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.
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21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Killing of Qassem Suleimani
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
Killing of Qassem Suleimani
The Outsider
Stephen King, Penguin
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When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
Killing of Qassem Suleimani
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
KILLING OF QASSEM SULEIMANI
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