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Tag: MENA

  • Scale AI alum raises $9M for AI serving critical industries in MENA | TechCrunch

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    Bilal Abu-Ghazaleh had just moved to London few days before our call, splitting his time between there and Dubai.

    After nearly a decade in the U.S., including a stint at Scale AI, he’s bringing that experience to his next venture: 1001 AI , a company creating AI infrastructure for critical industries across the Middle East and North Africa (MENA).

    The startup recently raised a $9 million seed round led by CIV, General Catalyst, and Lux Capital. Other backers include global and regional angels such as Chris Ré, Amjad Masad (Replit), Amira Sajwani (DAMAC), Khalid Bin Bader Al Saud (RAED Ventures), and Hisham Alfalih (Lean Technologies).

    Abu-Ghazaleh said his two-month-old company promises to cut inefficiencies in high-stakes sectors like aviation, logistics, and oil and gas through an AI-native operating system for decision-making. 

    “Just looking at the top three or four industries like airports, ports, construction, and oil and gas, we see more than $10 billion in inefficiencies across the Gulf alone,” the founder and CEO said in an interview with TechCrunch. “That’s just in markets like the UAE, Saudi Arabia, and Qatar. Even without counting other sectors, these industries represent a massive opportunity.”

    For example, any efficiencies found in airport operations can compound the savings, impacting both the airport and its airlines. Meanwhile, he said nine out of ten of the regions mega-projects fall behind schedule or go over budget, meaning even small increases in efficiencies can save these projects serious money.

    1001 AI hopes to sell its decision-making AI to new projects after it launches its first product, which is scheduled by year’s end. The startup is in talks with some of the Gulf’s largest construction firms and airports, said Abu-Ghazaleh.

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    Born and raised in Jordan, Abu-Ghazaleh moved to the U.S. for college and later joined the Bay Area’s startup scene. After an early product role at computer vision startup Hive AI, he joined Scale AI in 2020 during its rapid expansion. There, he rose through the ranks from operations associate to director of the company’s GenAI operations, scaling its contributor network responsible for annotating and labeling training data.

    He was later set to join Scale’s international public sector unit, which builds AI solutions for foreign governments. But when Meta invested in Scale, the company shifted direction, and Abu-Ghazaleh left to found 1001 AI.

    The Gulf, particularly the UAE and Saudi Arabia, has become one of the world’s most aggressive adopters of AI. From sovereign-backed ventures like G42 in Abu Dhabi to Saudi Arabia’s National Center for AI, governments are investing billions to build local AI infrastructure and attract global talent.

    For Abu-Ghazaleh, that mix of appetite, budget, and urgency makes the region a perfect testing ground. But unlike most AI startups focused on software or enterprise tools, 1001 targets real-world physical operations, an area where the company’s investors believe the potential is even greater in the Middle East.

    “We’re extremely bullish on AI that solves physical-world problems at scale i.e, optimizing how airports turn around flights, how ports move cargo, how construction sites operate,” said Deena Shakir, partner at Lux Capital. “The MENA region offers significant potential in this space with mission-critical infrastructure that’s under-digitized and ripe for transformation.”

    While the product is still under development, Abu-Ghazaleh offered a glimpse into how it works. The system pulls in data from a client’s existing software, models operational workflows, and issues real-time directives to improve efficiency.

    “Today, an operations manager might manually call someone to reroute a fuel truck or send a cleaning crew to another gate,” said Abu-Ghazaleh. “With our system, that orchestration happens automatically. The AI orchestrator uses real-time data to reroute vehicles, reassign crews, and adjust operations without human intervention.”

    Unlike most early-stage AI startups that target specific industries, Abu-Ghazaleh says 1001 can be accessible by many because operational flows across industries often look the same.

    That model borrows from the rigor of consulting and contract work. The team spends weeks embedded with clients, running co-development sprints to tailor its systems to each operation’s realities, the CEO said. 

    “Bilal is building the decision engine to automate that complexity with Scale-proven execution and the regional gravity to make 1001 the platform this market builds on,” commented Neeraj Arora, managing director at General Catalyst.

    The new funding will accelerate early deployments across aviation, logistics, and infrastructure, while fueling recruitment in engineering, operations, and go-to-market role as it grows its team across Dubai and London.

    1001 AI plans to launch its first customer deployment by the end of the year, starting with construction. Over the next five years, Abu-Ghazaleh wants the company to become the Gulf’s go-to orchestration layer for these industries before expanding globally.

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    Tage Kene-Okafor

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  • Jeff Nichols To Mentor Emerging Arab & African Directors At Marrakech’s Atlas Workshops + Project Line-Up

    Jeff Nichols To Mentor Emerging Arab & African Directors At Marrakech’s Atlas Workshops + Project Line-Up

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    U.S. director Jeff Nichols has been named as the 2024 patron of the Marrakech International Film Festival’s Atlas Workshops, as the talent and project incubator also unveils the projects selected for this year’s edition.

    Launched in 2018, the initiative has supported a raft of emerging and more established filmmakers and their projects, hailing from Morocco, the Arab world, and Africa.

    Nichols – whose filmography includes 2011 Cannes Critics’ Week winner Take Shelter, Cannes Palme d’Or contenders Mud (2012) and Loving (2016) as well as more recent credit The Bikeriders – is the second announced patron.

    The role was created last year, with Martin Scorsese due to kick off the inaugural patronship, but he was forced to cancel his Marrakech trip for personal reasons at the eleventh hour.

    Nichols will take part in a number of sessions with selected projects in development and post-production. This year’s cohort of filmmakers will be known as the Class of Jeff Nichols.

    “I’m thrilled to visit this incredible festival for the first time. Accepting the position as Patron to this year’s Atlas Workshops is an honor, and I consider myself lucky to have the opportunity to share in the journey these filmmakers are on,” said the director.

    “Interacting with other filmmakers is always an inspiration to me, and I hope my involvement helps them on their path to getting their films out into the world.”

    Project details

    This year’s Atlas Workshops will host 17 projects in development and 10 films in production or post-production from 13 countries, selected from 320 applications received from across the African continent and the Arab world.

    Chronicles From A Siege Era

    Evidence Films

    Highlights in development include Alicante, the first fiction feature from French-Palestinian-Algerian director Lina Soualem after her award-winning documentary Bye Bye Tiberias.  From Morocco, Talal Selhami will unveil The Shelter, his third film after the buzzy horror Achoura and fantasy thriller Mirages.

    First feature films in development include The Source by Mouloud Ouyahia, whose short film The House is on Fire, Might as Well Get Warm was presented in Cannes Directors’ Fortnight in 2023, and multidisciplinary artist Nuno Miranda, who explores the beautiful meeting of two soulmates amid mourning and exile in Flowers of the Dead.

    Films in production or post-production include In the Shadows of Good Fortune by Nigerian director Babatunde Apalowo, whose All the Colours of the World Are Between Black and White played in the Berlinale’s Panorama line-up in 2023.

    The selection will also unveil first looks for Cherien Dabis’s All That’s Left of You (Palestine); Marwan Hamed’s El Sett (Egypt), his eagerly awaited biopic of legendary diva Umm Kulthum; and Tarzan & Arab Nasser’s Once Upon a Time in Gaza (Palestine).

    The Atlas Workshops will unveil the first images of two films that participated in previous editions while in development: Zamo Mkhwanazi’s Laundry (South Africa) and Meryem Benm’Barek’s Behind the Palm Trees (Morocco), which were selected for the platform in 2018 and 2022 respectively.

    Running from December 1 to 5 inclusive, the seventh edition is one day longer than previous years.

    Project line-up for the seventh Atlas Workshops (* denotes first film)

    Projects in Development
    Alicante,  Lina Soualem (Algeria)
    The Beastly One, Walid Messnaoui (Morocco) *
    Flowers of the Dead, Nuno Miranda (Cape Verde) *
    Ici Repose, Moly Kane (Senegal) *
    Lucky Girl, Linda Lô (Senegal) *
    The Orange Grove, Murad Abu Eisheh (Jordan) *
    Princesse Téné, Fabien Dao (Burkina Faso) *
    Pure Madness (Pure Folie), Inès Arsi (Tunisia) | Doc *
    Samir, The Accidental Spy, – Charlotte Rabate (Syria) *
    The Shelter, Talal Selhami (Morocco)
    The Source,  Mouloud Ouyahia (Algeria) *
    Your Turn, 2023, Cynthia Sawma (Lebanon) *

    Atlas Close-ups (Moroccan projects in development)
    And Still I Rise, Djanis Bouzyani, doc *
    Dar Marjana, Lamia lazrak, doc *
    Fatwa, Mohamed el Badaoui
    The Field, Mohamed Bouhari *
    The Nours– Yassine Iguenfer *

    Films in Production or Post-production
    Aisha Can’t Fly Away, Morad Mostafa (Egypt) *
    All That’s Left Of You, Cherien Dabis (Palestine)
    Bardi, Tala Hadid (Morocco)
    Behind The Palm Trees, Meryem Benm’barek (Morocco)
    Chronicles From A Siege Era, Abdallah Al-Khatib (Palestine, Syria)
    In The Shadows Of Good Fortune, Babatunde Apalowo (Nigeria) –
    It’s A Sad and Beautiful World, Cyril Aris (Lebanon)
    Laundry, Zamo Mkhwanazi (South Africa) *
    Once Upon A Time In Gaza, Tarzan & Arab Nasser (Palestine)

    Atlas Film Showcase (film in final stages of editing and seeking a festival premiere)
    El Sett, Marwan Hamed (Egypt)

    Selected Moroccan Professionals at Atlas Station
    Youssef Amar, Producer
    Khaoula Assebab, Director and Producer
    Zineb Chafchaouni Moussaoui, Director
    Meriame Essadak, Producer
    Aymane Hammou, Director and Producer
    Hicham Harrag, Director and Producer
    Samir Harrag, Director and Producer
    Safae Lahgazi Alaoui, Director
    Jabrane Lakhssassi, Director and Producer
    Basma Rkioui,  Director and Producer

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    Melanie Goodfellow

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  • COTU Ventures launches $54M fund for pre-seed and seed startups in MENA | TechCrunch

    COTU Ventures launches $54M fund for pre-seed and seed startups in MENA | TechCrunch

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    Dubai-based early-stage venture capital firm COTU Ventures is announcing that it has raised $54 million for its inaugural fund to support startups in the Middle East from pre-seed to seed stages.

    With a final close achieved last year, COTU Ventures, which identifies and backs founders from the inception to post-product launch, invests between $500,000 to $2 million while reserving capital for follow-on investments.

    Over the past two and a half years, COTU Ventures has actively deployed capital into startups across the GCC, focusing primarily on the UAE and Saudi Arabia, Egypt and Pakistan. The firm has already backed over 20 early-stage startups across various sectors, as outlined in its statement.

    Founder and general partner Amir Farha revealed in an interview with TechCrunch that COTU Ventures is inclined slightly towards fintech and B2B software. However, the firm is open to opportunities across other sectors. Noteworthy investments by COTU Ventures include Huspy, a UAE mortgage platform backed by Peak XV and Founders Fund, and Egyptian fintech startup MoneyHash.

    “The consumer wave happened with Careem and some other applications. Today, businesses are lagging a bit behind, so there’s a huge opportunity to build software to help solve many of their problems. We are also interested in high-margin industries where technology can play a massive role and capitalize on margin efficiencies,” said Farha on the opportunities COTU is keen on.

    Amir Farha (Founder and general partner, COTU Ventures)

    Careem, the poster child of the startup scene in the MENA and GCC region, was one of the earliest investments Farha made as a VC at his previous firm, BECO Capital.

    Several years after working at a corporate VC investing across the U.K. and Sweden and later running the first seed fund and angel network in the region backed by the Dubai government, Farha launched BECO Capital in 2012, where he took part in running the firm’s investments, strategy and firm building efforts for its first fund ($50m) and second fund ($100m) before departing to launch COTU Ventures. 

    While at BECO Capital, Farha and his partner returned the first fund, whose portfolio includes General Atlantic-backed PropertyFinder and Fresha, following Uber’s acquisition of Careem. He also noted that BECO Capital’s second fund, which includes well-capitalized startups such as Kitopi and MaxAB, “is doing really well.”. 

    Reflecting on the evolving investment landscape, Farha explained how BECO Capital was actively involved in seed rounds ranging from a few hundred thousand dollars to Series B rounds of around $5 million before the ecosystem evolved to accommodate more sizeable funds and bigger later-stage investments. In this time, venture capital investments in the GCC region experienced significant growth, soaring from $20 million in 2012 to over $2 billion by 2020.

    As Beco Capital shifted its focus towards later-stage investments with larger funds, Farha decided to depart in 2020 and launch COTU Ventures, doubling down on early-stage investments. This decision, he explained, was driven by the recognition of a market gap. Despite the significant maturation of the GCC tech ecosystem in terms of capital and talent, there remained a crucial need for support beyond just funding at the earliest stages of startup development.

    Farha asserts that a founder’s upbringing and early life experiences can offer valuable insights into their potential for success. At COTU Ventures, he emphasizes the importance of candid conversations that delve deep into a founder’s personal and professional journey, exploring significant life events and decisions. By fostering such open dialogue, COTU Ventures aims to establish trust and strong connections with founders, enabling the firm to make more informed investment decisions.

    Moreover, Farha highlights this strategy allows the firm to provide strategic guidance on fundraising, organizational development, and go-to-market strategy. He added that the venture capital firm also facilitates introductions to key stakeholders such as customers, hires, and potential follow-on investors, offering comprehensive support to its portfolio companies as they navigate Series A rounds and beyond.

    “I love the chaos of the earlier stages where you’re discovering, experimenting and testing. Things look great, but one day, things look difficult, and then you are trying to help solve problems along the way. So that environment suits me as an investor well,” remarked Farha. “Also, there’s a gap. The region is still early and nobody’s owning early-stage with conviction. You have the bigger firms investing smaller checks in the pre-seed stages but don’t spend enough time helping them until they reach product market fit. So, I think there’s that space to be the go-to company that founders want to have on their cap table.”

    COTU Ventures’ limited partners include Lunate, Mubadala, Dubai Future District Fund, Arab Bank, Bupa KSA, and GPs from VCs, including Foundry Group, Tribe Capital, Stride, and several family offices. 

    “We’re proud to have backed a fund that’s distinguished not only by its impressive portfolio but by the exceptional leadership and track record of its founding partner, Amir,” said Sharif Elbadawi, CEO of Dubai Future District Fund, in a statement. “Our confidence in Amir stems from his deep passion for supporting founders and his proven ability to find remarkable investment opportunities before anyone else.”

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    Tage Kene-Okafor

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  • Rolling in Christmas on Christmas Day With Mena’s Sing-Along Christmas Songs and Christmas Music Videos

    Rolling in Christmas on Christmas Day With Mena’s Sing-Along Christmas Songs and Christmas Music Videos

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    Press Release
    •

    Dec 25, 2023 18:00 EST

    How are you Rolling in Christmas on Christmas Day? PKOK Music Invites You to Make Your Own Inspiring and Joyful Sing Along Christmas Music Video and share @MenaMovement with Mena.


    MIAMI, December 25, 2023 (Newswire.com)
    –
    PKOK Music is inviting all to sing along with Mena’s original Christmas Songs: My Christmas and Rolling In Christmas. All can watch and sing-along with Mena’s Christmas Music Videos and make a video with the Spirit of Christmas on Christmas Day and share with Mena @MenaMovement. Mena and all of US at PKOK Music wish all a merry, peaceful, and joyful Christmas and a happy and healthy New Year.

    Mena’s album, King Christmas, released by PKOK Music, is Mena’s first Christmas Album featuring Mena’s joyful and fun sing-along songs Rolling in Christmas and My Christmas. T.I.H.I.R.F.A.C (This is How I Really Feel About Christmas) is also a featured song with Mena’s music video dedicated to military families and honoring service men and women for the sacrifices they and their families make especially during Christmas. PKOK Music warmly wishes America’s brave and courageous military and their families for a miracle-filled and terrific Christmas Day.

    Watch Mena’s music videos at MenaMovement (MenaMovement.com). Mena released over 50 music videos on Youtube @MenaMovement. Mena’s songs and music videos are available on all digital platforms and on MenaMovement.com.

    Feel a “Miracle Coming On” in the New Year? PKOK Music invites you to share what God’s Love is doing for you in 2024.

    To access Mena’s digital links and social media handles visit: https://menamovement.com/pages/christmas and listen to Mena’s Christmas album, King Christmas, available on all digital platforms. 

    Source: PKOK Music

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  • Middle East Bucks Global Stock Market Slump, With Slew Of New Listings

    Middle East Bucks Global Stock Market Slump, With Slew Of New Listings

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    The Middle East is bucking a global slump in stock market listings, with an almost 300% rise in the number of companies making their debuts on bourses across the region so far this year.

    According to data from consultancy firm EY, there have been 31 initial public offerings (IPOs) in the region in the first nine months of 2022, up 288% on the same period in 2021. Between them, these deals have raised some $14.7 billion, up 550% year-on-year.

    The pace of new listings has been slowing down as the year has progressed, but the oil windfall that the region’s energy producers are enjoying means the level of activity is expected to remain relatively high for some time.

    There were 15 IPOs in the first three months of the year, raising a combined $4 billion. In the second quarter the number of listings dropped to nine, although the amount raised grew to $9 billion.

    In the most recent quarter, from July-September, there were seven listings which between them raised $1.5 billion in proceeds. The largest of these was the Dubai road toll operator Salik, which raised more than $1 billion. However, most of the deals were in Saudi Arabia, accounting for five of the seven. The only other one was in Morocco, where Disty Technologies raised $17m on the Casablanca Stock Exchange.

    Despite the relative slowdown over the course of the year, the Middle East and North Africa (MENA) is outperforming most other parts of the world when it comes to stock market activity.

    In the first three quarters of this year, there have been a total of 992 IPOs worldwide, according to EY, some 44% less than in the opening nine months of 2021. Between them they have raised $146 billion, a 57% drop year-on-year. The consultancy says the U.S. is set to record its lowest proceeds from stock market listings in almost 20 years.

    “Despite IPO volumes and values declining significantly in the majority of other global markets, the MENA region continues to forge its own path with a steady stream of new listings in Q3, adding to the large number of IPOs already announced across exchanges in the year-to-date,” said Brad Watson, MENA strategy and transactions leader at EY.

    Many parts of the world are facing constraints on economic activity, with high oil prices feeding into rising inflation and dampening investor sentiment. However, in the Middle East many countries are enjoying a surge in oil and gas revenues, which is leading to improved investor sentiment. As a result, most local stock markets have been rising this year, led by the Abu Dhabi Stock Exchange which is up 15% so far this year.

    IPO pipeline

    There continues to be a strong pipeline of new deals, with EY describing the outlook for IPOs in the MENA region in the final quarter of 2022 and into 2023 as “promising”.

    Gregory Hughes, EY’s IPO and transaction diligence leader for the MENA region, said investor confidence in the region has remained high “despite challenging financial headwinds across the world. As we look into Q4, we see no signs of that changing.”

    Among the deals coming to the market are Saudi utility Marafiq, which secured $897 million in orders for its shares in early October and is due to make its market debut in the coming days. The Dubai government is also planning to sell a 10% stake in district cooling firm Empower next month, with a book-building exercise expected to start on October 31.

    Slightly further out, oil giant Saudi Aramco is planning to sell a stake in its energy trading division either later this year or in 2023 and grocery retailer Lulu Group International is planning to list on the Abu Dhabi Securities Exchange next year.

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    Dominic Dudley, Contributor

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  • Win an Existing Restaurant Plus $25,000 Working Capital and LIVE YOUR DREAM

    Win an Existing Restaurant Plus $25,000 Working Capital and LIVE YOUR DREAM

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    Stache’s Cookery L.L.C. is sponsoring a recipe/essay contest to give away a fully operational restaurant, liquor license and $25,000 worth of working capital to one winner chosen by 50 local customers.

    Press Release
    –

    Jun 6, 2016


    Mena, Arkansas, June 6, 2016 (Newswire.com)
    –
    After 7 years of operation in one of the most scenic areas of Arkansas, Stache’s Cookery L.L.C. is looking for that “right soul” with the perfect recipe to GIVE them their dream of owning a restaurant.   Staches Cookery, L.L.C. is proud to sponsor this once in a lifetime LIVE YOUR DREAM recipe/essay contest to win a fully operational restaurant, 1.5 acres of real property, building, contents, inventory, working staff, liquor license and $25,000 of working capital to start your venture in Mena, Arkansas, beginning now through July 30th, 2016.  Fifty (50) local customers will be the final judge for three finalist, who will be flown into Mena to run the restaurant for a day.   An entry fee of $150 is required to enter the contest and entries can be made at www.stachescookery.com.  If minimum amount of entries are not made by contest deadline, Sponsor will refund $125, less $25 for contest administration fees.

    WHO:  Stache’s Cookery, LLC   

    WHAT:  Recipe/Essay Contest

    WHEN: May 16th  – July 30th, 2016

    WHERE:  Mena, Arkansas

    HOW:  Enter at www.stachescookery.com Fill in entry form completely that includes Name, Address, Email Address, Phone, Recipe, Recipe Photo, 200 word or less Essay and $150 entry fee payable with Visa, Mastercard, American Express or Discover.  If minimum of 6,000 entries are not received, entrant will receive $125 refund, less $25 administration fees for contest. 

    KEY MESSAGE:  If you think you have what it takes to own a restaurant, this is YOUR opportunity to LIVE YOUR DREAM!  Enter your signature dish and short essay at www.stachescookery.com for your opportunity to win a fully running business and real estate with NO OVERHEAD!! Plus, $25,000 to start your new venture!  

    TARGET AUDIENCE:  21years – 65 years old, male or female, culinary or hospitality interest, line cooks, corporate restaurant managers for chains, and entrepreneurs

    WHAT DO THEY GAIN FROM THIS:  A fully functioning restaurant, the Warranty Deed to the real property, all contents, furniture, fixtures, equipment, food inventory, liquor license (after they pass ABC state requirements as owner), full working staff willing to stay and $25,000 working capital! 

    OBJECTIVE:  To allow the community to choose the best new owner for the restaurant and set them up for success with no overhead, existing business, $25,000 beginning cash flow for any necessary changes and full working staff willing to stay.

    Source: Stache’s Cookery L.L.C.

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