STV has closed its US$100 million STV NICE Fund I, a non-dilutive capital fund aimed at supporting Saudi Arabia’s tech startups. The fund offers Sharia-compliant financing, allowing growth-stage companies to scale without equity dilution. Backed by public-private partnerships, it aligns with Saudi Arabia’s Vision 2030 economic diversification efforts.
Egypt has been ranked third among Africa’s top technology investment destinations for 2024, securing $297 million across 89 deals. The country also leads in fixed broadband speeds and excels in internet speed, cybersecurity, and technological development, reinforcing its influence in Africa’s growing digital economy.
Egypt secured its position as one of Africa’s top five technology investors in 2024, with $297 million invested in 89 deals. The country also leads Africa in fixed broadband internet speed and continues to make strides in digital infrastructure, ensuring it remains a key player in the continent’s technological transformation.
Aramco’s venture arm, Wa’ed Ventures, has invested in UK-based AI cloud start-up Ori. This investment, aimed at establishing a subsidiary in Riyadh, underscores Saudi Arabia’s growing focus on advancing AI. Ori, which supplies AI infrastructure and uses Nvidia’s H200 chips, has also been backed by Telefonica and NextEra Energy.
Mari Petroleum Company Limited (MPCL) is diversifying into technology by investing in data centers and cloud computing across Pakistan. The initiative includes building Tier III and IV data centers to meet increasing data demands in various sectors, following the creation of a dedicated digital infrastructure subsidiary.
Korean tech giants are poised to expand in the Middle East, exploring opportunities to establish semiconductor facilities in the UAE. This move aligns with the region’s strategy to diversify beyond oil, leveraging AI and advanced manufacturing to foster economic growth.
The Bangladesh Mobile Phone Consumer Association has identified a severe shortage of mobile network towers as a significant barrier to reliable service. With only 40% of the necessary infrastructure built, the country faces frequent disruptions, emphasizing the need for urgent investment and better sector coordination.
Etisalat Misr announces a LE10 billion investment to transform its network, aiming to shift from telecom to technology services in Egypt. The investment supports innovations in digital solutions, financial services expansion, and the introduction of new technologies like 5G and eSIM, aligning with Egypt’s digital transformation goals.
Polymatech Electronics is set to establish a $16 million semiconductor facility in Bahrain, focusing on 5G and 6G components. This initiative marks a key part of Polymatech’s global expansion and aims to meet the rising global demand for advanced semiconductor technology.
