SVC Invests in $150m Global Ventures III Fund
Saudi Venture Capital (SVC) has announced its investment in Global Ventures III, an early-stage venture capital fund managed by Dubai-based Global Ventures, with a fund size exceeding $150m.
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Economy
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Non-oil sectors contributed 75% to UAE GDP in H1 2024
The drive towards a diversified economy took a new leap last year. A report just published from the UAE Ministry of Economy has revealed that non-oil sectors played a central role in the UAE’s economic growth during the first half of 2024, contributing 75% to the country’s GDP.
Entrepreneur
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New opportunity for Abu Dhabi social tech startups
Abu Dhabi’s global tech ecosystem Hub71 has signed a Memorandum of Understanding (MoU) with the emirate’s Authority of Social Contribution – Ma’an as a way of helping accelerate social tech entrepreneurship and bringing lasting social impact to the emirate.
Economy
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SWFs – who spent more in 2024?
Abu Dhabi’s Mubadala Investment Company played a major role in sovereign wealth fund (SWF) activity in 2024, accounting for nearly 20% of the $136.1bn total spent worldwide. Mubadala deployed $29.2bn in 2024, a substantial rise from the $17.5bn invested the previous year. Key focuses included the digital economy, AI and digitisation.
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Real Estate
Digital transformation in Dubai real estate
Dubai Land Department (DLD) has unveiled plans to introduce its Smart Rental Index in January 2025, a cutting-edge initiative designed to revolutionise the emirate’s real estate sector.
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Startup
Saudi foodtech startup Calo secures $25m in Series B funding
Riyadh-based foodtech startup Calo has raised $25m in a Series B funding round led by Nuwa Capital alongside STV, Khwarizmi Ventures, and regional family offices. The oversubscription caused Calo to extend the round to $50m, with a further $25m raise planned for Q1 2025.
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Real Estate
UAE’s Seed Group in ‘hospitality tech’ joint venture
South Korean hospitality technology leader ONDA is expanding into the Middle East through a joint venture with UAE-based Seed Group. This move will leverage Seed Group’s regional networks to help establish ONDA’s presence in the growing MENA hospitality market.
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Real Estate
Reportage Group hits $1.5bn in real estate sales
UAE real estate developer Reportage Group has announced sales of $1.5bn, a growth of 50% compared to 2023. The company’s portfolio spans 50 projects including 312 townhouse units in Abu Dhabi’s Reportage Village, Verdana’s new phase in Dubai, and the Najd project in Saudi Arabia.
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Real Estate
251 new villas in Dubai South development
Dubai South Properties has successfully completed the first phase of its Pulse Beachfront luxury development. It includes 251 units with a mix of three- to five-bedroom villas and is located in the Dubai South Residential District which is home to over 25,000 residents.
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Are Microsoft and Apple finally friends?
Apple’s integration of OpenAI’s ChatGPT into its operating systems earlier this year has sparked optimism at Microsoft. CEO Satya Nadella views the partnership as a significant victory for Microsoft which is both an investor (49% ownership) and commercial partner of OpenAI.