Nuwa Capital, a venture capital firm based in Dubai and Riyadh, aims to close a $100 million fund by the end of this year as it looks to invest in the rapidly growing number of start-ups in the Middle East.
The firm completed the first close of its Nuwa Ventures Fund I after raising three quarters of its target despite coronavirus-induced challenges.
“The first close [was] much faster than anticipated ... our original plan was to close in up to two years, but it was reduced to half,” said managing partner Khaled Talhouni, who founded Nuwa Capital with Sarah Abu Risheh and Stephanie Prince.
“Things were delayed during the first three months until May ... as markets were closed and we were unable to meet potential start-ups and investors," he said.
"After that things picked up very fast as everybody’s emphasis was on technology and digital during the pandemic.”
Founded in February last year, Nuwa Capital’s launch coincided with the spread of the Covid-19 pandemic around the world.
The venture capital firm is among many looking to invest in start-ups tapping into a technology boom fuelled by the pandemic.
Start-ups in the Mena region attracted a record $1bn in funding last year, according to data platform Magnitt.
“We have been operating in this space for about a decade and continue to see new models emerge and further blur the lines between technology and non-technology,” said Ms Abu Risheh, one of the partners.
“We will be witnessing more pronounced changes across the regional ecosystem and seeing more start-ups reaching escape velocity.”
Nuwa is focused on the rapidly growing Mena region, Sub-Saharan Africa and countries such as Turkey and Pakistan. The company, whose anchor investor is Saudi Arabia-based Al Faisaliah Group, has 10 backers.
It has joined forces with large groups and family offices that are leaders in various industries such as health care, pharmaceutical and property, said Ms Abu Risheh.
The fund also launched the Nuwa Network, which connects founders, investors and operational experts, to help start-ups scale up and expand as they navigate market challenges.
Nuwa supports founders and companies it invests in through a network of operating partners.
It connects the fund’s investors and limited partners, particularly corporate investors, with potential start-ups.
“Although we expected a delay given the challenging economic climate and limited travel, we have been able to build the right partnerships and finalise our first close in under a year,” said partner Ms Prince.
“With a distinguished community of LPs [limited partners] ... we are able to scale up value creation and offer both strategic and operational support.”
Nuwa has already invested in regional companies such as Dubai-based online eyewear retailer Eyewa, FinTech start-up Flexxpay and Cairo-based furniture marketplace Homzmart.
It is set to announce further investments in the coming weeks.
“As a firm, we will be constantly raising funds ... our immediate focus is on raising the remaining 25 per cent. We also co-invest a lot and like to work with other investors,” said Mr Talhouni.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
MATCH INFO
Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)
Russia 0
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
More coverage from the Future Forum
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Brief scores:
Toss: Northern Warriors, elected to field first
Bengal Tigers 130-1 (10 ov)
Roy 60 not out, Rutherford 47 not out
Northern Warriors 94-7 (10 ov)
Simmons 44; Yamin 4-4
Liverpool 4-1 Shrewsbury
Liverpool
Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')
Shrewsbury
Udoh (27'minutes)
Man of the Match: Kaide Gordon (Liverpool)
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Five%20calorie-packed%20Ramadan%20drinks
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EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
COMPANY%20PROFILE
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You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The%20Genius%20of%20Their%20Age
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
RIVER%20SPIRIT
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UAE currency: the story behind the money in your pockets
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Tewellah by Nawal Zoghbi is out now.
