Technology venture capital fund STV has joined forces with Facebook’s parent company Meta to support technology start-ups in Saudi Arabia and the wider Mena region.
The agreement, which intends to boost entrepreneurial ecosystem and build community's capabilities, will also grow STV's portfolio through Meta marketing and platform solutions.
Now, more than ever, businesses and communities in our region rely on our platforms, products and tools to engage with customers and expand their reach and their online presence
Fares Akkad,
Meta’s regional director for Mena
Through its partnership with STV, Meta aims to enhance its investment in Saudi Arabia — the Arab world’s biggest economy — and the Mena tech ecosystem by “building technical capabilities for SMB [small and medium business] owners, upskilling entrepreneurs and supporting marketers and developers”, said Fares Akkad, Meta’s regional director for Mena.
“As a priority market for Meta, we are keen on growing the wider tech ecosystem in the country [Saudi Arabia] … now, more than ever, businesses and communities in our region rely on our platforms, products and tools to engage with customers and expand their reach and their online presence.”
Despite the Covid-19 pandemic, regional start-ups keep booming as they attract increased financing to support their operations.
Start-ups in Saudi Arabia attracted a record $548 million worth of venture capital funding through 139 transactions in 2021, data platform Magnitt says. FinTech start-ups closed 19 per cent of total deals in the kingdom last year.
Total financing from venture capital funds in the Middle East surged 132 per cent to almost $2 billion last year, with the total number of deals up 5 per cent to 410, Magnitt found.
The STV and Meta partnership will build technical capabilities through education and awareness for the entrepreneurs, marketers and developers, the two companies said in a joint statement. It will also help STV portfolio companies through strategic and financial incentives provided by Meta.
STV is the largest independent technology venture capital fund in Mena with more than $500m in capital. It began operations in 2018 and has offices in Riyadh and Dubai.
It was an early investor in ride-hailing company Careem, which was later acquired by Uber for $3.1bn. It has also backed Egypt’s online healthcare start-up Vezeeta and UAE-based Trukker.
“The importance of social platforms like Meta’s for customer engagement and brand management led us to explore partnerships where we can support our portfolio in this area,” STV said.
“We have seen how crucial online marketing is for scaling the new wave of business and digital champions … the Middle East has one of the highest consumption rates globally, which is reflected in the substantial allocation of venture capital raised towards these channels.”
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Take them home with you if there is no litter bin
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KYLIAN MBAPPE 2016/17 STATS
Ligue 1: Appearances - 29, Goals - 15, Assists - 8
UCL: Appearances - 9, Goals - 6
French Cup: Appearances - 3, Goals - 3
France U19: Appearances - 5, Goals - 5, Assists - 1
UAE currency: the story behind the money in your pockets
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MATCH INFO
Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)
Russia 0
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
UAE currency: the story behind the money in your pockets
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
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Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
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