1st regionally, and 2nd among G20 nations.

• The Kingdom secured the 7th position in the e-participation index, with Riyadh ranked 3rd among 193 cities.

• Significant advancements in the Telecommunications Infrastructure Index and Human Capital Index highlight Saudi Arabia’s progress in digital governance.

💡 Why it matters?

• The leap in rankings reflects the success of Saudi Vision 2030 and positions Saudi Arabia as a key player in the digital economy regionally and globally.

• Saudi Arabia’s 100% maturity in digital government regulations and open data accessibility showcases the efficiency and inclusiveness of its e-services.

• These achievements strengthen the Kingdom’s role as an innovator in e-governance, helping to drive productivityand efficiency across sectors.

🔜 What’s next?

• Saudi Arabia will continue its digital transformation, aiming for leadership in the global digital space, as it builds an economy centered on innovation.

• The Kingdom's investments in technology infrastructure and human capital will further cement its position in the global digital government ecosystem.

• UAE followed closely in 11th position globally, surpassing major nations like Germany, Japan, and Sweden, underlining the region's strong digital presence.

📈 Markets

🤝 Sheikh Tahnoun Meets Tech Giants Musk & Bezos to Explore AI Collaboration 🌐🤖

📰 What is it about?

• Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, met with Elon Musk and Jeff Bezos to discuss AIand advanced technology collaboration.

• Discussions with Musk centered on the latest AI advancements and potential for joint efforts.

• Talks with Bezos focused on the importance of global partnerships for achieving technological leadership and shaping the future economy.

💡 Why it matters?

• The UAE aims to become a global leader in AI, prioritizing talent investments and diverse partnerships.

• AI cooperation is key to driving innovation and economic growth, aligning with the UAE’s ambitious plans for the future of technology.

• The meetings strengthen UAE-US ties, particularly in AI, through the Common Principles for Cooperation on AIpact endorsed on September 23.

🔜 What’s next?

• Collaborative efforts will focus on safe and ethical AI, cybersecurity, and talent development, driving AI innovation across industries.

• The UAE’s vision includes advancing AI for clean energy, sustainable development, and fostering global trade and investment in technology.

• Expect more strategic partnerships between UAE and global tech leaders, as part of the UAE’s drive to stay at the forefront of AI advancements.

Quote of the day
“The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr., American author

Amplify Growth Partnership Launches $100 Million Debt Fund to Boost Tech in MENA 🚀💼

📰 What is it about?

• Amplify Growth Partnership has launched a $100 million growth debt fund.

• The fund focuses on providing debt capital to tech-focused companies in the MENA region, with special attention to the GCC.

• First transaction completed with a fintech company in Saudi Arabia.

• Partnership between Ajeej Capital and Nuwa Capital, led by Sharaf Sharaf.

💡 Why it matters?

• Aims to bridge the debt capital gap in the MENA tech ecosystem, particularly for Series A to C startups.

• Although 2023 saw a surge in venture-backed debt in MENA, most funding went to large-scale deals.

• Amplify focuses on market-standard transactions, supporting a broader range of VC-backed companies.

• The fund addresses a historically underserved market for venture and SME debt capital in the region.

🔜 What’s next?

• Amplify plans to deploy capital to companies with proven market demand and are in scaling phases.

• 20% of capital will be allocated to non-MENA businesses looking to enter the region or integrate technology into traditional sectors.

• Amplify will continue expanding its portfolio, with more deals in the pipeline and an upcoming second transaction.

• Led by Sharaf, the fund will benefit from Ajeej and Nuwa Capital’s networks and expertise to support growth in the region.

In other news…

1. Abu Dhabi shuts down two restaurants amid food safety violations.

2. IHG and Aldar are transforming six hotels on Yas Island into one luxury resort.

3. Moroccan HRTech Kwiks secures $827k to boost AI recruitment.

4. McDonald’s UAE drives new initiative to aid 3,000 patients in need, amid boycotts.

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