Egyptian sportswear manufacturer Magma has announced its acquisition by Averroes Ventures.
Magma offers a distinct value proposition as a local manufacturer with global potential by leveraging its unique technology, which serves as the foundation of all of its products. The new strategic investment, led by Averroes’ chairman, Mohamed El Sewedy, is expected to significantly improve the company’s product quality and presence in the local and regional markets. The acquisition will help Magma meet the needs of a previously untapped segment of the Egyptian market.
Abu Dhabi has ranked as the fastest-growing emerging ecosystem in the Middle East and North Africa (MENA) region, marking a 28 per cent growth in ecosystem value in the 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network, launched during London Tech Week. GSER, which uses the world’s most quality-controlled dataset on startup ecosystems, analyses data from more than 4.5m companies across more than 300 entrepreneurial innovation ecosystems. It provides compelling new insights and deep knowledge about startup trends around the world and ranks the Top 40 global ecosystems, emerging ecosystems, and an expanded regional ranking. Abu Dhabi startups As part of Startup Genome’s analysis of the UAE’s capital city, including the growing startup activity at Hub71, Abu Dhabi’s global technology ecosystem, GSER 2024 found that Abu Dhabi continues to be the fastest-growing emerging ecosystem in the MENA region. The ecosystem created $4.2bn in Ecosystem Value from July 1, 2021 to December 31, 2023, representing 28 per cent compound annual growth compared to July 1, 2019 to December 31, 2021 period. Ecosystem Value is a measure of economic impact, calculated as the value of exits and startup valuations. Abu Dhabi’s ranking jumped 15 spots compared to the previous year, landing in the 61-70 group and Total Early-Stage Funding between July 1, 2021 and December 31, 2023 is $284m and total VC Funding for 2019-2023 is $1.06bn. In addition, Abu Dhabi was ranked: Other ranks attained by the emirate include posting within the Top 10 MENA Ecosystem in Knowledge, which measures innovation through research and patent activity, within the Top 15 MENA Ecosystem in Bang for Buck, which measures the amount of runway tech startups acquire, on average, from a VC round, within the Top 15 MENA Ecosystem in Affordable Talent, which measures the ability to hire tech talent. It was also highlighted in the FinTech, AgTech and New Food, and ClimateTech sectors for their density of talent, support resources, and startup activity. Also spotlighted were the Golden Visa and Abu Dhabi’s strategic location, which were cited as reasons a startup should move to the ecosystem. Ahmad Ali Alwan, CEO of Hub71, said: “Abu Dhabi’s rise as a leading startup ecosystem in the region is a testament to the opportunities it offers entrepreneurs worldwide. “Its favorable environment creates the funding and commercial prospects and establishes the foundation for startups to scale. This is exemplified through Hub71 which has seen its startup community grow over the past five years as more startups identify Abu Dhabi as a launchpad for their global expansion. “As the Startup Genome report shows, Hub71 is fulfilling the vision of our leadership to maximize the potential of disruptive ventures that are transforming society with impact.” The report highlights Abu Dhabi’s key ecosystem players including Abu Dhabi Global Market (ADGM), Mubadala Investment Company, ADQ, the Abu Dhabi Investment Office (ADIO), startAD, and Abu Dhabi Department of Economic Development (ADDED), which are contributing to a favourable operating and regulatory environment and offering unique incentives, such as 100 per …
The Arabian Research Bureau is pleased to announce that COMEX 2024 – Global Technology Show, the leading technology exhibition of the year in the Sultanate of Oman will feature 24 Elements. For the previous 32 Editions, COMEX has been offering a platform for individuals, businesses, investors, and government bodies and organizations to present their products, innovations that help explore and discuss solutions in the world of tech. The 33rd Edition of COMEX 2024 is organized under the support of the Ministry of Transport, Communication and Information Technology, and is set to take place during the period from 27-30 May 2024, at Oman Convention and Exhibition Center. The event aims to create a convergence point for tech enthusiasts, startups, innovators, industry experts, investors, and visionaries, offering visitors, participants and exhibitors an opportunity to explore, network, and learn about the latest trends and advances in technological development. The exhibition also highlights cutting-edge and diverse solutions in technology, including artificial intelligence, digital transformation, cybersecurity, Programming, blockchain technology and electronic and digital knowhow of all kinds. Furthermore, COMEX 2024 seeks to facilitate the efforts of digital transformation, technological development and diversification of investment in technology, knowledge and innovation in the Sultanate of Oman. Keeping abreast of the accelerated global developments of advanced technologies and the role of technology in the development of capabilities, skills and productivity and its importance in supporting the national economy, COMEX will receive wide participation from various government agencies and regional and international tech companies. COMEX 2024 aims at showcasing 24 different elements and offers a diverse selection of activities and zones that include the Banking, Fintech and InsureTech Zone, which discusses innovative solutions in the advancement of digital banking, cryptocurrency, digital wallets and much more. The 2nd Digital Government Forum provides valuable insights from keynote speakers and panel discussions featuring top experts from around the GCC, sharing their vision for the future of technology. The COMEX VIP Majlis, which connects industry leaders, potential partners, and like-minded individuals to foster collaboration and innovation in a private zone. The Tech Startup Zone, which promotes new tech companies, as well as provide a platform where emerging startups will pitch their groundbreaking ideas and solutions, and investors are able to scout for promising innovations. The COMEX exhibition also includes the VIP B2B Buyers and Meeting Zone for businesses looking to invest, collaborate and grow; offering a unique opportunity to capture promising opportunities in the tech sector. The COMEX Workshops, which help to expand knowledge and skills through interactive workshops and training sessions conducted by industry leaders. Drones, Future Mobility, EV, Renewable and Sustainable Energy Zone, a special zone for companies to promote the latest technology in renewable and sustainable energy. As well as several additional features like COMEX Hackathon, Gaming and Esports, Talks and much more. COMEX 2024 is a groundbreaking exhibition that promises to be an extraordinary showcase of innovation, technology, and cutting-edge solutions. Do not miss the opportunity to be part of Oman’s most prestigious tech event.
Moscow, Russia-based Neosun Energy, a global developer of solar energy solutions has lately announced the opening of a new regional office in Dubai, United Arab Emirates to extend its footprint to the MENA market. The company is also planning to open new offices in Saudi Arabia and Oman soon. Historically known for its abundant oil reserves, the MENA region is now witnessing a paradigm shift towards sustainable energy sources, with a concerted effort to harness its vast natural resources for renewables. According to the International Energy Agency (IEA), the MENA region is projected to add 62 GW of renewable energy capacity over the next five years. The projection aligns with COP 28 i.e. the United Nations Climate Change Conference that took place in Dubai from 30 November to 12 December 2023. The growth acceleration for solar capacity in the region is expected to grow over three times that of the last five years – marking over 85 percent increase. Speaking of the development, Ilya Likhov, CEO of Neosun Energy, in a press release said, “The unique climatic conditions of the MENA region make it an ideal center for solar energy production. The UAE, Saudi Arabia, and Oman have one of the highest solar exposure rates globally, with solar irradiance from around 2,285 kWh/m2 to 7,004 kWh/m2,” said Likhov. Speaking of the MENA region as an ideal opportunity for solar energy solutions, Likhov says, “As solar energy is the most cost-effective form of energy generation today, the MENA countries can produce the cheapest electricity. All of this is fertile ground for local entrepreneurs to utilize solar energy solutions to make their businesses more profitable,” Likhov adds. According to the company, one of the key advantages of Neosun’s solar installations is their adaptability for remote and off-grid locations, addressing the challenges of limited or unreliable conventional electricity access. By harnessing solar energy, businesses in remote areas can initiate operations independently of the grid, unlocking new avenues for economic growth and development. Today their projects are presented in 16 countries. Speaking of the growth opportunities for local businesses in the MENA region, Likhov said, “We are already in talks with potential partners in the MENA region. We strongly believe that the new Neosun Energy office will help to be closer to local businesses and commercial enterprises to provide them with affordable solar energy solutions: be it solar plants, innovative energy storage systems, or portable Power Hubs.” “Using the new solar energy technologies will help local businesses to increase their cost efficiency and investment attractiveness,” Likhov concluded. Source: Laffaz
