Forbes Middle East - English Issue - January 2022 by Forbes Middle East

THE MIDDLE EAST’S 5 UNICORNS

5 SERIAL ENTREPRENEUR BILLIONAIRES THE WORLD’S TOP 5 MOST VALUABLE UNICORNS

25 YEARS OF NETFLIX 10 NOTABLE STARTUP ACCELERATORS IN MENA

JANUARY 2022 ISSUE 112

KITOPI Bader Ataya

WITH $804 MILLION IN TOTAL FUNDING, MEET THE MIDDLE EAST’S NEWEST UNICORN.

Saman Darkan

Mohamad Ballout

TOP 50 MOST-FUNDED STARTUPS IN MENA

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JANUARY 2022

6 I Sidelines

The New Normal By Claudine Coletti

LEADERBOARDS STARTUPS

CONTENTS

The World’s Top 5 Most Valuable Unicorns In 2021, the world saw the highest rate of startups hitting a $1 billion valuation ever, with 136 new unicorns born in Q2 2021 alone, according to Forbes.

By Layan Abo Shkier

10 I

The Middle East’s 5 Unicorns Here are the Middle East’s five unicorns—startups that were valued at $1 billion—as of December 2021. Two were born last year, two have become listed companies, and one has since been acquired.

By Nermeen Abbas

12 I

By Jamila Gandhi

14 I 10 Notable Startup Accelerators In MENA Investment in MENA-based startups reached $1.2 billion in the first half of 2021—a 63% increase compared to the same period in 2020—according to MAGNiTT. Here are some noteworthy startup accelerators that backed the next generation of innovators and entrepreneurs in 2021.

By Khadijah Khogeer

16 I

Notable Drop-Offs Among MENA’s Most Funded Startups A total of 30 companies dropped off our list of the Top 50 Most Funded Startups in MENA since we last released it in December 2020. Some were not considered due to being older than seven years, while others did not have enough funding as of December 2021. Here are four notable startups that didn’t make it to the 2021 ranking.

By Layan Abo Shkier BILLIONAIRES

18 I 5 Serial Entrepreneur Billionaires These five self-made billionaires have founded at least two businesses. Combined, they are worth $542.5 billion. Net worths are as of December 1, 2021. By Khadijah Khogeer

HOTEL REVIEW

70 I W Maldives The Maldives offers the perfect environment to reboot and get away from city life. These small islands offer big experiences, while providing complete tranquility. By Juweyria Hersi

MONEY

20 I 5 Notable Crypto Crashes Of 2021 While crypto continues to make headlines, it remains a volatile and risky investment. By Omar Tamo

MEDIA COVERAGE

74 I Arab Music Stars Unite In Dubai

To Raise Money For Children’s Cancer Care In Lebanon

MEDIA

The star-studded gala event featured performances from Mohamed Ramadan and Issam Alnajjar, among others, with a live celebrity auction making $177,000 in total across 10 lots. By Samar Khouri

22 I 25 Years Of Netflix In 2022, Netflix celebrates its 25th birthday. Since being established it has become one of the biggest entertainment companies in the world, not just in terms of revenues but also in influence. By Mohamed Rashed AlKhalifa

F O R B E S M I D D L E E A S T.C O M

80 I

Thoughts On Startups JANUARY 2022

CONTENTS

TOP 50 MOST-FUNDED

STARTUPS 34 I 46

Stocking Up

Egyptian e-commerce startup MaxAB is helping support an economy by ushering traditional grocery shops into the digital era. Having attracted $55 million in funding in 2021, it seems investors see an opportunity too. By Samuel Wendel

40 I

Starting Strong

While only established at the end of 2020, Saudi-based buy-now-pay-later platform Tamara managed to raise $116 million in funding in its first seven months. But while the Fintech is helping to redefine retail in MENA, it faces stiff competition. By Hannah Stewart

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

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January 2022

•

4 CONTENTS

Issue 112

COVER STORY

Feeding Demand

INSIDE

•

Having been established in 2018, U.A.E-based cloud kitchen operator Kitopi achieved a $1 billion valuation in under three years. With $804 million in total funding, the cofounders of the SoftBankbacked unicorn are banking on the business model staying relevant beyond the pandemic. By Jamila Gandhi

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

PRESENTS

RHY THMS OF THE WEEK FEATURING TUESDAY

SOUL, JAZZ AND MOTOWN WEDNESDAY

GYPSY JAZZ THURSDAY

FUNKY JAZZ FRIDAY

L ATIN JAZZ SATURDAY

JAZZ DUO AND TRIO

Sola Jazz Lounge, Raffles The Palm Dubai For reservations: (0)4 248 8888, rafflesthepalmdubai.com SOLADUBAI F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

SIDELINES

FORBES MIDDLE EAST

The New Normal After much speculation, many of us based in the U.A.E. are beginning 2022 slightly confused and constantly checking our calendars as we finally transition to a Monday-Friday working week. The country’s landmark decision to move away from the Sunday-Thursday regional standard and align with global norms sets out a very clear message that the U.A.E. is now firmly playing on an international stage in regard to its economy and business landscape. Personally, I’m quite excited to see what other changes this year brings, both for the newly-50 U.A.E. and for the rest of the GCC. A little change often creates a lot of good energy and, unlike 2020, last year offered some relief for many sectors across economies worldwide. Vaccine rollouts, oil price hikes, and the easing of lockdowns all contributed to a gradual recovery, although not a full one. Up to November 2021, global outlooks for 2022 seemed very optimistic, before the emergence of new COVID19 variants resurfaced fears of more disturbances to come. But as we begin 2022, we at Forbes Middle are remaining positive, and celebrating innovation and investment. In our first issue of the year, we’re celebrating the Middle East’s most-funded startups as they endeavour to compete and break new records. In 2021, more startups than ever hit a $1 billion valuation, with 136 new unicorns born globally in Q2 2021 alone. Bus-booking app Swvl and cloud-kitchen platform Kitopi were the two newcomers to the elite club from the Middle East. Last year also saw the Middle East compete with international startup networks. Startup Genome reported that four MENA hubs were among the world’s top 100 emerging ecosystems in 2021: Dubai, Cairo, Riyadh, and Abu Dhabi. Research indicates that the total number of latestage funding rounds in MENA and the total amount of late-stage funding rounds have almost doubled in the last five years. Investment into MENA-based startups hit $1.2 billion in the first half of 2021—a 63% increase compared to the same period in 2020— according to MAGNiTT. And beyond the region’s accelerators, wealth funds, family offices, and angel backers, global investors are knocking and betting on future growth. For example, Japan’s SoftBank Vision Fund 2 made its first-ever investment into a U.A.E.-based company with Kitopi, while South Korea’s IMM Investment Corp backed agri-tech Pure Harvest Smart Farms. Combined, the top 50 most-funded startups in MENA have raised nearly $3 billion in total funding, with the top 10 alone amassing $1.9 billion. These 50 young businesses not only weathered the headwinds from the pandemic, but managed to grow throughout the storm. Of course, this is largely thanks to their technology-based business models, but let’s also give some kudos for the vision and resistance of their cofounders. I hope you enjoy learning more about these entrepreneurs and, as you do, remember that even the most challenging times can create opportunities. Happy reading and happy new year. —Claudine Coletti, Managing Editor

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

INNOVATING SINCE 2010 JANUARY 2022 ISSUE 112

Dr. Nasser Bin Aqeel Al Tayyar President & Publisher nasser@forbesmiddleeast.com

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Editorial

Business Development

Claudine Coletti Managing Editor claudine@forbesmiddleeast.com

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Research

Sarine Nemchehirlian sarine@forbesmiddleeast.com Upeksha Udayangani Client Relations Executive upeksha@forbesmiddleeast.com Tayyab Riaz Mohammed Financial Controller riaz@forbesmiddleeast.com

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Startups

The World’s Top 5 Most Valuable Unicorns In 2021, the world saw the highest rate of startups hitting a $1 billion valuation ever, with 136 new unicorns born in Q2 2021 alone, according to Forbes. Here are the five most valuable unicorn startups in the world, according to CBInsights. The firms were chosen based on Forbes Middle East’s definition of a unicorn—a private company with a valuation of over $1 billion and no more than seven years old. Figures are as of December 2021.

Revolut Cofounders: Nik Storonsky; Vlad Yatsenko Value: $33 billion Total funding: $1.7 billion Last round of funding: $800 million in July 2021 Industry: Fintech / Digital banking Country: U.K. Established: 2015 London-based Fintech Revolut was founded by billionaires Nik Storonsky and Vlad Yatsenko in 2015. Forbes estimated Storonsky’s net worth at $7.1 billion and Yatsenko’s at $1.1 billion as of December 13, 2021. Revolut offers currency exchange, surcharge-free ATMs, global transfer payments, and budgeting services. The company has 16 million customers worldwide. It became the U.K.’s most valuable startup in July 2021 when it announced that it had raised $800 million in a Series E round from SoftBank Vision Fund 2 and Tiger Global Management. This increased the startup’s value to $33 billion. Revolut’s value increased by 500% in just over a year—it was worth $5.5 billion in February 2020. F O R B E S M I D D L E E A S T.C O M

Sam Bankman

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Catalyst. Devoted Health said it would also announce $80 million in additional Series D funding at a later date, bringing its total funding to nearly $2 billion.

Cofounders: Sam Bankman-Fried; Gary Wang Value: $25 billion Total funding: $1.4 billion Last round of funding: $420.7 million in October 2021

Faire

Industry: Fintech Cryptocurrency Exchange Country: Bahamas Established: 2019 The value of Bahamas-based cryptocurrency exchange platform, FTX, jumped by around 38.9% from $18 billion to $25 billion when it announced a $420.7 million funding round in October 2021 from 69 investors, including Iconiq Growth, Tiger Global, and the Ontario Teachers’ Pension Plan. FTX was founded by Gary Wang and billionaire Sam Bankman-Fried in 2019. Following the startup’s July fundraising of $900 million, Bankman-Fried, who owns about half of FTX, became the world’s richest 29-yearold, with a net worth of $22.5 billion at that time. The October funding round raised his wealth to $26.5 billion, according to Forbes.

J&T Express Cofounders: Jet Lee; Tony Chen Value: $20 billion Total funding: $4.6 billion Last round of funding: $2.5 billion in November 2021

IMAGE FROM FAIRE.COM

Industry: Logistics Country: Indonesia Established: 2015 Indonesian courier J&T Express reached a valuation of $20 billion after raising $2.5 billion in funding in late November 2021, according to a report by Reuters. The F O R B E S M I D D L E E A S T.C O M

Cofounders: Max Rhodes; Daniele Perito; Marcelo Cortes; Jeff Kolovson Value: $12.4 billion Total funding: More than $1 billion Last round of funding: $400 million in November 2021 Industry: E-commerce Country: U.S. Established: 2017

Faire’s value jumped from $7 billion in June 2021 to $12.4 billion.

startup is planning an IPO in Q1 2022, when it will list its shares on the Hong Kong Stock Exchange. The six-year-old unicorn was founded by Jet Lee and Tony Chen, according to Crunchbase. It began operations in Indonesia and expanded to 13 countries worldwide, launching J&T Express U.A.E., Saudi Arabia, Brazil, Mexico, and Egypt in June 2021. The startup’s network covers 2.5 billion people globally, with over 240 distribution centers and more than 400,000 service providers.

Devoted Health

U.S.-based online marketplace Faire’s total funding reached over $1 billion when it announced a $400 million Series G round in November 2021. The series was co-led by Durable Capital Partners LP, D1 Capital Partners, and Dragoneer Investment Group. Faire’s value jumped from $7 billion in June 2021 to $12.4 billion. In just over a year, its value increased around five times— in October 2020 it was worth $2.5 billion. Today, the four-year-old startup serves 300,000 retailers across North America and Europe, as well as 40,000 brands from over 80 countries.

Cofounders: Ed Park; Todd Park Value: $12.6 billion Total funding: $1.99 billion Last round of funding: $1.2 billion in October 2021 Industry: Healthcare Country: U.S. Established: 2017 Founded in 2017 by brothers Todd and Ed Park, Devoted Health is a U.S.-based healthcare company that provides services for senior citizens. On October 8, 2021, the company announced that it had closed a $1.1 billion Series D funding round, with Uprising and SoftBank Vision Fund 2 leading with the most significant investment. Other investors included GIC, Andreessen Horowitz, ICONIQ Growth, Maverick, and General

• Correction •

Our December 2021 issue erroneously used a wrong image to represent the late Jai Hari Dalmia in the "2021's Lost Billionaires" leaderboard. We sincerely regret the error.

JANUARY 2022

LEADERBOARD

FTX

Startups

Swvl Headquarters: U.A.E. Post-merger valuation: $1.5 billion Established in: 2017 In July 2021, U.A.E-based app for booking buses, Swvl, agreed to merge with U.S. SPAC Queen’s Gambit Growth Capital, allowing it to become a publicly-listed company and the first $1.5 billion unicorn from the Middle East to be listed on NASDAQ. Founded in Egypt by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, Swvl moved its main office to Dubai in late 2019. It ranked second on Forbes Middle East’s 2020 list of the Middle East’s most-funded startups, with $92 million total in funding at the time.

Kitopi Headquarters: U.A.E. Valuation: Over $1 billion Established in: 2018 In early July 2021, the Dubaiheadquartered cloud-kitchen platform became a unicorn after raising $415 million in a Series C round led by Softbank Vision Fund 2, one of the largest-ever funding rounds in MENA. That brought the company’s total amount of funding to $804 million. Kitopi, which stands for Kitchen Utopia, was founded in January 2018 by Mohamad Ballout, Saman Darkan, F O R B E S M I D D L E E A S T.C O M

Egypt’s fintech, saw its market cap surpass $1 billion in August 2020, and $1.4 billion as of December 28, 2021. Founded by Ashraf Sabry and listed on the Egyptian stock market in 2019, the e-payment company allows users to pay bills with many other services such as recharging electricity bills, pay traffic fines and renew car licenses. With a network of 36 member banks, its mobile platform and more than 250,000 agents, Fawry processes an average of 3 million transactions per day, serving an estimated customer base of 35 million users.

Mostafa Kandil, Swvl

Bader Ataya, and Andres Arenas. It operates over 80 cloud kitchens across the U.A.E., Saudi Arabia, Kuwait, and Bahrain via partnerships with more than 200 brands. Kitopi ranks first among Forbes Middle East’s 2021 50 Most-Funded Startups list.

Emerging Markets Property Group (EMPG) Headquarters: U.A.E. Valuation: Over $1 billion Established in: 2015 In 2020, EMPG that owns and operates classifieds portals in emerging markets – primarily in the MENA, South Asia and Southeast Asia regions – merged with the Netherlands-based OLX Group, for its businesses in

many key markets including Pakistan, Lebanon, Egypt and in the U.A.E. The merger coincided with a fundraising round of $150 million, taking its valuation to over $1 billion. The group’s flagship ventures are Bayut.com in the U.A.E., Saudi Arabia and Jordan, Zameen in Pakistan, Bproperty.com in Bangladesh, Mubawab in Morocco, Tunisia and Algeria, and Kaidee in Thailand. It has presence in 16 countries with 10 brands and 6,750 employees.

Fawry Headquarters: Egypt Market Cap: $1.4 billion Established in: 2008 Fawry, one of the first companies that tapped into

Careem Headquarters: U.A.E Acquisition value: $3.1 billion Established in: 2012 Careem, which scaled rapidly with presence in more than 100 cities in 14 countries across the Middle East and South Asia, was valued at $1 billion during a funding round in 2016. Founded by entrepreneurs Magnus Olsson, Abdullah Elyas and Mudassir Sheikha, Careem was acquired by U.S. ride-sharing company Uber in 2020 for $3.1 billion, marking the biggest tech deal in the Middle East at the time. Following the deal closure, both firms continued to operate their regional services and independent brands. JANUARY 2022

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Startups

Family Offices Increasingly Backing Startups Besides accelerators, hedge funds, and angel investors, family offices—the personal investment firms that manage the affairs of the ultra-rich—are increasingly becoming a driving force behind startups. The past year has seen growing optimism and deal flow from family offices towards startups, according to new data by Silicon Valley Bank (SVB) Capital and Campden Wealth. Findings from the 2021 Family Office Report by SVB indicate that the average family office has 10 venture fund investments (47% of assets) and 17 direct deals (53% of assets). In comparison, in 2020, the average family office held eight venture funds and 10 direct deals. Egypt’s ultra-rich Mansour family is a frontrunner in this arena. Billionaire Mohamed Mansour’s London-based Man Capital family office invests in private capital in companies within the oil and gas, education, healthcare, technology, telecoms, and real estate sectors. His son Loutfy is CEO of the London-based family office, which also has an operational VC arm called 1984 Ventures in San Francisco. Spotify, Fairmarkit, DiDi, Uber, Grub, and Airbnb are some of the industry names backed by Man Capital. Forbes estimated Mohamed Mansour’s real-time net worth at $2.5 billion as of December 12, 2021. One of the world’s most discrete family offices, F O R B E S M I D D L E E A S T.C O M

Mohamed Mansour, with his son Loutfy

Mousse Partners, controlled by Chanel billionaires the Wertheimer brothers, also actively directly invests in startups. The New Yorkbased firm, which manages the wealth of Alain and Gerard Wertheimer, has backed restaurant chain Cava, Butler Hospitality and Beautycounter, according to Bloomberg. Alain and Gerard were each worth $31.6 billion, according to Forbes, as of December 12, 2021. Half-brother Charles

Heilbronn heads the family office. The Sovereign Wealth Fund Institute estimates the family office’s current assets to be worth $89 billion. The participation of younger generations in their family offices’ venture capital (VC) activity has also gained momentum. SVB found that in 2021, VC stands as the top-ranked area for Next Gens to be involved at 39%, compared to 33% a year ago. The significance attributed to VC transcends into hiring

field professionals too. In 2020, the average family office staff included one VC specialist. By September 2021, this had doubled to two professionals on VC investments. U.A.E.-headquartered HB Investments, the investment vehicle of Huda Kattan and family, also announced a few deals in 2021. In June 2021, the family office of the founders of beauty brand Huda Beauty announced participation in a $3 million extension seed funding round for edtech app, Uptime. HB Investments also backed spa and salon booking platform Fresha and resale retailer The Luxury Closet in the same month. The family office was set up to support budding entrepreneurs at an early stage of venture development. Social network Clubhouse and Middle East unicorn Kitopi are also among the startups in their investment portfolio. In August 2021, the 38-year-old IraqiAmerican businesswoman was listed among Forbes’ list of America’s richest self-made women, with a net worth of $490 million. She also tops Forbes Middle East’s “Women Behind Middle Eastern Brands 2021” list. JANUARY 2022

BY JAMILA GANDHI; IMAGE FROM MAN CAPITAL

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Startups

10 Notable Startup Accelerators In MENA Investment in MENA-based startups reached $1.2 billion in the first half of 2021—a 63% increase compared to the same period in 2020—according to MAGNiTT. Here are some noteworthy startup accelerators that backed the next generation of innovators and entrepreneurs in 2021.

Flat6Labs Country: Egypt Flat6Labs is a venture capital (VC) fund that has operational accelerators in Egypt, Bahrain, Lebanon, Tunisia, the U.A.E., and Saudi Arabia. In June 2021, it launched in Jordan. The Amman-based chapter will support over 90 startups with its $20 million fund over the next five years. In collaboration with DisruptAD, Flat6Labs also launched a tech accelerator $32 million fund in Abu Dhabi in 2021, offering

F O R B E S M I D D L E E A S T.C O M

startups $100,000 to $150,000 in seed funding. In October 2021, Flat6Labs launched a Femtech Accelerator Program, in partnership with Organon, to support female-led health startups in MENA.

TAQADAM Country: Saudi Arabia In 2021, TAQADAM provided $40,000 of zero-equity funding to 60 startups as part of its sixmonth accelerator program, in partnership with the SABB and KAUST. The

accelerator has graduated 163 startups since 2016, including agritech startup Edama Solutions, which raised $1.25 million in funding since its establishment in 2017.

La Startup Factory Country: Morocco Casablanca-based La Startup Factory has funded 64 and accelerated 2,000 African startups since its launch in 2017. Its accelerator program Scalerator provides access to grants or loans from

the government-owned Central Guarantee Fund. In 2021, La Startup Factory partnered with Microsoft for Startups to connect Moroccan startups with Microsoft’s global accelerator hub.

Oasis500 Country: Jordan Oasis500 is Jordan’s leading seed investment fund and accelerator, providing up to $100,000 to business and tech startups since 2010. In May 2021, Oasis500 invested $310,000 in

JANUARY 2022

BY KHADIJAH KHOGEER; IMAGE FROM TAQADAM.KAUST.EDU.SA

LEADERBOARD

Algebra Intelligence. The same month, Oasis500 received $250,000 from Jordan’s largest investment fund, ISSF, to accelerate 16 local startups over the next two years. In addition to its six-month accelerator program, Oasis500 partnered with 12 MENA startup accelerators in 2021, including Morocco’s La Startup Factory.

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Berytech Country: Lebanon One of Lebanon most active investors, with a $51 million fund, Berytech ran a total of 25 accelerator programs as of 2021, specializing in several sectors from agritech to sustainable retail. In November 2021, its “Agrytech Accelerator Program” provided up to $20,000 in grants to help scale nine Lebanese startups over a five-month period. The program has graduated 23 startups and provided over $1 million in grants since 2017. In 2021, Berytech launched the Impact Rise program to support impact ventures in Lebanon. Across MENA, impact investments grew to $107 million in Q3 2021, according to MAGNiTT.

Hub71

IMAGE FROM HUB71

Country: U.A.E. Hub71 is an initiative launched under Abu Dhabi’s $13.6 billion Ghadan 21 accelerator fund, providing startups access to $500 million in capital. Since March 2019, Hub71 has supported over 500 tech startups through its flagship accelerator program Techstars. Among F O R B E S M I D D L E E A S T.C O M

Hub71

the graduates of Hub71’s Incentive Program is Egyptian logistics startup Trella, which received subsidized housing, offices and medical insurance. In November 2021, Hub71 created a student accelerator program to connect its startups with Khalifa University students and alumni pursuing tech entrepreneurship.

Otf Wadi Accelerator Country: Oman otf Wadi Accelerator, the Oman Technology Fund (OTF) flagship accelerator, provides regional tech startups with up to $100,000 in funding for a 10% stake, with potential follow-up investments between $150,000 and $400,000. In July 2021, the OTF launched the Omantel Accelerator, a six-month program in partnership with Omantel and VC platform Brinc. The OTF will provide Omani startups with mentorship, office space, and funding up to $50,000 in return for 7% equity.

Misk Foundation Country: Saudi Arabia Launched in September 2021, the Misk Accelerator program is a partnership between Saudi non-profit Misk Foundation and global accelerator Plug and Play. The three-month virtual program will support 20 tech startups from Egypt, Saudi Arabia and the U.A.E. to expand in Saudi Arabia. Among the cohort is Egyptian logistics startup ShipBlu, which raised $2.4 million in seed funding in October 2021. Misk Foundation ran the Misk 500 and Misk Growth accelerator programs for regional startups in 2019 and 2020.

Brinc MENA Country: Bahrain VC firm Brinc invests $80,000 in tech startups enrolled in its bi-annual MENA Hardware & IoT accelerator program. Startups are required to set up in Bahrain, citing the country’s attractive business environment, which offers

zero percent corporate tax and VAT on exports rates. Founded in 2017, Brinc MENA connects regional IoT startups through its Brinc Batelco IoT Hub, a coworking space in Manama. In December 2021, Hong Kong-based Brinc raised a total of $130 million in funding to support its accelerator programs worldwide.

Falak Startups Country: Egypt Falak Startups’ accelerator program provides funding to 20 early-stage Egyptian startups. Alongside the program’s general track, Falak operates a fintech track with funding up to $127,000, in partnership with investment firm EFG Hermes. Since 2018, the program has accelerated over 70 startups in various sectors, including clean-tech transportation company Rabbit and automated delivery app Presto. In November 2021, program graduate Bypa-ss, a healthtech company, raised $1 million in pre-seed funding. JANUARY 2022

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Halan founders

Swvl Mass transit system Country: U.A.E. Establishment: 2017 Previous Funding: $92 million Reason for exclusion: Going public via a SPAC merger At the end of July 2021, Swvl announced a merger with U.S. special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital, allowing Swvl to become a publicly listed company. Post-merger, the Dubai-based bus-booking app will have a fully diluted equity value of around $1.5 billion, making it one of the latest unicorns to emerge from the Middle East and the first from the region to be listed on the Nasdaq stock exchange. The transition will provide the mass transit F O R B E S M I D D L E E A S T.C O M

company with $445 million that will be used to support its goal of reaching more than $1 billion in annual gross revenue and expanding its operations into 20 countries by 2025. Swvl was founded in Egypt in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah. The firm relocated its headquarters to Dubai in late 2019. Swvl offers daily commuting, intercity retail travel, and TaaS transportation solutions through its application. It operates in 32 cities and 16 countries across Europe, Africa, Asia, the Middle East, and Latin America. It ranked second on Forbes Middle East’s Top 50 Most-Funded Startups 2020 list, with $92 million in total funding at the time.

iKcon Tech-focused cloud kitchens operator Country: U.A.E. Establishment: 2019 Previous Funding: $32 million Reason for exclusion: Acquisition

iKcon (Innovative Kitchen Concepts) was fully acquired in November 2021 by U.S.-based operator of delivery kitchens, logistics, and proximity hubs, REEF Technology Inc., for an undisclosed amount. The deal marks REEF’s first transaction in the MENA region. It was backed by SoftBank and Mubadala Capital, the asset management subsidiary of Abu Dhabi’s SWF Mubadala Investment Company. Founded in 2019 by Khalid Baareh and Kareem Abughazaleh, iKcon operates cloud kitchens, which cooks and delivers food on behalf of restaurants, employing over 800 people. It ranked 26th on Forbes Middle East’s Top 50 Most-Funded Startups 2020 list, with $10 million in total funding at the time. By the time it was acquired, it had raised $32 million in total funding.

Halan Two and three-wheeler ridehailing and e-commerce app Country: Egypt Establishment: 2017 Previous Funding: $23.5 million Reason for exclusion: Swap Deal; Acquisition In June 2021, Egypt’s Halan signed a share swap agreement with the Netherlands’ MNT in a deal that allows Halan shareholders to own shares in MNT, creating MNT-Halan. Soon after the deal, the newly created fintech startup raised $120 million in September from investors, including Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners. The new round of funding was the

largest in the MENA region’s fintech industry at that point. Egypt-based auto-seller Ghabbour Auto, one of MNT-Halan’s lead investors, announced in its Q3 2021 financial results that it had acquired the startup through its NBFS segment, GB Capital. GB Auto, the parent company of GB Capital, owns 57.26% of MNT-BV as of September 2021. Founded in 2017 by Mounir Nakhla, Ahmed Mohsen, and Mohamed Aboulnaga, the ride-sharing, and delivery app Halan ranked 10th on Forbes Middle East’s Top 50 Most-Funded Startups 2020 list, with $23.5 million in total funding at the time.

Tamatem Mobile games publisher Country: Jordan Establishment: 2013 Previous Funding: $10 million Reason for exclusion: 7+ years old Mobile games publisher Tamatem works with international developers to localize their games and make them relevant to the MENA market. The Jordan-based firm has hit 100 million game downloads, one million monthly active users, and over 50 published games. Tamatem—which means ‘tomato’ in Arabic—raised $11 million in a Series B funding round in November 2021 led by Krafton, the South Korean video game developer behind the popular battle royale game PUBG. This round— which included Venture Souq, Endeavor Catalyst, and existing investors—increased Tamatem’s total funding to over $17 million to date. Founded by Hussam Hammo, Tamatem ranked 27th on Top Forbes Middle East’s 50 Most-Funded Startups 2020 list, with $10 million in total funding at the time. JANUARY 2022

BY LAYAN ABO SHKIER; PHOTO BY IHAB MOHAMED (WWW.EGHSTUDIO.COM) FOR FORBES MIDDLE EAST

Startups

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An Industry In Transformation Tommaso Di Giovanni, VP of Market Activation and Support at Philip Morris International (PMI), explains why smoke-free products are the future in an industry undergoing fundamental change.

Tommaso Di Giovanni VP of Market Activation

he key to a successful business environment is continuous innovation as consumers demand better alternatives to traditional products and services. With greater access to education on social, environmental, and health issues, among others, industries evolve, often leading to a switch from old products, like diesel cars, to better alternatives such as electric vehicles. At PMI, our goal is to replace all cigarettes with smoke-free products as soon as possible. It is as bold a move as any company can make to disrupt its business model and make a core product obsolete. While critics will point out that smoke-free products are more harmful than quitting smoking all

together – a point PMI agrees with – smoke-free alternatives have the potential to significantly reduce the average levels of harmful chemicals compared to cigarettes. Innovations backed by scientific evidence need to be recognized, and adult smokers informed that if they do not quit – which remains the best option for their health – they can choose better alternatives to cigarettes like smoke-free products. As of September 30, 2021, it was estimated that there were nearly 20.4 million users of IQOS, PMI’s leading smoke-free product. We further estimate that 73% of the total — or 14.9 million IQOS users — have switched to IQOS and stopped smoking, with the balance in various stages of conversion. However, one of the biggest barriers to achieving a smoke-free future is misinformation. Adult Mahmoud Akrin smokers areFounder still left confused by & CEO of GoBazzar false or misleading information that prevents them from making an informed choice. This is despite the scientific evidence showing that smoke-free alternatives are a better alternative than continued smoking, as the results of the latest international survey by Povaddo suggest. According to the survey, commissioned by PMI, there continues to be a high level of confusion among the adult audience. Among the adult participants of the survey in the

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This advertorial is sponsored by Philip Morris Management Services (ME)

U.A.E, 81% agreed that adult smokers who would otherwise continue smoking cigarettes should have access to accurate information about smoke-free alternatives. This is supported by 90% of current adult smokers. Furthermore, 96% of those in the U.A.E. who have switched to better alternatives and stopped smoking, confirmed that accurate information about how these products differ from cigarettes was an important factor in their decision to switch. Our message remains clear: quitting tobacco and nicotine is the best option for all smokers, and those who don’t smoke or use nicotine products should not start. However, smoke-free products substantiated by robust scientific assessment, while not risk-free, present a much better choice for existing adult smokers than cigarettes. The journey towards a smokefree future is far from over, but with wider societal support for smokefree alternatives, the move away from cigarettes can be achieved faster and to the benefit, not just of adult smokers, but of public health, everywhere.

www.pmi.com JANUARY 2022

Billionaires

5 Serial Entrepreneur Billionaires These five self-made billionaires have founded at least two businesses. Combined, they are worth $542.5 billion. Net worths are as of December 1, 2021.

Jack Ma Net worth: $37.3 billion Country: China Ma’s first venture as an entrepreneur was Hangzhou Hope, a translation agency launched in 1994. The billionaire has since built an empire with e-commerce giant Alibaba Group, launching 13 subsidiary companies, including retail marketplace Taobao and streaming platform Youku. Ma founded private equity firm YunFeng Capital in 2010 and fintech Ant Group in 2014. The latter was set for a recordbreaking $34.5 billion IPO until Chinese regulators suspended it in 2020. Alibaba’s shares declined by about 46% until December 13, 2021, as government crackdowns on Ma’s businesses continued.

Richard Branson Net worth: $3.9 billion Country: U.K. Branson has established over 45 companies in 50 years under the umbrella of the Virgin Group, his global investment company. The billionaire became an entrepreneur at 15 when he launched Student magazine in 1967. Branson found startup success with Virgin Records in 1970 and went on to diversify into several F O R B E S M I D D L E E A S T.C O M

industries, from travel to technology. His Virgin businesses include the aerospace company Virgin Galactic, launched in 2004, which had a market value of $3.7 billion as of December 3, 2021.

Elon Musk Net worth: $297 billion Country: U.S. Best known as the CEO of Tesla and SpaceX, Musk has founded six companies over the past two decades. He launched Zip2, a navigation software, with his brother Kimbal in 1995. The company was acquired for $307 million in 1999. Musk’s second startup, online bank X.com, found success when it merged with Confinity in 2000, which became PayPal in 2001. The company was sold to eBay for $1.5 billion in 2002. Although Musk was ousted as CEO, he invested $100

million from his share of the sale to cofound SpaceX, reportedly valued at $100 billion in 2021. The world’s richest person according to Forbes’ real-time estimates as of December 2021, Musk bought back the domain name X.com from PayPal in 2017. The serial entrepreneur has since cofounded Tesla, Neuralink, and The Boring Company.

Oprah Winfrey Net worth: $2.6 billion Country: U.S. Winfrey founded Harpo Productions, a privatelyheld media company, in 1986. Harpo bought the rights to The Oprah Winfrey Show in 1988. As host, Winfrey became the secondhighest-paid TV personality in the world, earning $68 million between 1989 and 1990, according to Forbes estimates. Winfrey is also the founder and CEO of

OWN Network, a 50/50 joint venture with Discovery Communications launched in 2011. In 2017, Discovery paid $70 million for an additional 24.5% stake and acquired 20.5% more in 2020. For the latter deal, Winfrey received 1.3 million Discovery shares, worth $32.1 million as of December 3, 2021. Winfrey became the first female African-American billionaire in 2003 and was the highest-ranked AfricanAmerican on the Forbes 400 in 2012.

Jeff Bezos Net worth: $201.7 billion Country: U.S. In 1994, Bezos founded online bookstore Amazon. com. Between 1995 to 1997, the company made more than $164 million in sales. In Q3 2021, it made $110.8 billion. Bezos is also the founder of investment firm Bezos Expeditions, which manages over 100 of Bezos’ investments, including his $250 million purchase of The Washington Post in 2013. With assets under management worth $107.8 billion as of December 2021 according to SWFI, the firm’s portfolio includes Twitter, Uber, and Airbnb. In 2000, Bezos founded his own space company, Blue Origin, preceding space rivals Musk and Branson. Bezos flew on the company’s first space mission in July 2021. JANUARY 2022

BY KHADIJAH KHOGEER, KATHY HUTCHINS / SHUTTERSTOCK.COM, FEELPHOTO / SHUTTERSTOCK.COM, KATHY HUTCHINS / SHUTTERSTOCK.COM, GETTY IMAGES / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP, LEV RADIN / SHUTTERSTOCK.COM

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The unstoppable rise of the digital economy is integral to Saudi Arabia’s future.

he proliferation of digital technologies in every aspect of daily life has given rise to the digital economy, where the majority of products and services are digitally augmented or based on a digital delivery model. In fact, research suggests that by 2022, digitally transformed products, services, and enterprises will account for 65% of global GDP. Saudi Arabia identifies the digital economy as a critical component of the nation’s future. In 2020, the kingdom came up with a digital economy policy and has taken several steps across three key areas: NATIONAL PROGRAMS: Saudi Arabia has created several vision realization programs such as the public sector-focused National Transformation Program; the National Transport and Logistics Strategy; the private sector stimulation program, Shareek; the ICT Sector Strategy 2023; and the Programme HQ initiative, to name a few. These initiatives stimulate sectoral growth and catalyze the evolution of the digital economy. MEGA-PROJECTS: Saudi Arabia is building several mega-cities, including the flagship NEOM – a city fueled by data and run by artificial intelligence. These developments feature ultra-personalized services

and sustainable models, creating a new global benchmark in smart city development. DIGITAL-FOCUSED ENTITIES AND LEGISLATION: Saudi Arabia has established several tech-focused entities and legislation to support the digital economy. These include the authority and strategy for data and artificial intelligence (SDAIA & NSDAI), the Cloud First Policy for government entities, and the Internet of Things (IoT) Regulatory Framework. The rise of the digital economy in Saudi Arabia provides significant opportunities for private-sector enterprises. However, to play and compete in this new economic construct, organizations need to transform themselves into digital enterprises. Research demonstrates that digital enterprises realize twice the revenue and operating profits of conventional enterprises today. Such digital enterprises thrive on four key aspects: EXPERIENCES: A digital enterprise provides consistent, personalized experiences to customers and employees. Employees are becoming more critical than ever due to the increase in work-from-home practices and the enhanced focus on acquiring and retaining talent. OUTCOMES: Digital enterprises focus on outcomes achieved through digital business models and automation. For example, retailers that adopted e-commerce, digital

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supply chains, and warehouse automation were more resilient to COVID-19 disruption and adaptive to the new normal. INSIGHTS: In a digital enterprise, data is considered critical in enabling experiences, automation, decision making, and product/service improvement. One survey reveals that 55% of organizations in Saudi Arabia plan to increase investments in big data analytics — the highest rate for any advanced tech. COLLABORATIONS: Innovating with partners and participating in industry ecosystems is a key differentiating characteristic of digital enterprises. The bank– fintech collaboration to cater to a new generation of customers is an interesting example in this regard. The Digital Economy and Its Primary Constituents In the post-pandemic world, business resiliency will be underpinned by the adoption of digital technologies. To thrive in the new normal, organizations need to move fast on their digital journeys, converting themselves into data-centric digital enterprises.

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Digital Economy: A Way To The Future

Money

5 Notable Crypto Crashes Of 2021 While crypto continues to make headlines, it remains a volatile and risky investment. According to data from the Federal Trade Commission, Americans lost more than $80 million in crypto scams between October 2020 and March 2021—a 1,000% increase compared to a year prior. The U.K. saw nearly $200 million of crypto fraud in the year to October 2021—30% more than 2020, according to Action Fraud. Here are five of the biggest crypto crashes of 2021.

AnubisDAO Established on October 28, cryptocurrency AnubisDAO went on a 24-hour sale on its set up day. The project reportedly attracted $60 million in a few hours and then suddenly went offline. The invested money was moved to another account and went missing. The value of the token then effectively crashed to zero. A suspected developer of the token claimed in a tweet that they had fallen victim to a phishing attack. Following fraud allegations, Hong Kong and US law enforcement started investigating the case as per media reports , and the developer claimed in a tweet on October 30 to be “cooperating with the police and complying with all investigations.”

Thodex Thodex, an Istanbul-based cryptocurrency exchange founded in 2017, was reportedly able to attract about $2 billion from about 390,000 investors in four years. But in April 2021, Thodex announced that it was halting trading for four to five days to address an abnormal fluctuation in its accounts. However, the company never resumed operations and went offline, leaving thousands of users unable to access their accounts and funds. Thodex founder and CEO Faruk Fatih Ozer reportedly fled the country in April with $2 billion. Turkish authorities are seeking to arrest Ozer on fraud charges, as reported by state-run Anadolu news agency. Ozer denied any wrongdoing in a tweet on April 22. Turkish security forces had reportedly arrested 62 suspects in April in connection to the case and seized Thodex’s computers and equipment. F O R B E S M I D D L E E A S T.C O M

Mark Cuban, billionaire and NBA’s Dallas Mavericks’ owner.

Iron Titanium In mid-June, billionaire and NBA’s Dallas Mavericks’ owner Mark Cuban was “hit” when a cryptocurrency token, named Iron Titanium that appeared in June, crashed from more than $64 to just one cent in less than a day. The collapse began when large investors started dumping their holdings. The crash intensified following a wave of panic selling among smaller investors. “I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL enough. Than Bam,” said Cuban in a tweet on June 17. The coin traded at less than 0.01 cents as of December 15, 2021.

WhaleFarm Created on June 28, a token named WhaleFarm was trading above $200 on its launch date. Two days later, it plummeted close to zero. The crash was labeled as a “rug pull,” or pump-anddump scheme. The rug pull is a malicious maneuver where developers create a token and hype it on social media platforms to attract investors. Once they draw a significant number of investments, the fraudsters abandon the project and run away with investors’ money. Victims reportedly lost about $2 million and the coin is no more trading in the crypto world.

Squid Game A cryptocurrency token based on but not affiliated with Netflix’s Squid Game series launched in late October 2021, with its anonymous founders claiming that it could be used to pay for an online game that would be launched in November. The coin went on presale in mid-October and reportedly attracted over $3 million in investments. Its value rocketed to more than $2,860, but on November 1, the developers terminated the project and reportedly ran with nearly $3.3 million. Those who had invested in the token lost all their money in just 15 minutes. JANUARY 2022

BY OMAR TAMO ; PHOTO BY DIMITRIOS KAMBOURIS / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP

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Prevail: The Essence Of True Leadership

In your new book, Prevail, you aim to help others reach their potential and become better leaders. What compelled you to write on this topic? The topic of leadership has always been appealing to me. I like the way it sounds, its impact, its promise to the audience. People always seek vision and guidance in their organizations, society, and personal lives. During my work and research on this topic for over 10 years, I realized that people are missing the essence of true leadership. What are the main elements of leadership outlined in your book? The book covers a pathway to finding your ideal leadership style based on your vision and values. It helps you to be authentic and genuine, while enjoying your purpose and journey. It’s not always about the results, it’s about making others feel confident, proud, and appreciated when they are working with or following you. Prevail consists of leadership triangles including: self-leadership, influencing others, leading teams and, most importantly, fulfillment, which is based on purpose and happiness. I believe the Prevail

model is a concise, comprehensive leadership model that makes exceptional leaders with or without a title, and in any environment. How would you describe your own leadership journey? My leadership journey was unique. I changed my job very early in my career, moving from IT to HR, and from HR to talent management and leadership development. From there, I moved into executive coaching and now I am a thought leader and author in the area of leadership and talent. I just followed my heart and passion. I was inspired by my managers and colleagues, looking at their strengths as inspiration and their shortfalls as possible barriers for my future aspirations. In terms of journey, I had noone to compare myself with, so my success was down to selfmotivation. Along the way, I drew inspiration from world-famous icons, Mohammad Ali, Oprah Winfrey, and Nelson Mandela. All three had visions and beliefs that were bigger than themselves and they helped me to pursue my dream of becoming a change agent in the game of leadership.

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Leadership thought leader and executive coach, Abdulaziz Al-Roomi, shares insights on his new book and his own journey to become a renowned authority on leadership development. Abdulaziz Al-Roomi author & executive coach

You have strong expertise in human resources. How do you see the future of HR in today’s world? My definition of HR is not human resources. Humans are not resources, they are talent, so instead I call HR the organization heart rate! If you take care of your people, they will take care of you. This is done by earning trust, and to earn it you need solid leadership behaviors in your organization’s leaders. Once you have that, nothing will significantly change the performance of your organization, whether it be a pandemic, working remotely, or a new operating model. That said, data and AI will be solid tools for any organization, so they need to be embedded within an organization’s HR as well as the business side and sales.

www.abdulazizalroomi.com JANUARY 2022

Media

25 Years Of Netflix In 2022, Netflix celebrates its 25th birthday. Since being established it has become one of the biggest entertainment companies in the world, not just in terms of revenues but also in influence. Before it became the subscription-based video-on-demand company that we know now, Netflix sold and rented DVDs. Today it is one of the world’s most valuable brands according to Forbes, with over 214 million paying customers as of September 2021. Here’s a look at some of the entertainment giant’s biggest milestones.

1997 Reed Hastings and Marc Randolph founded Netflix in 1997 after testing an idea by safely mailing themselves a DVD in the post.

2010 In 2010, Netflix began expanding outside of the U.S., beginning with Canada. The following year it launched in South America, including Brazil, Mexico, Chile, Uruguay, and Peru. In 2012, it expanded to Europe, beginning with the U.K. and Ireland.

Netflix became the first streaming service to become a member of the Motion Picture Association of America in 2019.

2020 1998 The company launched its website in 1998 and launched subscription services the following year.

2000 Brick-and-mortar video and DVD rental giant, Blockbuster, reportedly turned down an offer to buy Netflix for $50 million in 2000.

2013 House of Cards, Netflix’s first original series, started streaming in 2013. By the time it ended, House of Cards had been nominated for 223 awards, winning seven Primetime Emmys and two Golden Globes over six seasons.

The global pandemic was a boost for Netflix’s business. In 2020, it opened an office in Paris with 40 employees, acquired exclusive streaming rights to the film library of Japanese animation company, Studio Ghibli, and formed partnerships with six Japanese creators to produce an original Japanese anime project.

2015

2002 In May 2002, Netflix launched its IPO, selling 5.5 million shares of common stocks at $15 per share. The following year, it announced that it had reached one million subscribers.

2019

2007 On January 15, 2007, Netflix announced that it was launching streaming services. The following month, it announced that it had delivered its billionth DVD, after which it started to shift its business away from mailing services to video-on-demand.

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In June 2015, Netflix’s stock price reached over $693 per share, which at the time was a record for the streaming platform.

2021 In 2021, Netflix announced that it is planning to launch an online store for products tied to the Netflix brand and shows, and it plans to release mobile games, which would be included in subscribers’ plans. JANUARY 2022

BY MOHAMED RASHED ALKHALIFA; PHOTO BY PATRICK T. FALLON / AFP; ADWO/ SHUTTERSTOCK.COM; MICHAEL VI/ SHUTTERSTOCK.COM IMAGES FROM NETFLIX.COM

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Beyond Compare without you thinking about it. We will achieve this by implementing AI that creates a marriage between community shopping and social commerce. What was the inspiration behind GoBazzar? After visiting a global summit, I realized that the online business segment was growing in the Middle East very rapidly and that there was a need to help consumers to save time and money when shopping online.

Mahmoud Akrin Founder & CEO of GoBazzar

What is GoBazzar and what is your vision for the platform? GoBazzar is a smart, real-time price comparison platform designed to help online shoppers make easy decisions. Our vision is to be the leading price comparison platform globally, with different verticals including retail, flights, hotels, car rentals, and more. In addition to price comparison, we also focus on coupons as we believe they play an important part in providing consumers with the best savings. The platform will be intelligent enough to predict what you need

With your experience in starting and managing businesses, what advice would you give to up-andcoming entrepreneurs? Having a clear idea supported by a well-defined strategy is essential. It is also important to research the market well and talk to other startups and learn from them. I would also advise new entrepreneurs to develop a minimum viable product – or MVP – test the market, and not be afraid to experiment. For any business, having the right team with the same vision is critical too, and it is better to build your product in-house with your own development team if possible, but expect to spend a lot of money! As for third-party support, I would say always use top

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firms already in the market as they will help you expand quickly. It may be expensive, but it will be worth it in the end. It’s also a good idea to apply to accelerators as they will guide and support you in your early journey. Attending seminars relevant to your industry can also help, and it’s important to network and always continue learning. Last but not least, review you progress daily, as things will change! How do you see the future of GoBazzar? We plan to have full coverage in Bahrain, Kuwait, Oman, Qatar, the U.S., and the U.K. this year. We see GoBazzar as a one-stop solution for all consumers, providing clear information on price and availability. We want the GoBazzar name on everyone’s tongue as we become the norm for the global consumer. Soon enough, if you want to buy something then you’ll just “GoBazzar it.”

www.gobazzar.com

JANUARY 2022

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Mahmoud Akrin, Founder & CEO of GoBazzar, explains how the start-up began and shares the company’s vision to become the world’s leading price comparison platform.

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Stand Up And Stand Out 24

Laurent Duffier, Managing Director of L’Oréal Middle East, explains how the global cosmetics and personal care giant is supporting women across the region to overcome adversity and reach their potential. L’Oréal has long been committed to empowering women and protecting and advocating their rights across the world. What programs has L’Oréal Middle East launched in the region to empower women? Empowering women has been – and will continue to be – a cause that we are invested in both globally and locally. Our efforts to support this cause in the Middle East started a long time ago and we have launched several programs. One such program is Beauty For a Better Life, where we provide technical and vocational training to underprivileged women, enabling them to become certified beauty experts and gain access to employment. Meanwhile, our flagship program, L’Oréal-UNESCO For Women In Science, was launched 23 years ago globally and seven years ago in the GCC. Through this program, we recognize and celebrate phenomenal Arab women in the region for their exceptional research in the fields of science, technology, engineering, and mathematics (STEM). Furthermore, in 2020, we launched YSL Beauty Abuse Is Not Love, a program to support and protect women who suffer from intimate partner violence in partnership with The Dubai Foundation for Women and Children (DFWAC). We also launched the L’Oréal Fund For

Laurent Duffier, Managing Director of L’Oréal Middle East

Women to support women who are victims of the social and economic crisis generated by the COVID-19 pandemic to help them reintegrate back into society. Last but not least, in October 2021, we hosted the largest Stand

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Up Against Street Harassment training run by L’Oréal Paris. Held at Expo 2020 Dubai, the event aimed to accelerate awareness of street harassment and encourage as many people as possible to join the movement to irradicate it.

JANUARY 2022

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Tell us more about the L’Oréal Paris Stand Up training. How many people attended the training at Expo 2020 Dubai and what was the objective ? Women as well as men were invited to attend the L’Oréal Paris Stand Up Against Street Harassment training through a showstopping projection that dazzled spectators at Burj Khalifa on September 28. The training was the largest since the launch of the program as it reached 25,000 people, with 10,000 people trained on the day world-wide. The training session was attended by L’Oréal Paris international spokespeople, Aja Naomi King, Aishwarya Rai, Aseel Omran, and Mona Zaki. On December 8, we hosted another training session, this time led by L’Oréal Paris international spokesperson, Eva Longoria.

which includes the L’Oréal for the Future program, the group launched the L’Oréal Fund For Women. The €50 million ($56.6 million) endowment fund was introduced to alleviate the challenges that Covid-19 has presented to many women across the world. In the GCC, we have partnered with two prominent non-profit NGOs – Shamsaha and DFWAC – as we feel the urge to help mitigate this social crisis and protect women victims of abuse and domestic violence. Through our partnership with DFWAC, we are supporting the organization’s overarching mission of protecting women and providing them with a safe and healthy environment during turbulent times. As part of these efforts, we launched the Isolation Building

“Empowering women has been – and will continue to be – a cause that we are invested in both globally and locally.” Through these training programs, the brand aims to create a space that supports women to empower and encourage each other as well as take charge in fighting for their place in this world. The L’Oréal Fund For Women was launched during the pandemic. What is the vision behind this program and who are your partners in the region? The pandemic has impacted women in disproportionate ways in the region and the world, further underscoring the inequalities that exist between genders and increasing the cases of domestic abuse. As part of L’Oréal’s 2030 sustainable development roadmap,

project to protect the beneficiaries and faculty by ensuring the continuity of DFWAC’s service while implementing high safety measures. For its part, Shamsaha is the only organization of its kind in the region that provides 24/7 crisis support to victims of abuse and domestic violence, and we have helped it expand the on-theground and virtual operations of its crisis program into the U.A.E. and GCC. Shamsaha’s crisis program offers victims medical, therapeutic, and legal support as well as food, supplies, and transportation. The expansion also includes the further development of the organization’s mobile application, which will

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make virtual services more widely available to women in the region. Regarding the L’Oréal-UNESCO For Women in Science initiative, how many female researchers has it funded in the region so far? The L’Oréal-UNESCO For Women in Science Middle East Regional Young Talents program started in 2014 and has become one of the most highly regarded initiatives in the region. Based on the belief that the world needs science and science needs women, the program doesn’t only recognize exceptional women scientists but also funds their STEM research and helps improve the representation of women in science and enhance their careers. The program in the GCC is held in partnership with Khalifa University and under the patronage of H.E. Sarah bint Yousef Al Amiri, U.A.E. Minister of State for Advanced Technology. To date, the program has recognized 35 phenomenal Arab female researchers from the U.A.E., Oman, Kuwait, Bahrain, Qatar, Saudi Arabia, and Yemen. In Febuary 2022, and in celebration of the International Day of Women and Girls in Science at Expo 2020 Dubai, we will host the first ever L’Oréal-UNESCO For Women in Science MENA awards ceremony. To be held at the Dubai Exhibition Center, the event will recognize and award the program’s 2021 winners from the GCC, Egypt, Morocco, and the Levant.

www.loreal.com/en/middle-east/ JANUARY 2022

• COVER STORY •

KITOPI

FEEDING DEMAND

Having been established in 2018, U.A.E-based cloud kitchen operator Kitopi achieved a $1 billion valuation in under three years. With $804 million in total funding, the cofounders of the SoftBank-backed unicorn are banking on the business model staying relevant beyond the pandemic.

BY JAMILA GANDHI F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

IMAGE BY FORBES MIDDLE EAST

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

KITOPI

On July 1, 2021, U.A.E.-based cloud kitchen startup Kitopi announced that it had raised $415 million in a Series C round—a major milestone. But this wasn’t just another big funding announcement. Its latest round valued the threeyear-old company at over $1 billion, making it the Middle East’s latest unicorn at the time. It also made it the fastest unicorn the region has seen. In comparison, other notable Middle Eastern unicorns, Careem and Swvl, both took more than four years to hit the same status. According to the CEO, however, milestones are not the point. “Fundamentally, we are mission-driven versus milestone-driven,” says Mohamad Ballout, CEO and cofounder of Kitopi. “The foundation is solid with a great team and great economics. The key is to underpromise, over-deliver, and build credibility along the way.” Still, global and regional investors are striving to take a bite out of the F&B startup. Its Series C was led by Softbank Vision Fund 2, with participation from Chimera, DisruptAD, B. Riley, Dogus Group, Next Play Capital, and Nordstar. It was the first time that SoftBank Vision Fund 2 had invested in a U.A.E.-headquartered company. Kitopi’s “kitchen as a service” operating model comprises a network of interconnected cloud-enabled kitchens that cook and deliver food on behalf of multiple restaurants. The company makes money on a revenue-share basis, with the startup keeping about 85% of a restaurant brand’s revenues and paying them back 10-13% in royalties. Today, Kitopi—short for Kitchen Utopia—has over 200 partner brands and operates over 80 cloud kitchens across the U.A.E., Saudi Arabia, Kuwait, Bahrain, Qatar, and an engineering hub in F O R B E S M I D D L E E A S T.C O M

Poland. Since it was established in January 2018 by Ballout, Saman Darkan, Bader Ataya, and Andres Arenas, Kitopi has raised $804 million in funding—and 89% of that came in 2021. The Series C round was followed by an additional $300 million secured in late November from existing investors. Cumulatively, in 2021 the business raised $715 million. The company is benefitting from a booming regional appetite for the F&B sector. Fellow U.A.E.-based cloud kitchen, iKcon, announced in November 2021 that it had been acquired by U.S.-based REEF Technology Inc for an undisclosed amount in a deal backed by SoftBank and the Mubadala Investment Company. According to MAGNiTT, MENA raised almost 99% of all funds invested in F&B startups across global emerging venture markets in 2021, with four of the 10 investments in U.A.E.-based F&B startups being in cloud kitchens. According to investors, cloud kitchens— also known as ghost or dark kitchens—have become more attractive thanks to the impact of the pandemic. “Constraints placed on the hospitality sector by the global pandemic have rapidly catalyzed the value proposition of cloud kitchens for customers and restaurant brands,” said Faisal Rehman, Managing Partner for SoftBank Investment Advisers, at the time of SoftBank’s investment in July. “We believe Kitopi’s proprietary technology is changing the unit economics of food delivery in providing more choice to more customers in more places.” It’s the technology that the cofounders say gives Kitopi its competitive advantage. Its Smart Kitchen Operating System (SKOS) comprises a suite of applications that are designed to optimize the performance of its kitchens in real-time. One app, for example, uses data to predict when drivers will arrive and how long a menu item will take to cook, it then auto-sequences which items are cooked first to enhance delivery speed. According to Darkan, in three years Kitopi’s cloud kitchens doubled their order volume while reducing preparation time by 40%. “We are now working towards building stronger capabilities within SKOS around data and AI to improve our marketing and operational efficiency and JANUARY 2022

IMAGE FROM SOURCE

says the CEO. “But we’re also looking at entering Singapore and Malaysia towards the second half of this year.” Though it faces stiff competition from incumbent players, including Grab and Gojek, both Southeast Asia and the Middle East offer significant opportunities for Kitopi. Serial entrepreneur Ballout has experience in growing a business—Kitopi is his third. As a teenager, Ballout worked in his uncle’s sweet store and witnessed firsthand the challenges that he faced with chocolate suppliers. So, in 2007, after getting a master’s degree in management from Imperial College, Ballout cofounded confectionary business Baklawa Made Better (BMB) with his brother Bilal and cousin Mohamad Khachab. They used a bank loan to rent a small warehouse in Sharjah, and began to trade in chocolate and baked goods. By 2015, BMB F O R B E S M I D D L E E A S T.C O M

had launched two of its own confectionary brands— Petit Gourmet and Asateer Sweets—and had over 1,000 employees. In June 2016, Ballout sold his BMB shares to a private equity group and joined a private equity firm as an investor. The following year, he established venture capital investment company Ripples Capital to invest in seed stage rounds in several ventures, with a focus on businesses that can be tech-enabled. But while he was angel investing in F&B concepts Ballout realized that they were struggling to grow. Setting up delivery operations was costly and would shrink their margins. In late-2017 Ballout reached out to his childhood friend, Darkan—now chief technology and product officer at Kitopi—and pitched a new idea: a tech-enabled company that could support F&B outlets. Darkan had previously worked with startups My Metro Talk, Central Tickets, and Little Bedoo, and was intrigued by Ballout’s plan. With Ballout’s industry knowledge and Darkan’s digital experience, the duo began to build their platform in December 2017. Kitopi was officially established in January 2018. Arenas and Ataya joined the founding team as Chief Property Officer and Chief Growth Officer in February and August 2018, respectively. Arenas came from a food production background in Peru while Ataya had previously cofounded e-commerce website Mumzworld. “I had known all three cofounders for many years, some through university and some as childhood friends ” explains Ballout. “Knowing them so well, I knew how they solved complex problems.” In April 2018, Kitopi raised a $1.8 million seed round, followed by a $27.2 million Series A in November the same year, led by BECO Capital. By August 2019, Kitopi adding subscription-based meal plans to its business model and by November the startup had raised $60 million from 10 investors. Then came 2020 and a global pandemic. Consumer demand for online food ordering soared as restrictions accelerated a digital revolution. According to the Dubai Chamber, the value of the U.A.E.’s F&B market rose 255% in 2020 to hit $412 JANUARY 2022

29 KITOPI

venturing into robotics to automate certain activities we currently perform in the kitchen,” he explains. As well as continuing to develop the technology behind the platform, in the next two years Ballout plans to plow up to $1 billion into attracting more partners for Kitopi and investing in their businesses. “Instead of just licensing content, we’re now participating in investing and growing brands more actively than we’ve ever done before,” he reveals. Some of the latest additions to the company’s investment portfolio include Cloud Restaurants (famous for Go! Greek and Go! Healthy), Leap Nation (famous for Tawook Nation and Luca), Right Bite, Under500, and Ichiban. He also plans to use Kitopi’s latest capital injection to expand its reach in the region. “We want to serve the entire Middle East,”

KITOPI

“With the growing online demand and the lower costs associated with establishing a virtual restaurant, there are a lot of poor-quality virtual brands out there.” million. This was reflected in demand for cloud kitchen services. “Although cloud kitchens were already gaining prominence in the U.A.E., several restaurants started pivoting to this model after COVID-19 due to lower setup costs and improved margins,” says Ashish Tulsian, cofounder and CEO of restaurant management system, POSist. By 2030, the ghost kitchen market is forecast to be worth $1 trillion, according to market research company Euromonitor International. Tapping into this opportunity, in April 2020, Kitopi launched its groceries vertical, Shop Kitopi, to deliver essentials and food products anywhere in Dubai within an hour. “Our vision of success starts with the customer, so our ability to deliver the highest quality food on their terms is one of our key measures of growth,” adds Ataya. Overall, the business grew 300% in 2020, according to Darkan, but it wasn’t all good news. Hoping to replicate its success in the U.A.E., Kitopi had readied kitchens in New York and London pre-pandemic, but subsequent lockdowns halted the company’s plans. In June 2020, as cases spiked in the U.S. and the U.K., Kitopi exited and pulled the shutter on its operations in the U.K. and the U.S., choosing instead to focus on the Middle East and Asia. And international expansion is not the F O R B E S M I D D L E E A S T.C O M

only pandemic-induced challenge the company is currently facing in the market. “With the growing online demand and the lower costs associated with establishing a virtual restaurant, there are a lot of poorquality virtual brands out there,” says Darkan. As it strives to stand out from the competition, Kitopi aims to feed the demand in Southeast Asia, but while the four cofounders built the foundations of the business, Ballout insists that its achievements be attributed to the broader team. “Kitopi is not a founder-led business,” the CEO insists. “We’re proud founders, but it’s a leadership-led team of 25 people that has enabled us to move across our markets much, much faster.” Kitopi’s C-suite currently features alumni from McKinsey, Careem, and Talabat, among others, with the CEO saying that over 200 employees are currently shareholders in the company. “I’m very proud that a lot of people have a stake in the game and feel like this is their business to grow,” says Ballout. “Our mission is to satisfy the world’s appetite.”

MOST FUNDED

FOOD-TECH STARTUPS IN MENA Kitopi raised the largest funding amount amongst MENA’s food-tech startups in 2021. Here’s a look at the top funded players.

Kitopi

Tech-powered food company

Headquarters: U.A.E.

Funding: $804 million Kitopi operates in the U.A.E., Saudi Arabia, Kuwait, and Bahrain with over 80 cloud kitchens and 3,000 employees serving 200 brands.

Foodics

All-in-one restaurant, retail management solution & fintech firm

Headquarters: Saudi Arabia

Funding: $28 million

Foodics helps restaurants digitally manage operations, including monitoring sales, accepting payments, and managing orders and menus.

Kaykroo

Cloud kitchen platform

Headquarters: U.A.E.

Funding: $24.4 million Kaykroo operates 20 cloud kitchens in the U.A.E. and Saudi Arabia. Its notable investors include Abdulmajid Abdulaziz Al Hokair and Abdulrahman Al Rashed.

GrubTech

Cloud kitchen and restaurant management platform

Headquarters: U.A.E.

Stay connected with our latest business news.

Funding: $18.5 million GrubTech offers food aggregator services, online ordering, delivery and menu management, along with analytics. It delivers its services to 1,000 brand locations.

JANUARY 2022

PRO M OTI O N Scan this QR code to open the website

Tapping The Untapped In Energy On Demand Services Technology is making the lives of humans easier in many domains and Gasable is ensuring the same applies to energy.

audi-based startup, also working to integrate Gasable, is the its services with the IoT brainchild of a group revolution. Here, the of ambitious entrepreneurs company is starting with who were determined to a smart gas level sensor, meet the energy needs of which automatically consumers and businesses measures how much gas worldwide. Founded in 2016, is left in each cylinder and Gasable aims to become arranges a refill for end the region’s preferred users at a time of their all-inclusive energy choosing. marketplace through Currently, Gasable Obieda Gazal, Co-founder & CTO, and Ali Ghnaim, Co-founder & CEO the power of technology, is planning to expand and has big ambitions for its presence worldwide growth. In fact, in December 2021,the year alone, meeting the needs of by forming alliances with energy company closed its series A round at six million families. This is illustrative market giants and decision makers, almost $3.1 million. of a situation in which people and especially in renewable energy and Gasable currently operates in five businesses are forced to seek delivery EV products, which scored a market countries including K.S.A, Jordan, services for traditional cooking cap of $170 billion in 2020. Ecuador, the U.A.E., and Pakistan, and heating, as well as industrial Gasable’s mission is to spread the and has successfully served more usage of gas cylinders. Whoever the digitalization of energy on demand than 1.5 million clients worldwide, customer, gas delivery operations services with the highest possible with more than two million orders are exhausting, time-consuming quality to clients world-wide. What’s delivered to doorsteps. Now, the and challenging, given the weight more, the startup is committed to startup intends to continue seizing of cylinders and the risks associated helping in the global fight against the rapidly increasing investment with delivery to customer doorsteps. climate change. Gasable’s fleet opportunity. In 2021, annual global In the face of these obstacles, is EV-based while its smart route investment in the energy domain Gasable has entered the market optimizer reduces the distance almost hit $1.9 trillion and Gasable with an innovative solution. From travelled during deliveries and intends to list on the U.S. stock the outset, Ghnaim and his partners, decreases carbon emissions. Looking markets, in line with its plan to Obieda Gazal, co-founder and CTO; ahead, Gasable invites others to join relocate its headquarters there. Loay Hussein, co-founder and CBO; the journey in empowering the cause. According to Ali Ghnaim, Gasable and Thamer Al Yemni, noticed that co-founder and CEO, quality energy technology now makes it possible to on demand is an opportunity that reach a large number of people and is almost untapped, especially in provide them with services that make the Gulf and wider Middle East. life easier. Zooming in on Saudi Arabia’s gas The Gasable platform offers cylinder market, 110 million cylinders customers a digital solution to their www.gasable.com worth $444 million were refilled last day-to-day energy needs and is

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JANUARY 2022

PRO M OTI O N

Dukhan Bank Paves The Way To A Digitally Powered Banking Sector In Qatar In the race towards a digitally powered economy, Dukhan Bank is leading the way in shaping the future of the banking industry.

hrough cutting-edge technology, innovative services, and advanced technological infrastructure, Dukhan Bank has introduced a slew of products and services within the last year alone to cater to the increasingly digital needs of its customers and the wider economy. Dukhan Pay (D-Pay) platform One of the most transformative products in Dukhan Bank’s digitalized portfolio is contactless payment platform, Dukhan Pay (D-Pay). D-Pay enables individual and corporate customers to conduct all their transactions online easily and securely by integrating with payment services like Apple Pay, Fitbit Pay, and Garmin Pay. Under the same platform, the bank has also released wristbands fitted with smart chips that facilitate contactless payment across a variety of merchants by connecting with Dukhan Bank’s credit and debit cards.

Bank has launched its interactive, multi-channel virtual assistant, Rashid, on its website, mobile application, and on Whatsapp. Rashid is powered by artificial intelligence, cloud technology, natural language processing (NLP), and machine learning to offer fast solutions and quick responses to customer enquiries in both Arabic and English. From answering questions on exchange rates to locating nearby branches and providing details on products and services, Rashid can process multiple tasks and complex questions to assist customers 24/7 in a friendly and personalized way. Many other services are still to come the customers’ way through Rashid in 2022, including fund

transfers, activation or blocking of cards, spend analysis, credit card and utility bill payments, and tailored recommendations for clients, amongst others. Award-winning mobile application: Dukhan Mobile Following the fast pace of Dukhan Bank’s digital transformation, there has been a vast expansion in the bank’s products and services, tying state-of-the-art technology with its portfolio offerings. The bank’s mobile application, which was awarded ‘Most User-Friendly Mobile Banking Application’ at the International Finance Awards, brings an array of features to the palms of its users. The mobile application allows

Leading the way for digital banking solutions Committed to evolving digitally to enhance how you bank.

Interactive, multi-channel virtual assistant, “Rashid” With an aim to improve customer convenience and offer a seamless banking experience, Dukhan

dukhanbank.com DB-Corporate MAG_ Ad_TWITTER_20211229.indd 1

The in this F Othoughts R B E S M I expressed D D L E E A S T.C O Madvertorial are those of the client.

800 8555

4410 0888 12/29/21 10:31 AM

JANUARY 2022

PRO M OTI O N Scan this QR code to open the website

customers to open accounts, manage their cards and finances, and make e-payments wherever they are. Dukhan Mobile also enables customers to accrue points with Dukhan Bank’s loyalty program, DAwards, make Direct-to-Account transfers with Western Union, use cardless cash withdrawal services, and instantly open foreign currency accounts. Customers can also open Shariah-compliant fixeddeposit ‘Wadiati’ accounts through the Term Deposit/Time Deposit feature directly on the mobile application, without having to visit any branches. Moreover, customers can view their wealth management account through the mobile application, a service that aims to promote customers’ short-term and long-term financial goals through a wide range of Shari’ah-compliant investment solutions. Dukhan Bank is also the first to launch online brokerage services through a partnership with Qatar’s premier brokerage company, The Group, on its mobile application. New card controls on the Dukhan Bank mobile application allow customers to control transactions and assign limits on card usage. Customers can activate or deactivate a card when it may be lost, misplaced, or stolen; activate international payments to prevent fraud outside of a normal location; set an in-store limit to stay on budget; enable ATM withdrawal; and permit online usage. In addition, Dukhan Bank has introduced Qatar Mobile Payment (QMP) under the D-Pay platform on its mobile application. This easy, fast, and convenient payment method allows customers to use their mobile number to make e-payments to others’ digital

wallets in line with Qatar Central Bank’s Qatar Mobile Payment System. Furthermore, customers can activate Apple Pay, chat with Rashid, set-up standing orders, apply for finance, issue and replace credit cards, view and share IBAN, pay bills, and manage kids’ accounts with the convenience of the mobile application. Corporate digital banking services As part of its corporate digital banking services, Dukhan Bank has launched its new Corporate Banking Digital Platform. The Corporate Digital Banking services run on a dedicated mobile application and website, offering a range of features that are suited for businesses. The service allows corporate administrators to manage users, handle multiple levels of approvals, download transactions, and view account statements. Moreover, they enable corporate customers to carry out fund transfers from their own accounts and conduct intrabank third party transfers, as well as domestic and international transfers, with a seamless transition between the web and the mobile application. The Corporate Banking Digital Platform also lets users access multiple group companies, conduct batch transfers and bulk uploads, and make utility bill payments. The application is highly secure with two-factor authentication that requires static and dynamic password options as well as biometric authentication, such as fingerprint or face ID. Transaction workflows are protected with up to nine levels of authorization to accommodate the most complex corporate mandate requirements.

The in O this F O Rthoughts B E S M I Dexpressed D L E E A S T.C M advertorial are those of the client.

Contactless cards, POS, and e-payment gateway solutions The past year has seen an acceleration in the roll-out of contactless payment options. Dukhan Bank’s new contactless credit and debit cards allow contactless credit withdrawal and payment services at the bank’s ATMs. The bank also launched countertop and portable POS terminals last year that allow companies and merchants across Qatar to accept payments from credit and debit cards using the most advanced contactless payment features linked with the D-Pay payment platform. The service has allowed companies and merchants to adopt multi-channel payment solutions to accomplish their business objectives, simplify their work, achieve more sales, and implement reward programs faster and more accurately. In parallel to this, Dukhan Bank launched its e-payment gateway service as part of its enhanced digital corporate services. The gateway, powered by MasterCard Payment Gateway Services (MPGS), offers fast, simple, and secure payments for businesses that want to transform their capabilities online with a fully integrated end-to-end e-commerce payment solution. In Qatar, a new digital banking era has begun, and Dukhan Bank remains at its forefront, always striving to offer customers stateof-the-art solutions that make banking easy, convenient, and secure, wherever they are.

www.dukhanbank.com JANUARY 2022

• MOST-FUNDED STARTUPS IN MENA •

MAXAB

STOCKING UP

BY SAMUEL WENDEL F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

Mohamed Ben Halim and Belal El-Megharbel, MaxAB cofounders.

IMAGE FROM SOURCE

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

MAXAB

Across the Middle East, an old corner store is a common sight: think dusty shelves full of snacks and coffee, humming coolers stocked with juices and labneh. It’s a traditional business that hasn’t changed much for generations—until now. Technology startups have come to see big potential in these tiny neighborhood stores. “We are taking these mom-and-pop shops into the 21st century,” says Belal El-Megharbel, CEO of Cairobased startup MaxAB, a business-to-business (B2B) e-commerce platform connecting small grocers to inventory. Through MaxAB, shopkeepers can use an app to buy products to restock their shelves and receive deliveries within 24 hours. El-Megharbel left Careem in 2018 to launch MaxAB alongside cofounder Mohamed Ben Halim after seeing an untapped opportunity to usher this old-school industry online by digitizing its supply chain. So far, they’ve found a market. Around 80,000 merchants have used its service to date, and the company has fulfilled over 1.5 million orders. Investors are buying in too— MaxAB has raised over $62.5 million in funding, with much of that total coming in 2021. “The company is the first and largest B2B e-commerce platform to connect food and grocery retailers to suppliers,” says Bedy Yang, a managing partner at 500 Global, an early investor in MaxAB. “The success of the company can create a positive flywheel to the food system.” A big part of the appeal is that unlike in the U.S. or Europe, where big box chains have become the norm, in many parts of the Middle East small traditional retailers serve as the backbone of the grocery industry. Consider Egypt, which has a population of more than 100 million: traditional grocery stores represent 96% of total outlets in the food retail market and around 80% of sales, according to a 2020 report from the U.S. Foreign Agricultural Service. MaxAB’s CEO estimates that Egypt alone has F O R B E S M I D D L E E A S T.C O M

400,000 mom-and-pop shops, and he’s betting they’re here to stay—but they need a helping hand. Many store owners struggle to make a profit and Egypt’s grocery business overall remains fragmented and inefficient, says El-Megharbel. Goods trickle down through several different layers of distribution before reaching smaller merchants, who often travel to wholesale markets to buy products in bulk. To tackle this problem, MaxAB has assembled a network of over 20 tech-enabled warehouses and operates its own delivery fleet. “We’re cutting around two middlemen,” says Ben Halim, a veteran of Aramex and MaxAB’s COO. The company currently stocks a variety of dry and chilled goods, with plans to add all products sold by grocery stores. Ultimately, MaxAB is part of a wider trend of B2B e-commerce companies eying opportunities around traditional retail sectors as the digital economy grows in the Middle East and beyond. Similar market dynamics exist from Morocco to India, with small retailers continuing to play a key role in their communities. That’s seeing a wave of startups emerge with the goal of working with shopkeepers rather than trying to disrupt them. In India, there’s Jumbotail and udaan, which operate B2B e-commerce platforms aimed at small shops. Both companies have raised significant investment. Over in Indonesia, there’s Ula, a similar startup that recently snagged an investment from Jeff Bezos. Although MaxAB was an early mover in Egypt, competition is heating up there too. It now faces venture-backed rivals, including Fatura, Cartona and Capiter, which are all B2B e-commerce startups founded in 2019 that connect small retailers to fast moving consumer goods (FMCGs). However, compared to MaxAB, these players approach the market from slightly different angles. Capiter runs a B2B online marketplace targeting smaller businesses across multiple retail sectors. It currently connects over 60,000 merchants to more than 1,200 sellers and recently raised $33.4 million from investors. Meanwhile, Cartona and Fatura launched as asset-light online marketplaces, which contrasts to MaxAB’s approach of managing warehouses and deliveries directly. The company is currently enjoying significant growth. MaxAB entered 2021 having only raised around $6 million in seed funding from investors, but it has since secured $55 million in new funding from backers including RMBV and the International Finance Corporation, among others. After initially operating only in Cairo, it has also expanded into seven new cities outside the capital in 2021 while making a move to grow regionally. JANUARY 2022

IMAGE FROM SOURCE

Going forward, MaxAB wants to launch a new chain of franchise stores that would be similar to a 7-Eleven, says El-Megharbel. That would see small shops combine together under one brand and get access to software systems and help running their stores. “We’re just empowering them using technology and giving them a unified look,” says the CEO. Operating under one umbrella should also give these shops more purchasing power with suppliers. Other industry players are targeting this opportunity too, such as India’s Jumbotail, which runs a branded convenience store chain called J24. Looking ahead, in 2022 MaxAB plans to launch in two new regional markets outside Egypt and Morocco. F O R B E S M I D D L E E A S T.C O M

Simultaneously, the company wants to scale its Fintech business aggressively and raise more funds. MaxAB currently only sells to grocery stores, but El-Megharbel expects to eventually widen its focus to additional retail segments. “Everything is in the pipeline,” says El-Megharbel. “But we’d like to do things one step at a time.” The first step he took here came back in 2014, when he moved back to Egypt after attending university in the U.S. He found himself hanging out at a coffee shop with old friends who’d worked for FMCG companies. Over shisha, they began talking about the industry, outlining the inefficiencies and how big players weren’t doing anything to address them. There were multiple layers between the actual manufacturers and small merchants. Companies like PepsiCo or P&G accessed the market through distributors that sold to big grocery chains. From there, distributors worked with sub-distributors in remote areas to secure the remaining big accounts and then sold the rest to big wholesalers, who then sold to smaller wholesalers. That led to a lot of unnecessary inventory movement, says El-Megharbel. He figured there had to be a better way. He found the answer by looking to other emerging markets, such as India, which had active B2B e-commerce companies. He pitched the concept at a startup event in Alexandria in 2015, where he met Ben Halim, who was then a strategic marketing executive at Aramex. The pair had several friends in common and built a connection. But El-Megharbel ended up shelving the idea after realizing he didn’t have the skills needed to build such a business. The Egyptian market also didn’t seem receptive to a B2B e-commerce platform at that time. So, pressing pause on his entrepreneurial dream, in 2016 he joined Careem as its general manager in Alexandria. After nearly two years at the ride-hailing giant, El-Megharbel saw the pieces coming together to launch MaxAB. Growing adoption of mobile devices and the internet signalled that Egypt was embracing technology, and he was learning how to scale a business. He called JANUARY 2022

37 MAXAB

In August 2021, the company acquired the Moroccan B2B e-commerce and distribution platform WaystoCap for an undisclosed amount. “The arc of innovation is only just starting in Morocco,” says Niama El Bassunie, WaystoCap’s founder and CEO. “We were at the forefront of this disruptive moment in Morocco and neighboring markets in the region.” Hiring has also been a key focus with the new funding, with MaxAB today employing around 2,000 people. It also launched a Fintech arm in October 2021—a move designed to give merchants more opportunities to increase revenues. This includes a bill payment service allowing shopkeepers to process utilities and phone bills for customers, as well as a buy now, pay later product for store owners looking to access more inventory. Still, competitors including Capiter, Cartona and Fatura are also working on Fintech services.

MAXAB

Ben Halim, who by then was heading operations for Aramex in Egypt, and getting a bit bored. “He’s like, ‘you want to quit your job?’” remembers Ben Halim. The pair left their jobs, rented a cheap office, and found a 4,000 square foot warehouse. It took three weeks to set up operations and hire a sales team. Three weeks after that, MaxAB sold its first case of inventory. Initially, the company offered only staple goods, like rice and pasta, and they looked for market entry points in underserved areas of Cairo. They also decided to tackle a significant amount of infrastructure and operations. Rather than operate only as a marketplace connecting merchants to suppliers, the company opted to lease its own warehouses and put together a delivery fleet. That added complexity and overheads, but MaxAB’s founders believed it would help deliver a more reliable service by fully controlling customer experience. That approach boils down to issues they see with the larger industry. “The market is so messy, you cannot trust that the wholesalers or the FMCGs will deliver on their own,” says El-Megharbel. Interestingly, technology wasn’t a big part of MaxAB’s operations initially. The cofounders started by operating offline and doing everything manually, which allowed them to map out where the issues were and how best to apply automation and technology. They introduced their online platform about eight months after launching. In September 2019, MaxAB raised a $6.2 million seed round to help it expand in Egypt. But this came just as local competitors were hitting the market and raising the stakes. Then came COVID-19. MaxAB headed into 2020 looking to raise more funding, F O R B E S M I D D L E E A S T.C O M

but the pandemic upended that process. Luckily, existing investors provided a lifeline and prevented them from running out of money. COVID-19 also ultimately provided a boost: prior to the pandemic, only 40% of MaxAB’s orders came through its app, with the rest coming through its call centers or boots on the ground. Overnight that number jumped to 80%, and once merchants started using the app they never stopped. By the end of 2021, roughly 94% of orders were coming online. Having spent its first two years focused on developing its infrastructure in Cairo, 2021 put MaxAB on the map. In July, it secured a $40 million Series A funding round, and it quickly added another $15 million a month later and announced the WaystoCap deal. It’s a move El-Megharbel had been eying since the early days. He’d gotten to know WaystoCap’s El Bassunie a few years back, as both companies shared investors. The acquisition, which is still in the integration phase, is setting MaxAB up to potentially become a key regional player in B2B e-commerce. It should be a space to watch going forward. In a world where hypermarkets stock seemingly everything and groceries get delivered on-demand, MaxAB and competitors are pursuing a contrarian bet on the little guys at a time when they’ve been disappearing in markets like the U.S. If these tech startups succeed, the old shop around the corner could remain for generations to come.

Stay connected with our latest business news.

MOST-FUNDED B2B E-COMMERCE MARKETPLACES IN MENA Our annual list of the most-funded startups in the Middle East featured 11 e-commerce platforms. Here are the top players in the B2B space.

Sary Headquarters: Saudi Arabia

Funding: $112 million Sary connects small businesses such as minisupermarkets, restaurants, cafes, and hotels with a network of fast-moving consumer goods wholesalers.

MaxAB Headquarters: Egypt

Funding: $62.5 million MaxAB is a B2B e-commerce and distribution platform that serves traditional retailers across Egypt and Morocco.

Retailo Headquarters: Saudi Arabia

Funding: $44 million Retailo digitizes retail supply chains for SME retailers with a warehousing space covering almost 200,000 square feet, and a fleet of nearly 200 vehicles.

Capiter Headquarters: Egypt

Funding: $33.4 million Capiter enables merchants to order products through an e-commerce checkout and receive credit on their purchases.

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• MOST-FUNDED STARTUPS IN MENA •

TA M A R A

STARTING STRONG

BY HANNAH STEWART F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

Tamara cofounders, Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain

TA M A R A

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

TA M A R A

Since it was launched in September 2020, Saudi-based buy now pay later (BNPL) platform, Tamara, has managed to attract over $116 million in total investment, including $110 million in debt and equity through a Series A funding round led by U.K.-based payments processor, Checkout.com, in April 2021. Coming just seven months into its operations, the Series A was at the time widely touted as the largest ever raised by a startup in MENA. An impressive feat, considering that two years ago Tamara’s cofounders—Abdulmajeed Alsukhan, Turki Bin Zarah, and Abdulmohsen Albabtain— barely knew each other. Tamara’s ability to attract multi-million-dollar investment stems in part from a rapid rise in demand for its services. The startup, which today employs 137 people across four offices in Riyadh, Dubai, Berlin, and Ho Chi Minh City, allows online and in-store shoppers to buy goods and split payments into three installments. In just over a year, the company has attracted two million customers across Saudi, the U.A.E, and Kuwait, as well as 2,000 merchants, including local, regional, and global brands such as Adidas, Ikea, Yves Saint Laurent, Namshi, and online beauty store, Nice One. “This gives you an idea about the scale,” says Bin Zarah, the company’s Chief Commercial Officer. The CCO stops short of revealing figures but claims that Tamara grew 100-fold between January and November 2021. Today, he says, the company is on track to process $266 million in payments in its first financial year. Tamara’s growth, like that of many tech startups, has been boosted by the impact of the pandemic on consumer behavior. With shoppers reluctant to handle cash or venture F O R B E S M I D D L E E A S T.C O M

into stores, the BNPL model—a form of interestfree financing that enables consumers to spread the cost of a purchase over a period of weeks or months—fast became an attractive option. Currently, BNPL accounts for just 2.5% of the global Fintech market, but it is gaining traction. According to a report from Grand View Research, the industry is expected to be worth $20.4 billion in the next six years, registering a CAGR of 22.4% from 2021 to 2028. As such, there is stiff competition in the sector, both in the Middle East and globally. Spotii, tabby, and Postpay are vying for market share in the GCC’s BNPL arena, while Klarna, Clearpay, and Laybuy, are among the players dominating the global landscape. PayPal has jumped on the bandwagon too, recently launching its own pay later model. These BNPL platforms are emerging as a preferred payment option for online shoppers, with Millennial and Gen Z consumers bucking the trend—and for Alsukhan, Tamara’s CEO, there’s no better place to be than Saudi Arabia. “This is a hotspot where everything is possible,” he says. Beyond Saudi borders, there’s also no escaping the size of the GCC opportunity when it comes to growth potential. “We call the GCC our homecourt. It’s our number one focus,” adds Alsukhan. “Then, as opportunities arise, we will definitely consider geographical expansion.” Arjun Vir Singh, Head of Financial Services MENA at Arthur D. Little, agrees. “The GCC has witnessed an explosion of BNPL solutions in the past couple of years,” he confirms, adding that indications such as increased investment in the sector and rapid BNPL adoption suggest the market will continue to grow at pace. For the Tamara cofounders, BNPL isn’t just innovating the payment industry, it’s turning it on its head. Through the Saudi startup, customers can make transactions in-store or online using the platform’s mobile app, with no interest to pay. “We take our cut from the merchants, nothing from the customers,” says Alsukhan. “That’s the beauty of BNPL. We’ve switched the relationship between customers, credit, and merchants.” According to the CEO, Tamara gives customers the function of a credit card, but without the same risk, while giving merchants better conversion rates and higher average order value, resulting in incremental sales—albeit at a higher cost. JANUARY 2022

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F O R B E S M I D D L E E A S T.C O M

And it’s the same story at Faces, part of the Chalhoub Group. “We decided to partner with Tamara to offer our customers an additional payment method that allows them to shop with ease,” says Asim Shaikh, head of e-commerce. “Giving customers the choice to split their payments into three, without any interest rates or hidden fees, has positively impacted our business; it has also helped to attract potential customers interested in purchasing with BNPL in Saudi and the U.A.E.” Despite the opportunities, there is speculation that the boom created by COVID-19 for tech and online startups could soon plateau or even drop off. The Tamara cofounders, however, see things differently. Their growth came in 2021 as elements of normal life were resurfacing across the GCC. Normal, however, does not characterize the way in which Tamara came into being. Just 18 months ago, Alsukhan and Bin Zarah hadn’t been in touch since childhood, and Albabtain was continents away studying for an MBA at London Business School. But in 2020, at the height of the COVID-19 pandemic, social media brought the trio together. It was CEO Alsukhan who initiated interactions—at that point, the serial entrepreneur had been on the startup scene for four years. Alsukhan began his career in late 2015, initially working in investment having returned to Saudi Arabia after studying in the U.S. However, just six months into a job, he decided that entrepreneurship was more his calling. In 2017, he founded a grocery delivery service, Habli, which was acquired the same year by his second grocery platform startup, Nana. The idea for Tamara came from his exposure to the grocery and delivery space. “In neighborhood shops, like laundry stores and small grocery shops, they have what we call the ledger. The cashier is usually the owner who knows his or her customers and allows them to buy now, pay later. This means that BNPL is all about alternative data that the financial industry has no interest in or use of,” explains Alsukhan. The entrepreneur found himself competing with these “mom and pop” stores and set about studying how they worked. He realized JANUARY 2022

43 TA M A R A

Still, there are fears that the BNPL model may enable some consumers to spend more than they can afford. “There is significant risk that customers rack up an unaffordable level of borrowing because they don’t view BNPL as a credit product,” says Singh. According to the finance expert, BNPL has also developed a reputation for encouraging impulse buying. As he puts it, BNPL has “removed a number of friction points, which in the past stopped or discouraged it.” While there may be drawbacks, Albabtain, Tamara’s Chief Product Officer, is quick to point to the platform’s efforts to mitigate risks and help consumers stay debt-free. “Our principle is to promote responsible spending, so once a customer is late on a payment, we freeze the account until they settle,” he explains. According to the team, Tamara has also developed a sophisticated risk engine to reduce fraud and credit risks. And in addition to encouraging responsible spending among customers, the cofounders are also focused on building long-term relationships with merchants. “We don’t just deliver Tamara and disappear, we are very hands-on,” explains Bin Zarah. It’s an approach that is finding favor among retailers. “Our partnership with Tamara provides our customers with a more convenient shopping experience. By offering an alternative payment solution, we were able to tap into 107 cities in Saudi Arabia and enable our customers to buy their desired items with an easier and more convenient payment solution,” says Mohammed Kattoah, country OMNIchannel manager at IKEA. “Since partnering with Tamara, we have seen a 15% increase in overall conversion and 39% uplift average order value.” Regional retailers report similar benefits. “Our experience with Tamara is great. We had a smooth roll-out of the ‘split in three’ solution in Saudi,” says Bushra AlKenani, marketing manager at Nice One. “We also extended Tamara’s offering to customers in the U.A.E. and Kuwait and collaborated with Tamara to launch a co-marketing campaign during Black Friday.” According to AlKenani, the partnership with Tamara has increased Nice One’s average order value by 22%.

“We call the GCC our homecourt. It’s our number one focus,” TA M A R A

that he could use technology to do exactly the same, giving the ledger to the customer. To get his idea off the ground, Alsukhan needed people with specific skillsets. He and Bin Zarah had been classmates in elementary school and were childhood friends. Bin Zarah had worked in management consulting at Kearney and was a senior solutions consultant at LinkedIn in Saudi Arabia when his former schoolmate reached out. With his strengths in the commercial side of business, he was the ideal partner to have onside. While coming onboard, Bin Zarah suggested Albabtain to lead product development for the company. The two had studied at King Fahd University of Petroleum and Minerals, and while Albabtain was three years younger, he and Bin Zarah had connected through their university network and common friends. After graduating in 2014, Albabtain had gone on to work as a management consultant at the Boston Consulting Group and then as a fellow at Saudi’s MiSK Foundation, before traveling to London to study for his MBA. With Albabtain thousands of miles away from Riyadh and the global pandemic putting a halt to in-person interactions, the three Saudis got to work on Tamara virtually. The startup was initially established in a flurry of virtual meetings and video calls. “All of our investments came while I was working from home dressed in hoodies and shorts,” laughs Alsukhan. He and Albabtain only met face-to-face for the first time F O R B E S M I D D L E E A S T.C O M

in August 2020—one month before the platform went live. Tamara was initially selffunded by the cofounders, but investor interest was piqued from the outset. In January 2021, it attracted $6 million in seed funding in a round led by Impact46, with participation from multiple investors and family offices. In addition to achieving what was considered the largest seed round in Saudi Arabia, Tamara also became the first Saudi Fintech startup to acquire a Saudi central bank sandbox license to operate as a BNPL platform. Then, in April 2021, came the $110 million Series A. Despite such early success, it’s important to remember that Tamara is, in fact, just getting started. The CEO says that the team is now preparing for “a pipeline of large global merchants” to go live on the platform soon, as well as making plans to expand across the wider GCC in 2022. The ambitions of its young cofounders also reach beyond the limits of BNPL. “We see buy now pay later as a gateway, rather than by itself our means or our end,” insists Alsukhan. Less than two years in, it’s too early to predict Tamara’s future, but if the platform’s early investment record is a sign of what’s to come, the business could have staying power.

MOST-FUNDED FINTECH STARTUPS IN MENA Our annual list of the most funded startups in MENA features 13 Fintech startups, with Tamara ranking second. Here are the top funded Fintech players.

tabby Buy now, pay later platform Headquarters: Saudi Arabia, U.A.E.

Funding: $130 million tabby provides buy now, pay later solutions to over a million active shoppers across the U.A.E. and Saudi Arabia.

Tamara Buy now, pay later platform Headquarters: Saudi Arabia

Funding: $116 million Tamara allows online and in-store shoppers in Saudi Arabia, the U.A.E. and Kuwait to split their payments across three installments.

Postpay Buy Now, Pay Later platform Headquarters: U.A.E., Saudi Arabia

Funding: $63.5 million Postpay offers shoppers the option to split their payments across three monthly installments with no interest or fees.

Lucky App Cashback and installments application Headquarters: Egypt

Funding: $44 million Lucky allows users to pay for goods in installments, as well as get discounts and instant cashback from over 25,000 stores.

PayTabs Payments solutions company Headquarters: Saudi Arabia

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Funding: Confidential PayTabs offers electronic invoicing services to businesses, including digital invoicing, pay by QR code or secure social media payment links.

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THE LIST

TOP 50 MOST-FUNDED STARTUPS IN MENA

his year’s 50 Most-Funded Startups In MENA have raised nearly $3 billion in total funding, with the top 10 alone amassing $1.9 billion. The U.A.E. dominates the list, with 22 startups securing nearly $1.8 billion combined—over 60% of the list’s total funding. It is followed by Saudi Arabia, which is home to 12 startups that raised a total of $520.4 million, while Egypt’s seven entries raised a total of $248.6 million. Fintech and e-commerce are the most represented sectors, with 13 and 11 entries, but food-tech firms have raised the most money, with $874.9 million in total funding. This is largely thanks to cloud-kitchen operator, Kitopi, which tops this year’s ranking after bagging $804 million. Agri-tech business Pure Harvest Smart Farms is second with $272 million in total funding. Subscription video-on-demand service STARZPLAY and Fintech platform tabby came third and fourth, with $150 million and $130 million, respectively. Buy-now-pay-later platform Tamara is the highest funded in Saudi Arabia having raised $116 million, while e-commerce player MaxAB is Egypt’s most funded startup with at $62.5 million in total funding. The 2022 list includes 30 newcomers, such as North African ride-hailing and delivery startup Yassir and Fintech firm PostPay. Arab sovereign wealth funds had a healthy investor appetite in 2021. Sanabil Investments, whollyowned by the Saudi sovereign wealth fund (PIF), poured capital into Sary and Foodics, whereas the U.A.E.’s Mubadala Investment company backed tabby and Sarwa. Mergers and acquisitions also heated up in 2021. Swvl agreed to merge with U.S.-based SPAC Queen’s Gambit Growth Capital, making it a publicly-listed company and the first $1.5 billion unicorn from the Middle East to be listed on Nasdaq. Egypt-based Fintech Halan raised $120 million in 2021, entering into a share swap agreement with MNT BV, a Netherlands corporation. And U.S. operator of delivery kitchens, logistics, and proximity hubs, REEF Technology Inc, acquired the U.A.E.’s cloud kitchen startup iKcon for an undisclosed amount. According to the Global Startup Ecosystem Report 2021, the MENA region had four emerging ecosystems in the world’s top 100 emerging ecosystems in 2021—including Dubai, Cairo, Riyadh, and Abu Dhabi. The study indicates that the total number of late-stage funding rounds in MENA almost doubled in the last five years, while the total late-stage funding amount has also doubled.

Methodology To qualify for the list, startups had to be no more than seven years old. They had to have raised at least $15.5 million in total funding. Cut off for funding was December 20, 2021. We excluded startups that acquired, merged, or went public in stock markets. New entries are marked with an asterisk (*). Disclaimer: All data mentioned is provided by the startups. Forbes Middle East holds no responsibility for any investment decisions. To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com

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GLOBAL MEETS LOCAL 2021

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

TOP 50 MOST-FUNDED

STARTUPS

$ Total funding: $804 million

Tech-powered food company Founders: Mohamad Ballout, Saman Darkan, Bader Ataya

THE LIST

Nationality: Lebanese, British, American Investors: Softbank, Chimera, ADQ, Nordstar, Dogus Group, BECO, Knollwood, CE Ventures Headquarters: U.A.E. Established in: 2018

Sector: Foodtech F O R B E S M I D D L E E A S T.C O M

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Kitopi operates in the U.A.E., Saudi Arabia, Kuwait, and Bahrain with over 80 cloud kitchens more than 3,500 employees serving 200 brands, such as Papa Johns, Shake Shack, Jollibee, Nathan’s Famous, and iHOP. In 2021, Kitopi raised $715 million—89% of its total funding of $804 million. Its $415 million Series C round in July was led by SoftBank Vision Fund 2, with participation from Chimera, DisruptAD, B. Riley, Dogus Group, Next Play Capital, and Nordstar, making it one of the Middle East’s newest unicorns. Before launching Kitopi, CEO and cofounder Mohamad Ballout cofounded confectionery business BMB. Other cofounder Saman Darkan previously worked with startups My Metro Talk, Central Tickets, and Little Bedoo, while Bader Ataya previously cofounded the e-commerce website Mumzworld.

Total Funding: $874.9 million

•

Number of Startups: 4

* New to list

JANUARY 2022

IMAGE BY FORBES MIDDLE EAST

1. Kitopi

TOP 50 MOST-FUNDED

STARTUPS

2. Pure Harvest Smart Farms $ Total funding: $272 million

Technology-enabled agribusiness

Founders: Sky Kurtz, Mahmoud Adi, Robert Kupstas Nationality: American, Emirati, American/Lithuanian

49 THE LIST

Investors: IMM Investment, Abu Dhabi Investment Office, ADQ, Franklin Templeton, Sancta Capital, Shorooq Partners, Shuaa, Wafra International Investment Company, Mission 2040, Archer Private Investments, other institutional and individual investors Headquarters: U.A.E. Established in: 2017 Pure Harvest designs, builds and operates controlled environment agriculture technology to produce greenhouse fruits and vegetables, with three farms in the U.A.E. and two projects under development in Saudi Arabia and Kuwait that will increase the area it covers to 18 hectares. It produces a variety of crops, including tomatoes, leafy greens, and strawberries. The startup was jointly founded by three Stanford graduates who met in the U.A.E. The company secured $64.5 million in convertible funding in October 2021, led by South Korea’s IMM Investment Corp and eyeing expansions across the GCC, along with Asian countries such as Korea, Singapore, Malaysia, Indonesia, and the Philippines.

3. STARZPLAY*

$ Total funding: $150 million

Subscription video-on-demand service Founders: Maaz Sheikh, Danny Bates, Khaled Benchouche, Karin Baggstrom Nationality: American, British, French, Swedish Investors: State Street, Lionsgate, SEQ Capital Partners, Delta Partners, Ruya Partners

IMAGE BY FORBES MIDDLE EAST ; IMAGE FROM SOURCE

Headquarters: U.A.E. Established in: 2014 STARZPLAY is a subscription video-ondemand service that streams movies, TV shows, documentaries, and Arabic content to 21 countries across MENA and Pakistan in four languages. With over 1.8 million subscribers, it partners with global studios, including STARZ, MGM, 20th Century Studios, Disney, Warner Bros, Universal, Discovery, and Fox International Channels. STARZPLAY raised over $125 million in funding from Lionsgate, State Street Capital Group, and SEQ Capital and secured its first independent debt financing of $25 million from Abu Dhabi-based Ruya Partners in 2021.

Sector: Fintech

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F O R B E S M I D D L E E A S T.C O M

Total Funding: $588.1 million

•

Number of Startups: 13

* New to list

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TOP 50 MOST-FUNDED

STARTUPS

4. tabby

$ Total funding: $130 million

Buy now, pay later platform Founders: Hosam Arab, Daniil Barkalov Nationality: Canadian, Russian

50 THE LIST

Investors: Global Founders Capital, STV, Arbor Ventures, Mubadala Investment Capital, Delivery Hero, CCVA, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, JIMCO, HOF Headquarters: Saudi Arabia, U.A.E. Established in: 2019 tabby provides buy now, pay later solutions to over a million active shoppers across the U.A.E. and Saudi Arabia, who use it to access over 3,000 brands, including Adidas, IKEA, SHEIN, and Marks & Spencer. In 2021 alone, tabby raised $50 million in equity funding and $50 million in debt financing, bringing its total funding to over $130 million and its valuation up to $300 million. CEO and cofounder Hosam Arab previously cofounded online fashion retailer Namshi, which was fully acquired by Emaar Malls.

5. Tamara*

$ Total funding: $116 million

Buy now, pay later platform Founders: Abdulmajeed Alsukhan, Turki Bin Zarah, Abdulmohsen Albabtain Nationality: Saudi Investors: Checkout.com

Tamara allows online and in-store shoppers in Saudi Arabia, the U.A.E. and Kuwait to split their payments across three installments. The Riyadh-headquartered startup was the first to acquire a sandbox license from the Saudi Central Bank in its category in 2020 and currently partners with over 2,000 merchants and around two million customers. It has processed transactions of around $266 million in 2021 and works with brands such as IKEA, SHEIN, Faces, Adidas and L'Occitane, among others. Abdulmajeed Alsukhan, the CEO and cofounder of Tamara, previously cofounded Habli in 2017, a Saudibased logistics provider for grocery delivery. Habli was acquired in the same year by Nana, which Alsukhan joined as cofounder—it has raised nearly $29 million to date.

Sector: E-commerce F O R B E S M I D D L E E A S T.C O M

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Total Funding: $450.2 million

•

Number of Startups: 11

* New to list

JANUARY 2022

IMAGE BY FORBES MIDDLE EAST ; IMAGE FROM SOURCE

Headquarters: Saudi Arabia Established in: 2020

TOP 50 MOST-FUNDED

STARTUPS

$ Total funding: $112 million

B2B marketplace Founders: Mohammed Aldossary, Khaled Alsiari Nationality: Saudi Investors: Sanabil Investments, Wafra International Investment, Endeavor Catalyst, VentureSouq, Rocketship.vc, Ra’ed Ventures, MSA Capital, Derayah VC, STV, angel investors Headquarters: Saudi Arabia Established in: 2018

Sary connects small businesses such as minisupermarkets, restaurants, cafes, and hotels with a network of fast-moving consumer goods wholesalers via mobile and web applications. It has secured over $112 million to date including $105.5 million in 2021 and plans to use the new funding to expand across the GCC region. Sary claims to have witnessed 14-fold growth in its topline between 2020 to 2021. Saudi’s Public Investment Fund’s wholly-owned subsidiary Sanabil Investments and Wafra International Investment are among its notable investors.

7. Postpay*

$ Total funding: $63.5 million

Buy now, pay later platform Founders: Tariq Sheikh, Dani Molina Carmona Nationality: Mauritian, Spanish Investors: Afterpay, Touch Ventures, other investors

IMAGES FROM SOURCE

Headquarters: U.A.E., Saudi Arabia Established in: 2019 Postpay offers shoppers the option to split their payments across three monthly installments with no interest or fees. The startup works with partner stores and brands such as Ounass, West Elm, and Bath and Body Works. Postpay currently operates in the U.A.E. and Saudi Arabia, with plans to expand across the Middle East within the next 12 months. It claims to never charge interest from the customer, shifting the costs to retailers as a premium above payment gateway fees.

Sector: Agritech

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F O R B E S M I D D L E E A S T.C O M

Total Funding: $290 million

•

Number of Startups: 2

* New to list

JANUARY 2022

51 THE LIST

6. Sary

TOP 50 MOST-FUNDED

STARTUPS

9. iMile Delivery Services

$ Total funding: $50 million

Logistics and courier services provider Founders: Rita Huang Zhen, Naveen Joseph, Gao Wenli, Nancy Chen

52 THE LIST

Nationality: Chinese, Indian, Chinese, Chinese Investors: Undisclosed- Chinese Venture Capitalist Headquarters: U.A.E. Established in: 2017 iMile provides logistics and last-mile delivery services to vendors in China, the U.A.E., Saudi Arabia, Mexico, Oman, and Morocco. It secured $40 million in a Series A financing round at a $350 million valuation in November 2021. According to Bloomberg, TikTok parent company ByteDance has invested in iMile, although it has not yet named its investors. iMile plans to extend its services to other sectors such as telecom and banking and will expand into Africa and Latin America. iMile’s CEO Rita Huang was previously the CTO of Alibaba Joint Venture in Dubai and a country manager for Huawei.

8. MaxAB*

$ Total funding: $62.5 million

B2B e-commerce platform Founders: Belal El Megharbel, Mohamed Benhalim Nationality: Egyptian, Libyan Investors: BECO Capital, 4DX Ventures, Flourish Ventures, RMBV, IFC, Crystal Stream Capital, Endeavour Catalyst, Endure Capital MaxAB is a B2B e-commerce and distribution platform that serves traditional retailers across Egypt and Morocco. It has served over 80,000 retailers and fulfilled more than 1.5 million orders in less than three years. The startup raised $55 million in a Series A round in 2021. In August 2021, MaxAB expanded into Morocco and plans to expand to at least two more countries in 2022. MaxAB’s CEO Belal El Megharbel, a former Careem employee, is a graduate of Virginia Tech.

Sector: Logistics

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F O R B E S M I D D L E E A S T.C O M

Total Funding: $185 million

•

Number of Startups: 4

* New to list

JANUARY 2022

IMAGES FROM SOURCE

Headquarters: Egypt Established in: 2018

TOP 50 MOST-FUNDED

STARTUPS

$ Total funding: $47 million

IoT communications service provider Founders: Ahmed Fasih Akhtar, Vyomesh Thakker, Firoz Karumannil Nationality: Indian Investors: Future Technology LLC, Seed Investors, Noor Capital PJSC, Bpifrance Headquarters: U.A.E. Established in: 2017

iWire builds communication infrastructures for IoT solutions for utility companies, smart cities, smart facilities, and logistics service providers. The startup secured $34 million in a Series A funding round in 2021, led by Noor Capital, with participation from the French sovereign wealth fund, Bpifrance. With operations across India, Middle East, Turkey, and Africa, iWire’s customers include Abu Dhabi City Municipality, Michelin, Total, the Government of Dubai, DP World, Abu Dhabi Ports, and the RTA, among others. iWire plans to offer connected products such as utility meters, gas sensors, health watches, smart ID, smoke detectors, container trackers, and street lighting solutions.

10. Quiqup*

$ Total funding: $47 million

On-demand delivery platform Founders: Bassel El Koussa, Tim Linssen, Danny Hawkins, Federico Ferraro Nationality: Lebanese, Dutch, British, Italian Investors: JOBI Capital, Delivery Hero, Cedar Mundi, Transmed, Alchimia

IMAGES FROM SOURCE

Headquarters: U.A.E. Established in: 2014 Quiqup’s delivery solutions include on-demand, same-day, and scheduled deliveries. It also gives restaurants, retailers, and e-commerce businesses access to a fleet of couriers. Delivery Hero led a $5.5 million funding round in the startup in 2020, bringing its total amount of funding to $47 million. Strategic shareholders also include Cedar Mundi, JOBI Capital, and Transmed. Quiqup was launched in London before relocating to the U.A.E. It plans to expand its services across the GCC region.

Sector: Streaming F O R B E S M I D D L E E A S T.C O M

•

Total Funding: $150 million

53 THE LIST

10. iWire Group*

•

Number of Startups: 1

* New to list

JANUARY 2022

TOP 50 MOST-FUNDED

STARTUPS

12. Opontia*

$ Total funding: $46 million

E-commerce enabler

Founders: Philip Johnston, Manfred Meyer Nationality: British, Austrian Investors: STV, Raed, GFC, Upper90, Presight Capital, Kingsway Capital, VentureSouq, Partners For Growth, Hosam Arab Headquarters: U.A.E. Established in: 2021 Opontia acquires e-commerce brands and helps them scale, with a focus on businesses in the Middle East, Africa, and Europe. Opontia raised $46 million within less than nine months of launching from investors including Raed Ventures, Global Founders Capital, Presight Capital, and Kingsway Capital, among others. The startup has operations in the U.A.E., Saudi Arabia, Turkey, and Poland. It has acquired five undisclosed brands to date and plans to acquire 50 more by the end of 2022.

14. Retailo*

$ Total funding: $44 million

B2B e-commerce platform Founders: Talha Ansari, Wahaj Ahmed, Mohammad Nowkhaiz Nationality: Pakistani Investors: Shorooq Partners, AgFunder, Arzan Capital, Abercross Holdings Headquarters: Saudi Arabia Established in: 2020

13. TruKKer

$ Total funding: $45 million

Digital freight network Founders: Gaurav Biswas , Pradeep Mallavarapu

Retailo started operations simultaneously in Saudi Arabia and Pakistan. The startup digitizes retail supply chains for SME retailers. Its warehousing space covers almost 200,000 square feet, and it has a fleet of nearly 200 vehicles serving 50,000 retailers. Cofounders Talha Ansari, Wahaj Ahmed, and Mohammad Nowkhaiz are three former Careem executives who teamed up to launch Retailo in July 2020 at the height of the COVID-19 pandemic. They raised $9 million in just nine months before securing an additional $35 million in a Series A round in late 2021.

Nationality: Indian Investors: STV, RTF, IFC Headquarters: Saudi Arabia Established in: 2016 The truck aggregator operates a fleet of 40,000 trucks across Saudi Arabia, the U.A.E., Egypt, Bahrain, Jordan, Oman, Pakistan, and Turkey. TruKKer has over 550 B2B customers. The number of transactions processed through the platform hit 200,000 in 2021 compared to 5,000 in 2017. TruKKer was initially built as a tech-enabled aggregator of trucks for B2C home moving services before relocating to Dubai to apply the business model to the long-haul B2B sector.

Sector: Technology F O R B E S M I D D L E E A S T.C O M

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Total Funding: $109.5 million

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Number of Startups: 3

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14. Lucky App

$ Total funding: $44 million

Cashback and installments application Founders: Ayman Essawy, Momtaz Moussa, Marwan Kenawy 55

Nationality: Egyptian

THE LIST

Investors: Algebra Ventures, Lorax Capital Partners, other investors Headquarters: Egypt Established in: 2018 Lucky allows users to pay for goods in installments, as well as get discounts and instant cashback from over 25,000 stores such as Amazon, Jumia, Nike, Booking, KFC, Burger King, Spinneys, Metro, Sketchers, Ravin, B.Tech, and Tradeline. Lucky operates in Egypt and Morocco. The startup has more than 6.5 million registered users and processes three million annual transactions with an annual gross merchandise value of $50 million.

16. Yassir*

$ Total funding: $43.25 million

Ride-hailing and delivery platform Founders: Noureddine Tayebi, El Mahdi Yettou Nationality: Algerian Investors: Y Combinator, P1 Ventures, French Partners, ACE & Company, Venture Souq, WndrCo, DN Capital, Kismet Capital, Spike Ventures, Quiet Capital, Endeavor Catalyst, FJ Labs, Venture Souq, Nellore Capital, Moving Capital, other individual investors.

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Headquarters: Algeria, Tunisia, Morocco Established in: 2017 Yassir offers on-demand services such as ride-hailing and last-mile delivery in 25 cities across Algeria, Canada, France, Morocco, and Tunisia, with over three million users. The startup secured $30 million in a Series A round in June 2021 with a plan to expand into west Africa and Europe while tapping into the fintech sector in 2022. Yassir has 40,000 partners, including drivers, delivery riders, merchants, FMCGs and wholesalers. The company’s angel investors include the cofounder of Instacart Max Mullen, the founder of Farmville Sizhao Yang, and the former director of operations at Uber in Europe and China, Cleo Sham.

Sector: Healthtech F O R B E S M I D D L E E A S T.C O M

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Total Funding: $78.6 million

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Number of Startups: 4

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17. Trella*

$ Total funding: $43 million

Digital freight marketplace Founders: Omar Hagrass, Ali el Atrash, Pierre Saad, Muhammad El Garem Nationality: Egyptian Investors: Maersk Growth, Raed Ventures, Algebra Ventures, Vision Ventures, Next Billion Ventures, Venture Souq, Foundation Ventures, 4DX Ventures, Flexport, other individual investors.

THE LIST

Headquarters: Egypt Established in: 2018 Trella is a B2B technology platform and trucking marketplace connecting shippers with carriers. It has operations in Egypt, Saudi Arabia, and Pakistan, and almost 500 shipping partners, including Coca-Cola, Maersk, Mondi, Henkel, Orascom, and Cemex. It also has 28,000 driver partners, with the value of goods transferred reaching $680 million. Trella was cofounded by former Uber employees Omar Hagrass and Ali El Atrash, former Vezeeta employee Pierre Saad, and former OLX employee Muhammad El Garem.

18. PayTabs

$ Total funding: Confidential

Payments solutions company Founders: Abdulaziz Al Jouf Nationality: Saudi Investors: Saudi Aramco, other private investors Headquarters: Saudi Arabia Established in: 2014 PayTabs offers B2B ecommerce solutions across 49 industries, with electronic invoicing services to businesses, including digital invoicing, pay by QR code or secure social media payment links. The startup currently operates in over seven markets including the U.A.E., Saudi Arabia, and Egypt. Founder Abdulaziz Al Jouf created PayTabs primarily for SMEs, which now make up 80% of its clients.

18. Leena AI*

$ Total funding: $40 million

AI-powered HR assistant Founders: Adit Jain, Mayank Goyal, Anand Prajapati Nationality: Indian Investors: Y-Combinator, Greycroft, Bessemer Venture Partners Leena AI is an autonomous conversational AI platform that helps companies with HR tasks. Headquartered in New York and Dubai, Leena’s notable customers include Nestle, Puma, P&G, Coca-Cola, Lafarge Holcim, and Abbott. Three million employees across 60 countries use Leena AI, which is available in more than 60 languages, including Arabic. The startup’s cofounders—Adit Jain, Mayank Goyal, and Anand Prajapati— were recognized among Forbes 30 Under 30 in 2020.

Sector: Transportation and mobility F O R B E S M I D D L E E A S T.C O M

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Total Funding: $77.25 million

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Number of Startups: 2

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Headquarters: U.A.E., U.S. Established in: 2018

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20. Floward*

$ Total funding: $34.2 million

Flowers and gifts e-commerce platform Founders: Abdulaziz B. Al Loughani, Mohammed Alarifi Nationality: Kuwaiti, Saudi

Investors: STV, Impact46 Floward sells fresh-cut flowers, gifts, and products such as cakes, chocolate, and perfumes with same-day delivery. It operates in 36 cities across nine countries, including the GCC, Egypt, Jordan, and the U.K. The Floward app has been downloaded more than a million times with one million impressions monthly. CEO and cofounder Abdulaziz B. Al Loughani is also a managing partner at Faith Capital and was a cofounder and CEO of Talabat until 2010.

THE LIST

Headquarters: GCC Established in: 2017

21. ekar

$ Total funding: $34 million

Personal mobility systems Founders: Vilhelm Hedberg Nationality: Norwegian Investors: Polymath Ventures, other investors Headquarters: U.A.E. Established in: 2016 ekar offers on-demand access to a network of carshare and subscription leasing vehicles, along with other mobility options, including peer-to-peer rentals. The startup operates across seven cities, with a fleet of 2,300 vehicles and 250,000 users in Saudi Arabia and the U.A.E. It is launching in Thailand in January 2022 and plans to expand into Malaysia, Turkey, and Egypt later in the year.

22. Capiter*

$ Total funding: $33.4 million

B2B e-commerce platform Founders: Mahmoud Nouh, Ahmed Nouh Nationality: Egyptian Investors: Quona Capital, MSA Capital, Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, Derayah Ventures, Next Billion Ventures

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Headquarters: Egypt Established in: 2020 Capiter is a B2B marketplace that enables merchants to order products through an e-commerce checkout and receive credit on their purchases. Before launching Capiter in July 2020, Mahmoud Nouh was a cofounder and a former COO of Egyptian ride-hailing unicorn Swvl, which was valued at $1.5 billion through a SPAC deal in 2021. Capiter serves over 60,000 merchants and more than 1,200 sellers with a team of 1,500 employees.

Sector: Q-commerce F O R B E S M I D D L E E A S T.C O M

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Total Funding: $53.1 million

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Number of Startups: 2

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23. Breadfast*

$ Total funding: $30 million

On-demand grocery delivery platform Founders: Mostafa Amin, Muhammad Habib. Abdallah Nofal

Headquarters: Egypt Established in: 2017

23. BitOasis*

$ Total funding: $30 million

Crypto-asset exchange Founders: Ola Doudin, Daniel Robenek Nationality: Jordanian, Czech Investors: Wamda, Jump Capital, Alameda Research, Global Founders Capital, Pantera Capital, Digital Currency Group, NXMH Headquarters: U.A.E. Established in: 2015 BitOasis allows users to buy, sell, and trade over 30 cryptocurrencies, such as Bitcoin, Ethereum, and XRP, among other currencies. The fintech startup has recorded trading volumes exceeding $3 billion as of nine August 2021, with a twofold surge in users in the first half of 2021 compared to the same period in 2020. The Jordanian entrepreneur Ola Doudin was ranked among Forbes Middle East’s list of “10 Women Behind Middle Eastern Tech Brands 2021”. Along with her partner Robenek, she led BitOasis to operate in the U.A.E., Saudi Arabia, Bahrain, Kuwait, Oman, Jordan, Egypt, and Morocco.

Sector: On-demand services F O R B E S M I D D L E E A S T.C O M

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Total Funding: $44 million

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Number of Startups: 2

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Nationality: Egyptian Investors: Vostok New Ventures, JAM Fund, Shorooq Partners, Endure Capital, Tinder’s co-founder Justin Mateen, YC Continuity Fund, 4DX Ventures, Flexport

Founded as a scheduled bakery service delivering fresh bread and pastries to customers’ doorsteps, Breadfast now offers more than 2,500 supermarket items such as coffee, dairy, meat, fruit, vegetables, and personal hygiene products, as well as a limited number of electronic items. The company has 250,000 registrations and employs 2,000 people. It raised $26 million in November 2021 and plans to have a presence in 11 Egyptian cities by April 2022. Before launching Breadfast, CEO and cofounder Mostafa Amin cofounded EgyptianStreets and wassel.io.

TOP 50 MOST-FUNDED

STARTUPS

$ Total funding: $30 million

Eyewear omnichannel direct-to-consumer retailer Founders: Anass Boumediene, Mehdi Oudghiri, Abdullah Al Rugaib Nationality: Moroccan, Moroccan, Saudi Investors: Kingsway, Nuwa Capital, French Partners, Endeavor Catalyst, Derayah, Palm Drive, Hardy Capital, EQ2 Ventures, Wamda Capital, GS Shop, Equitrust, 500 startups, Khawarizmi, Faith Capital

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Headquarters: Saudi Arabia, U.A.E. Established in: 2017

Sector: Edtech

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Total Funding: $27.5 million

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With operations in the U.A.E., Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain, eyewa is an eyewear omnichannel direct-to-consumer retailer. It started as a pure-play e-commerce company before expanding into a physical retail network, having opened 16 stores in 2021 in Saudi Arabia and the U.A.E. It has since built house brands, including lifestyle eyewear brand 30Sundays and fast fashion brand Blackout, as well as natural color contact lens brand Layala. In June 2021, eyewa raised $21 million. It plans to boost its presence in new areas across MENA and expand its house brands and offline operations.

Number of Startups: 1

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23. Eyewa

TOP 50 MOST-FUNDED

STARTUPS

26. Telr

$ Total funding: $29 million

Online payment gateway Founders: Khalil Alami Nationality: American Investors: iMena, Cashfree Payments, Tila Headquarters: U.A.E. Established in: 2014 With a presence in the U.A.E. and Saudi Arabia, Telr enables merchants to accept payments online in over 120 currencies and 30 languages. It also provides other services, including social commerce, QR Codes, antifraud protection, BNPL solutions, and a tool for creating an online store in minutes. Telr processes over 500,000 transactions monthly and claims to have double-digit growth month-over-month. In November 2021, it raised an equity investment of $15 million from the Indian payments and API banking solutions company, Cashfree Payments. It now plans to expand across MENA.

27. Nana

$ Total funding: $28.9 million

Online grocery platform Founders: Sami Alhelwah, Abdulmajeed Alsukhan, Bakr Elsherif, Ahmed Alsamani Nationality: Saudi, Saudi, Egyptian, Saudi Investors: MEVP, STV, Saudi Venture Capital Company, Watar Partners, Wamda Capital, others. Headquarters: Saudi Arabia Established in: 2016

Sector: Adtech

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Total Funding: $16.5 million

F O R B E S M I D D L E E A S T.C O M

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Nana is an e-grocery marketplace that serves 18 cities across Saudi Arabia. It has raised $28.9 million in five years. Nana officially launched its Dark Store in September 2020 covering Riyadh, and expanded its operations across Saudi and Egypt. Cofounder and CEO Sami Alhelwah previously cofounded cloud management solutions company Sadeem and e-commerce firm Matajer. He was also the CEO of ExaServe, a cloud service provider. Cofounder Abdulmajeed Alsukhan also recently cofounded Tamara, a fintech startup that raised $116 million in 2021.

Number of Startups: 1

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TOP 50 MOST-FUNDED

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$ Total funding: $28 million

All-in-one restaurant and retail management solution and fintech company Founders: Ahmad Al Zaini, Mosab Alothmani Nationality: Saudi Investors: Sanabil Investments, STV, Raed Advanced Investment Co Ltd, Al-Riyadh Al-Wa’id Investment Company

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Headquarters: Saudi Arabia Established in: 2014

Headquarters: U.A.E. F O R B E S M I D D L E E A S T.C O M

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Total Funding: $1.8 billion

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Foodics helps restaurants digitally manage operations, including monitoring sales, accepting payments, and managing orders and menus. Since its establishment, Foodics has processed over five billion orders while catering to 12,000 food and beverage brands. The startup has eight offices in Saudi Arabia, the U.A.E., Jordan, Kuwait, Egypt, and the Netherlands. It raised $20 million in funding in 2021 led by Saudi’s Public Investment Fund’s wholly-owned subsidiary Sanabil Investments. It was also recognized by the Saudi Central Bank as a fintech company.

Number of Startups:

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28. Foodics

TOP 50 MOST-FUNDED

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29. Abwaab*

$ Total funding: $27.5 million

Ed-tech platform

Founders: Hamdi Tabbaa, Hussein Alsarabi, Sabri Hakim Nationality: Jordanian Investors: BECO Capital, 4DX Ventures, GSV Ventures, Watar Partners, Adam Tech Ventures, Endure Capital, Equitrust, ISSF, EQ2 Ventures, Foundation Ventures, Spartech Ventures Headquarters: Jordan Established in: 2019 Abwaab works to improve the out-of-school learning experience for secondary school students in Jordan, Egypt, and Pakistan. It offers video lessons, various types of assessment, and performance-tracking features, among other services. It claims that its number of active users grew ten times throughout the 2020/21 academic year. In July 2021, it acquired Edmatrix, a Pakistan-based social e-learning platform. Cofounder and CEO Hamdi Tabbaa is a former general manager of Uber for the GCC and Levant, Sabri Hakim is a former general manager of Careem for the Levant, and Hussein Alsarabi is a former director of technology and product development at Mawdoo3.com.

30. Expensya*

$ Total funding: $25.6 million

Cloud-based expense management software Founders: Karim Jouini, Jihed Othmani Nationality: Tunisian Investors: BPI France, ISAI, Seventure Partners, TDR, MAIF Avenir, Silicon Badia, business angels Headquarters: Tunisia, France Established in: 2015 Expensya offers cloud-based expense management software, which automates the business spend management process for more than 5,000 clients, including H&M, Credit Agricole, and Volvo. It is currently used in more than 100 countries with over 500,000 active users and over $33 million transactions processed per week. In 2021, Expensya raised $20 million from MAIF Avenir, a French innovation capital fund, and Silicon Badia. It now plans to expand its reach across mainland Europe.

31. Sehteq

$ Total funding: $25.5 million

Digital health insurance Founders: Saif Aljaibeji, Noor Al Kamil Nationality: American/Iraqi, American/Iraqi Investors: 971 Capital, Synergy Capital, Beehive, Cloud Klair Headquarters: U.A.E. Established in: 2017 Sehteq offers health insurance plans to individuals and SMEs in the U.A.E and Oman. It began operations in February 2018 with the acquisition of the first third-party administrator license. Today it serves more than 700,000 customers with a network of more than 2,000 providers. It had processed five million claims as of December 2021. The startup’s 2020 revenue totaled $47 million, while 2021’s estimated revenue is $51 million. Sehteq is set to be acquired by Cloud Klair in 2022.

Headquarters: Saudi Arabia F O R B E S M I D D L E E A S T.C O M

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Total Funding: $520.4 million

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Number of Startups:

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THE LIST

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32. Sarwa

$ Total funding: $25 million

Online independent investment platform Founders: Mark Chahwan, Nadine Mezher, Jad Sayegh Nationality: Canadian, Lebanese, French Investors: Mubadala Investment Company, 500 Startups, Kuwait Projects Company, Shorooq Partners, ADQ, Middle East Venture Partners

Sarwa is an investment and personal finance platform. With more than 50,000 registered users, it provides a hybrid model with access to on-demand investment experts and customer support. Backed by prominent investors such as the Mubadala Investment Company and 500 Startups, the company recently launched Sarwa Trade, a self-directed zero-commission platform that allows clients to buy and sell over 4,000 publicly traded stocks and ETFs listed on major U.S. exchanges. In August 2021, Sarwa raised $15 million in a Series B round. Nadine Mezher, cofounder and CMO of Sarwa, ranked fifth on Forbes Middle East’s “Top 10 Women Behind Middle Eastern Tech Brands 2021” list.

THE LIST

Headquarters: U.A.E. Established in: 2017

32. Tarabut Gateway* $ Total funding: $25 million

Open banking platform

Founders: Abdulla Almoayed Nationality: Bahraini Investors: Tiger Global, DIFC, Target Global Headquarters: U.A.E. Established in: 2018 Tarabut Gateway is a regulated open banking platform that connects a regional network of banks and fintechs via an application programming interface that helps facilitate and distribute personalized financial services. Having started in Bahrain, Tarabut Gateway raised $13 million in seed funding in February 2021 and another $12 million in November. The platform has offices across Bahrain, the U.A.E., and the U.K. It recently partnered with Zain Bahrain to launch telco open banking payments.

34. Kaykroo*

$ Total funding: $24.4 million

Cloud kitchen platform

Founders: Jihad El Eit, Fawaz Al Otaibi Nationality: Lebanese, Saudi Investors: Abdulmajid Abdulaziz Al Hokair, Abdulrahman Al Rashed, Kamal Puri, other investors

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Headquarters: U.A.E. Established in: 2020 Kaykroo operates 20 cloud kitchens in the U.A.E. and Saudi Arabia, delivering 250,000 orders monthly. Kaykroo raised over $21.4 million in funding during 2021 from notable investors such as Abdulmajid Abdulaziz Al Hokair and Abdulrahman Al Rashed. Over the next four years, it aims to have 50 brands offered from its kitchens across 50 locations in the region, generating a total of $500 million in sales in its fifth year. Kaykroo has 20 operating brands with an additional 15 brands in the pipeline for 2022.

Headquarters: Egypt F O R B E S M I D D L E E A S T.C O M

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Total Funding: $248.6 million

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Number of Startups:

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TOP 50 MOST-FUNDED

STARTUPS 35. Rizek

$ Total funding: $24 million

On-demand services Founders: Abdallah Abu Sheikh Nationality: Jordanian 64

Headquarters: U.A.E. Established in: 2019

THE LIST

Investors: ADQ, Peak, Rozana Rizek is a super app that allows users in the U.A.E., Saudi Arabia, and Egypt to request services across categories such as homecare, car services, beauty, and healthcare. It claims to have recorded an increase of 800% in revenue and 700% in customer base as of June 2021. With 80 employees, the app launched PCR testing at home at the height of the pandemic in September 2020. Rizek’s founder Abdallah Abu Sheikh launched another startup called “Barq” in November 2021 to provide smart mobility solutions.

35. Rasan*

$ Total funding: $24 million

Fintech company

Founders: Moayad Alfallaj, Suliman Alfallaj, Thamer Alfallaj Nationality: Saudi Investors: Impact46 Headquarters: Saudi Arabia Established in: 2016 Rasan is a fintech startup that offers insurance and banking solutions through Tameeni Motor and Tameeni SME Health, among other platforms. It has attracted eight million users since its launch. Tameeni enables retail customers to compare insurance prices and coverage, then select and pay for their policy of choice. Other brands under the fintech startup include Treza, which supports vehicle lease-to-own teams at banks across Saudi. Rasan’s services are currently available in Saudi with offices in Riyadh, Dubai, and Cairo. The startup raised $24 million in a round led by Impact46 in November 2021.

37. Toters

$ Total funding: $23.1 million

Q-commerce delivery tech platform Founders: Tamim Khalfa, Nael Halwani Nationality: Canadian, Lebanese Investors: BY, Phoenician Funds, MEVP, other investors

Toters connects customers with retailers and local couriers to deliver goods from any grocery store, restaurant, or other retail shops in Lebanon and Iraq. With over 350 employees, the startup operates in over 10 cities with 4,000 partners and more than 400,000 customers.

Headquarters: Saudi Arabia, U.A.E. F O R B E S M I D D L E E A S T.C O M

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Total Funding: $223.5 million

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Number of Startups:

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Headquarters: Lebanon Established in: 2017

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38. Syarah*

$ Total funding: $23 million

Automotive online marketplace Founders: Fayez Alanazi, Salah Alsharif Nationality: Saudi, Libyan Investors: Impact46, Elm company, Budget, Vision Ventures, angel investors

Headquarters: Saudi Arabia Established in: 2015

THE LIST

Syarah is an online marketplace for buying and selling new and used cars in Saudi Arabia. After raising $20 million in a Series B round in August 2021, it plans to broaden its offering and provide further complementary services along with establishing its own distribution centers in Saudi Arabia. Syarah sold over 6,000 cars online and aims to grow its inventory and sales in the next few months.

40. GluCare Health*

$ Total funding: $20 million

Hybrid digital therapeutics company Founders: Ali Hashemi, Ihsan Almarzooqi Nationality: American, Emirati Investors: Polymath Ventures Headquarters: U.A.E. Established in: 2020 GluCare offers both in-clinic and virtual care for diabetic patients, using a remote continuous data monitoring platform and artificial intelligence. Through the company’s app, patients can connect with a coach or a care team who can remotely monitor glucose, insulin dosages, sleep patterns, diet intake, actigraphy, heart rate variability and other parameters in real-time. GluCare’s cofounder and managing director Ihsan Almarzooqi is also the chairman of Berkshire Hathaway Homeservices Gulf Properties, while cofounder Ali Hashemi was previously the founder of Amana Healthcare, which was acquired by Mubadala Healthcare in 2019.

39. AZOM*

$ Total funding: $22.5 million

Tech startup designs, develops, and sells consumer hardware and software Founders: Mohamad Almunajem Nationality: Saudi Investors: AssrAljawal, angel investors

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Headquarters: Saudi Arabia Established in: 2020 AZOM designs, develops, and sells electronics and computer software. It has raised $22.5 million since inception in 2020 from Assr AlJawal and angel investors. AZOM sells its products in retail shops and online in Saudi Arabia and Oman, and online in other Gulf countries. It will soon expand into Egypt. The startup has recently launched a smartphone, AZOM River, as well as a smart watch, AZOM watch.

Headquarters: Kuwait F O R B E S M I D D L E E A S T.C O M

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Total Funding: $54.20 million

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Number of Startups:

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TOP 50 MOST-FUNDED

STARTUPS 42. Nejree*

$ Total funding: $19 million

Fashion e-commerce platform Founders: Ibrahim Al Mogren Nationality: Saudi Investors: Impact46, AlKhaila Investment Co 66 THE LIST

Headquarters: Saudi Arabia Established in: 2018

40. justclean

$ Total funding: $20 million

Digital cleaning service Founders: Athbi & Nouri Al Enezi, Ahmed Al Morsy

Nejree is an e-commerce platform that sells sneakers and apparel from brands such as Adidas, Nike, Lacoste, Puma, Under Armour, Rebook, and Converse. It has also launched Nejree Closet, which is a “try now buy later” model, allowing consumers to try on products for free with no upfront payment before deciding whether or not to buy. Nejree raised $19 million led by Saudi-based VC firms and aims to grow its operations in the GCC. Founder Ibrahim Al Mogren is a former athlete.

Nationality: Kuwaiti, Kuwaiti, Egyptian Investors: Faith Capital, Mohammed Jaffar, angel investors Headquarters: Kuwait Established in: 2016 justclean was founded as an on-demand laundry marketplace, and has grown since to add SaaS and logistics to its business model. It provides logistics support to its vendors, while also providing laundry management support and a point-of-sales system. It currently provides its services to customers in five markets, including Kuwait, Bahrain, the U.A.E., Qatar, and Saudi Arabia, and expects to cover more of the GCC soon. Today, justclean works with over 500 laundries and employs over 200 people.

43. Paymob*

$ Total funding: $18.5 million

Digital payments platform Founders: Islam Shawky, Alain El Hajj, Mostafa Mennesy Nationality: Egyptian Investors: FMO, A15, Global Ventures Paymob enables merchants to accept and disburse payments through over 28 payment methods. It has operations in Egypt, Saudi Arabia, Jordan, and Pakistan. The fintech startup closed $18.5 million in a Series A round in 2021, led by U.A.E.-based Global Ventures. Its customer base has grown from 1,000 merchants before 2020 to over 50,000 in 2021. Cofounders Alain El Hajj, Mostafa Menessy, and Islam Shawky were on Forbes Middle East’s “30 Under 30 2021” list.

Headquarters: Algeria, Tunisia, Morocco F O R B E S M I D D L E E A S T.C O M

• Total Funding: $43.25 million • Number of Startups:

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Headquarters: Egypt Established in: 2015

TOP 50 MOST-FUNDED

STARTUPS

43. GrubTech*

$ Total funding: $18.5 million

Cloud kitchen and restaurant management platform Founders: Mohamed Al Fayed, Mohamed Hamedi, Omar Rifai

Nationality: American, British, American

THE LIST

Investors: Family offices, Addition, Oryx Fund, BY Ventures Headquarters: U.A.E. Established in: 2019 GrubTech is an end-to-end kitchen operating system, which offers food aggregator services, online ordering, delivery and menu management, along with analytics. It delivers its services to 1,000 brand locations with clients such as Azadea, Majid Al Futtaim, Talabat Cloud Kitchen, Yo Sushi, and iKcon. The startup secured two funding rounds in 2021 totaling $16.4 million. GrubTech operates in 15 countries, including all six countries of the GCC, Jordan, Egypt, and Lebanon, and it plans to expand across North Africa and Southeast Asia.

45. Red Sea Farms*

$ Total funding: $18 million

Agri-tech startup Founders: Ryan Lefers, Mark Tester, Derya Baran Nationality: American, Australian, Turkish Investors: KAUST, RPDC, FII, Global Ventures, Wa’ed Aramco, Bonaventure Capital, AppHarvest

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Headquarters: Saudi Arabia Established in: 2018

Headquarters: Jordan F O R B E S M I D D L E E A S T.C O M

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Total Funding: $27.50 million

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Red Sea enables commercial farming using primarily saltwater and sunlight in harsh climates. It secured $16 million in its pre-Series A round in 2021 and plans to accelerate its expansion plans in Saudi Arabia and the Middle East, as well as explore growth opportunities in North America. Red Sea Farms plans to have an active U.S. site in 2022.

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46. Beehive

$ Total funding: $17.5 million

SME-focused digital finance solutions provider Founders: Craig Moore Nationality: British Investors: Riyad TAQNIA Fund, DIFC, Cultiv8 Headquarters: U.A.E. Established in: 2014 Beehive is a peer-to-peer lending platform, regulated by the Dubai Financial Services Authority. It provides digital finance solutions for SMEs, financial institutions, and investors. Since its establishment in 2014, the Dubai-based startup has helped 800 businesses borrow $250 million from 15,000 investors. Before founding Beehive, Craig Moore was the founder and COO of Butterfly Software, a U.K.-based data analytics and migration software company that was acquired by IBM in September 2012.

48. Homzmart*

$ Total funding: $17.2 million

Online e-commerce platform for home goods Founders: Mahmoud Mohamed Ibrahim, Ibrahim Mohamed Ibrahim Nationality: Egyptian Investors: MSA Capital, Nuwa Capital, Rise Capital, Impact46, EQ2 Ventures, Outliers Ventures Headquarters: Egypt Established in: 2019 Homzmart connects home goods and furniture manufacturers with end consumers. It sells more than 100,000 products from thousands of brands and merchants. It raised $15 million in a Series A round in May 2021 and plans to use the investment to expand across the region. It has lately expanded into Saudi Arabia. Cofounder and CEO Mahmoud Ibrahim was previously COO of Daraz, an online shopping and selling platform in Southeast Asia, while cofounder Ibrahim Mohamed previously worked with Jumia.

46. selfologi*

$ Total funding: $17.5 million

Cosmetic treatment digital platform Founders: Tamer Wali Nationality: Canadian Investors: Tamer Wali, Xenel International Group Headquarters: U.A.E. Established in: 2021 Launched Q3 2021, selfologi is a digital platform where users can discover, learn about, and book cosmetic treatments. It plans to launch a booking feature in early 2022, where consumers will also have access to user-generated ratings and reviews to compare clinics and practitioners. With 34 employees, the startup operates in the U.A.E. and Saudi Arabia with plans for global expansion. Tamer Wali is also the partner the CEO of Imdad, a distributor of energy-based aesthetic medical devices, for over 30 years.

Headquarters: Tunisia, France F O R B E S M I D D L E E A S T.C O M

•

Total Funding: $25.60 million

•

Number of Startups:

* New to list

JANUARY 2022

IMAGES FROM SOURCE

THE LIST

TOP 50 MOST-FUNDED

STARTUPS

49. FoxPush*

$ Total funding: $16.5 million

Cloud-based ad management platform Founders: Ahmed Elsayed, Mohammed Almalki 69

Nationality: Egyptian, Saudi Investors: Angel investor, Jgroup

THE LIST

Headquarters: U.A.E. Established in: 2016 Ad-tech startup FoxPush helps online businesses, publishers, advertisers, website owners and e- commerce brands to deliver and track advertising campaigns. Its solutions aim to increase customer base, boost engagement and enhance communication between brands and their audiences. With current operations in the GCC and 14 employees, FoxPush claims over 50,000 websites use its solutions, including L’Oreal Paris, Zain, Mazda, tajawal, and Abu Dhabi Media, among others.

50. Okadoc

$ Total funding:

$15.6 million

Patient engagement platform Founders: Fodhil Benturquia Nationality: French Investors: Ithmar Capital, Bupa Arabia, ADQ

IMAGE FROM SOURCE ; IMAGE BY FORBES MIDDLE EAST

Headquarters: U.A.E. Established in: 2018 Okadoc offers instant consultation booking, virtual appointments, online payments, and document sharing in the U.A.E., Saudi Arabia, and Indonesia. The health-tech startup secured $15.6 million through two funding rounds. Bupa, Daman, Mediclinic, Emirates Hospital, and Dubai Healthcare City are among the healthcare groups and insurers using Okadoc’s services. In April 2021, Okadoc received approval by the Dubai Health Authority to be one of the first telehealth licensed platforms in the U.A.E. Before founding Okadoc, founder and CEO Fodhil Benturquia was the Group CEO of Noon.com.

Headquarters: Lebanon F O R B E S M I D D L E E A S T.C O M

•

Total Funding: $23.10 million

•

Number of Startups:

* New to list

JANUARY 2022

• HOTEL REVIEW •

By Juweyria Hersi

W Maldives The Maldives offers the perfect environment to reboot and get away from city life. These small islands offer big experiences, while providing complete tranquility.

Having been cooped up in my home for an extended period, I really felt like I needed a relaxing vacation to rediscover the beauty of travel, so my mother and I headed to the Maldives to experience the famed paradise islands. We chose the W Maldives resort, located on the heart-shaped Fesdu Island in the North Ari Atoll. F O R B E S M I D D L E E A S T.C O M

The island is small but encircled by glorious beaches and remarkable reefs. It seemed like a perfect lush getaway where we could enjoy great food, marine life, and, most importantly, tranquility. The journey Our vacation started as soon as we arrived at Malé Airport, where we received a warm welcome from two W Maldives staff members who took complete care of us and went through our itinerary in detail while we waited for our seaplane tickets to be booked. We were then taken by bus to the W Maldives lounge. You get the W Maldives vibe as soon JANUARY 2022

IMAGE FROM SOURCE

HOTEL REVIEW

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as you arrive at the W lounge. It encompasses the brand’s glamorous and playful design and offers drinks, snacks, and comfortable seating in a tech-friendly fun atmosphere. The seaplane ride to the resort took approximately 25 minutes. Because of the time of year, we expected the weather to be rainy, but to our surprise the temperature was 28 degrees, with fluffy clouds dotted across blue skies. It was picture-perfect. As we were landing, we could see a group of staff waving to welcome us. When we landed, they each introduced themselves, which was a very warm and friendly touch. Accommodation Seclusion was important to us, but because of the location and shape of the jetty at W Maldives, we didn’t have to worry too much about privacy. The island houses 77 private villa escapes and suites, and we stayed at one of the overwater villas. We had a large king-sized bed, an outdoor deck, and private beach and pool access. It was very spacious for two over-packers. It also had a high-quality sound system, which was great for unwinding with a movie after a day full of activities. F O R B E S M I D D L E E A S T.C O M

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HOTEL REVIEW

The resort During our stay, we felt more like we were in a private club than a hotel resort. Each corner of W Maldives has a unique, carefully-constructed design and ambiance, with upbeat music playing everywhere you go. But while the resort has boundless features—including a fully-equipped water sports center, spa, and fitness center—the rooms are designed to make guests feel like they are on discrete personal retreats. It was the ultimate sanctuary for two F O R B E S M I D D L E E A S T.C O M

people eager to get away from city life. I also noted that it was rare to see plastic around the resort. The entire W Maldives team is committed to sustainability, with paper packaging and glass water bottles used across the entire island. Activities If there was one thing on our schedule that we were thankful for every day, it was the pool and ocean right outside our balcony door. We snorkeled, swam, sunbathed, stared out to sea, read, and played music. Then we did it all over again—and again, not missing a single day. For my first-time snorkeling, I was assisted by an instructor from the Down Under & Wave Center, who guided me for an hour and provided me with snorkeling gear to use for the rest of my stay. We went into the sea from the beach and swam deeper until just before the point where the light blue water turned darker. We then glided around the island from near the water villas up to the spa. We saw the enormous W underwater reef sculpture along the way—the W Maldives does not limit its funky branding to land. I will never forget the countless exotic fishes, giant turtles, and eagle rays. When I first saw reef sharks I was terrified, but I soon got used to them, and the instructor assured me that if I did not get in their way they should not be of any harm. Being among the colorful marine life was an unimaginable experience. It almost made me want to JANUARY 2022

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The villa felt like it was floating as the waves hit the room’s foundations, which was very dreamlike and peaceful. With a stylish interior design, the modern and sleek white and earthy-brown tones let the most vital element of the room come alive—the azure sea view from the bed was unforgettable. There was also a round glass porthole in the floor of the room, allowing you to see the waters underneath, which my mother would use to communicate with me as I swam past daily. You may see other guests snorkeling at a distance, so if you are extremely concerned with privacy you may want to check before leaving the room. The room service during our stay was impeccable. It was as though the staff were telepathic and knew what we would want before we even mentioned it. They were able to quickly find us a Shattafa, and surprised us with daily midday treats, like red velvet cakes for our afternoon tea.

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turn into a real-life mermaid and just live under the ocean. Of course, our itinerary included some spa time, and getting my first massage since the pandemic started was everything I dreamt it would be. The Spa at the W Maldives has four treatment villas that offer indoor and outdoor facilities. As we walked in, the therapist gave us a form to fill out, and they provided several massage options to unwind, divided into Inner Glow, Outer Glow, and After Glow treatments. We opted for an Inner Glow, 60min detox massage, which left us feeling relaxed, recharged, and rejuvenated. My mother woke up from her sleep to the sound of the sea and an overwhelming feeling of bliss. The area was so serene that we sat back and continued to unwind with a hot ginger detox drink after our session. Dining We were not expecting the dining scene to be as extraordinary as it was—it was the highlight of our trip. The W Maldives houses three vibrant restaurants and two bars. For breakfast, we savored the fresh burst of Maldivian flavors at the KITCHEN’s open buffet while barefoot in chilly waters and listening to the rustling leaves of the palm trees and watching the small island creatures waking up. The fresh coconut toast is sensational. Our juice connoisseur Farouk would go the extra mile each morning by bringing us the freshest fruits and juice mixes made of local bananas, oranges, passion fruit, mangos, and other tropical fruits. F O R B E S M I D D L E E A S T.C O M

We also had the opportunity to dine at the SIP bar and enjoy Halal drinks and sushi while watching the pink sunset with a great live DJ. The signature seafood restaurant FISH is set over the lagoon and was a fantastic way to soak in the atmosphere and see a shooting star. Dinner there was an altogether elegant affair. But our favorite dining experience was the full moon dinner at FIRE. This restaurant has breathtaking rustic and natural surroundings, with light from firepits flickering across the sand around us. My mother and I enjoyed fresh BBQed local seafood and made memories with marshmallows in hand by the bonfire with the perfect full moon overhead. It was just divine. Lastly, the team at W Maldives prepared a private destination dining experience for us at the W Coral Terrace. This was our first time having fresh caviar, and it set extremely high standards for both of us. We had a five-star three-course meal and gazed out at the ocean, giving us a beautiful, cozy, and peaceful end to our journey together—it is safe to say I am her favorite daughter now. Final thoughts W Maldives was one for the books, and I would gladly return with a couple of friends to experience this exotic magical escape island again. We experienced the most fabulous moments and created memories that will last forever. JANUARY 2022

By Samar Khouri

• MEDIA COVERAGE •

Arab Music Stars Unite In Dubai To Raise Money For Children’s Cancer Care In Lebanon The star-studded gala event featured performances from Mohamed Ramadan and Issam Alnajjar, among others, with a live celebrity auction making $177,000 in total across 10 lots.

The pandemic may have overshadowed live events for a while, but it hasn’t dented charitable giving from celebrities, world leaders, public figures, and philanthropists. As the world opens up, high-profile charity events are again taking to the stage to promote change and encourage donations. For example, the 24-hour round-the-world Global Citizen Live event in September 2021 united some of the biggest names in music to raise awareness about major global challenges, such as climate change, famine, and vaccine inequality. And two months later, on November 4, the Coca- Cola Arena in Dubai hosted a charity gala for the Children’s Cancer Center of Lebanon (CCCL), seeded with a cohort of 900 Arab and international A-listers gathered to raise funds to help provide access to quality cancer treatment. Supported by the International Humanitarian City, the exclusive, star-studded CCL event—which had previously been postponed twice due to the pandemic—was backed by its ambassador, former beauty queen Rima Fakih. “[I’m] so happy this gala was a great success as it helped raise awareness and generous donations for children with cancer,” says Fakih. The gala also featured a charity auction, auctioning off 10 lots, from a custom-made Dolce & Gabbana fuchsia leopard print satin down puffer jacket F O R B E S M I D D L E E A S T.C O M

worn by Doja Cat, to the guitar featured in Forbes Middle East 30 Under 30 Alnajjar’s hit “Hadal Ahbek” music video and exclusive and limited edition 2020 super bowl jacket autographed by The Weeknd. The auction generated around $177,000 in total, and the funds raised in this year’s event exceeded any funds raised so far by any of CCCL’s events in one night. “I See the Dream” painting that appeared in Massari and Ali Gatie’s video clip fetched for around $32,000 – the highest bid at the event. Fakih is no stranger to making a change on her own terms. She made history in 2010 by becoming the first Arab-American woman to be crowned Miss USA. For the last decade, she has been using her success to empower Arab women as well as shine an international spotlight on crisishit Lebanon and the cancer center. “My involvement with the center goes back to 2012 but I’m particularly blessed to have been there the past two years amid all the chaos caused by the pandemic,” she says. “Cancer doesn’t discriminate, and neither does the CCCL.” Inaugurated in April 2002, CCL offers cancer treatment to children from Lebanon and the wider region. Its latest charity event came amid a ramped-up events schedule in the U.A.E., hot on the heels of the opening of Expo 2020 Dubai. It is part of a string of philanthropic initiatives initiated by JANUARY 2022

IMAGE BY ZOBIAN SAAD

MEDIA COVERAGE

Rima & Sal with CCCL Board members

Ali Gatie

MEDIA COVERAGE

Massari

IMAGES BY ZOBIAN SAAD, PETRA SARTORISOVA

Mohamed Ramadan

Fakih and her husband, music industry executive, Wassim “Sal” Slaiby, to support Lebanon. In the aftermath of the August 2020 port explosion that devastated swathes of the capital, they raised more than $1.2 million in cash and pledges with their “Global Aid for Lebanon” campaign—in collaboration with WFP USA, Global Citizen, Red Cross Lebanon, and the CCCL—to raise funds for the victims. They kicked off the campaign with a $250,000 personal donation. In April 2021, Fakih was appointed to the WFP USA Board of Directors. “I was very excited to take part in this event and to help my wife Rima carry out this mission that is so dear to her heart. As a father of three, children’s wellbeing and health are crucial to me,” says Slaiby, whose new Universal Arabic Music (UAM) record label supported the event. Over the last 19 years, CCCL has treated more than 2,600 children, with an annual budget of $15 million. It has also held a number of fundraising gala dinners and charity events in several countries, including the U.A.E., Kuwait, and London. This year’s event was hosted by Lebanese comedian and TV presenter Hisham Haddad. Stars including Mohamed Ramadan, Alie Gatie, Guy Manoukian, Balqees Fathi, Mayssa Karaa, Issam Alnajjar, Elyanna, and Mohammed Assaf all performed to show their support. “Our fundraising gala dinner in Dubai was a huge success this year thanks to the involvement of different committed and devoted parties who hold the center’s cause and mission very F O R B E S M I D D L E E A S T.C O M

close to their hearts,” says CCCL Chair, Cesar Bassim. “Our supporters in Dubai and the U.A.E. in general never hesitate to respond to CCCL’s needs and help us achieve our mission of saving the lives of patients with cancer,” adds CCCL General Manager Hana Chaar Choueib. The CCCL is currently supporting almost 50% of all children and adolescents with cancer in Lebanon and the surrounding region, according to Bassim, and has increased its capacity by 60% to cope with the increased need. At the event, the CCCL Chair thanked Her Highness Sheikha Jawaher Bint Mohammed Al Qasimi and The Big Heart Foundation for her approximately $1.6 million worth of donations of needed medication. Jordanian teenage sensation, Issam Alnajjar, says that the event was his first red carpet experience, which was made more special by it being a charity gala. “The idea of being an artist and performing on stage to entertain people is great, but what’s even more rewarding is using my voice, image and music to contribute to a good cause,” he adds. Lebanese-Canadian musician Massari, who helped organize the event and took to the stage to perform, says it was a dream come true to be able to unite in support of the center. “I’m happy I was able to help in organizing the event with the stars and supervisors whom I thank for their presence and compassion,” he stresses. “I hope everyone will go back to his humanity, and we all work hand-in-hand to achieve our dream of changing the world into a better place.” JANUARY 2022

Digital Qatar Symposium & Awards 2021

orbes Middle East hosted its inaugural Digital Qatar Symposium and Awards 2021, under the patronage of the Ministry of Communications & Technology Qatar and in partnership with Dukhan Bank, the Qatar Financial Centre (QFC), and the Qatar Smart Program (TASMU) on December 8, 2021. Her Excellency Reem Al Mansoori, Assistant Undersecretary of Digital Society Development at the Ministry of Communications and Technology, and Khalid Al-Subeai, Chief Executive Officer at Dukhan Bank, commenced the event with keynote speeches. The symposium was organized to discuss and map out Qatar’s digital transformation journey thus far and to highlight how future investments in Under The Patronage of

F O R B E S M I D D L E E A S T.C O M

innovations, technology, entrepreneurship, and the startup world can boost the country’s economy. The live-streamed event consisted of three panel discussions, followed by an awards ceremony. His Excellency Sheikh Mansoor bin Khalifa AlThani and Daniyal Baig, Chief Operating Officer at Forbes Middle East, were invited onstage to present the awards. The ceremony was held to honor the companies that have significantly contributed to the growth of the Qatari economy and the overall prosperity of Qatar. The companies whose efforts were acknowledged and rewarded were selected from three categories: Most-Funded Startups in Qatar, Top Unlisted Companies in Qatar, and the Most Valuable Listed Companies in Qatar. Thought Leadership Partner

Supporting Partner

JANUARY 2022

Event Coverage

H.E. Reem Al Mansoori, Assistant Undersecretary of Digital Society Development, Ministry of Communications and Technology

Dukhan Bank

H.E. Sheikh Mansoor Bin Khalifa Al-Thani Founder & Chairman, MBK Holdings

QNB Group

Khalid Al-Subeai, CEO, Dukhan Bank

Qatar Development Bank (QDB)

Vodafone Qatar

Ooredoo

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

Digital Qatar Symposium & Awards 2021

Daniyal Baig, Chief Operating Officer at Forbes Middle East

Snoonu

Baladana

Nakilat F O R B E S M I D D L E E A S T.C O M

Masraf Al Rayan (MAR)

Dibsy

Aamal Company

Qatar Islamic Bank (QIB)

GWC

Qatar Insurance Company

Commercial Bank JANUARY 2022

Event Coverage

Digital Next – The Evolution of Qatar’s Digital Landscape: (L-R) Jad Elias, Partner, Kearney Qatar. • Dr. Ahmed Al-Sulaiti, CEO, Qatar National Broadband Network (QNBN) • Syed Shahid Ahmad, Head of a Transaction Banking & Innovation, Dukhan Bank • Eman Al Kuwairi, Head of Emerging Technology, TASMU Ministry of Communications & Technology • Abeer Faleh Al-Hajiri, Chief Information Officer, Ashghal-Public Works Authority

Digital Disruption of Finance – Big Tech, Banks, and Fintech: (L-R) Hasan Askari, Director, Qatar Fintech Hub • Henk Jan Hoogendoorn, Chief Financial Sector Officer, Qatar Financial Center • Narayan Srinivasan, Chief Operating Officer, Dukhan Bank • Ahmed Isse, CEO & Cofounder, Dibsy

Nurturing the Startup Ecosystem in Qatar: (L-R) Omar Shaath, TASMU Platform Manager, Ministry of Communications & Information Technology • Ashraf Abuissa, Chairman, Abuissa Holding • Ibrahim Mohammed Hassan, Executive Director of Finance, Qatar Development Bank • Hayfa Al-Abdulla, Innovation Director, Qatar Science & Technology Park (QSTP) • Hamad Mubarak Al-Hajri, Cofounder & CEO, Snoonu F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

• THOUGHTS ON •

Startups “Everybody starts small. We all begin life as a single cell. Every business starts as one person with an idea. How fast you go, how far you get, is in your hands. The bigger your vision, the bigger your achievement will be. Will you stumble on the way? Perhaps, but we cannot let fear keep us small. We have to be brave to be big.”

“Nobody talks about entrepreneurship as a survival, but that’s exactly what it is and what nurtures creative thinking. Running that first shop taught me business is not financial science; it’s about trading: buying and selling.” —Anita Roddick

—Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai

“What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.”

“If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion.”

“When you find an idea that you just can’t stop thinking about, that’s probably a good one to pursue.”

—Dave Thomas

—Elon Musk

—Josh James

“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”

“Any time is a good time to start a company.”

—Jeff Bezos “The great personal fortunes in this country weren’t built on a portfolio of fifty companies. They were built by someone who identified one wonderful business.” —Warren Buffett F O R B E S M I D D L E E A S T.C O M

—Ron Conway

Martha Stewart

“The price of inaction is far greater than the cost of a mistake.” — Meg Whitman “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” —Steve Jobs

“The best startups generally come from somebody needing to scratch an itch.”

“Build your business success around something that you love — something that is inherently and endlessly interesting to you.”

—Michael Arrington

—Martha Stewart

“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.”

“I wake up every morning and think to myself, ‘How far can I push the company forward in the next 24 hours?”

—Majid Al Futtaim

—Leah Busque JANUARY 2022

PHOTO BY JAMIE MCCARTHY / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP

THOUGHTS

Safe and reliable shipping. Flexibility, accessibility, and reliability are the things we look for in a service. AJEX offers them all.

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

F O R B E S M I D D L E E A S T.C O M

JANUARY 2022

Forbes Middle East - English Issue - January 2022

Articles inside

I W Maldives

I The World’s Top 5 Most Valuable Unicorns

I 5 Serial Entrepreneur Billionaires

I Sidelines

I Family Offices Increasingly Backing Startups

I Arab Music Stars Unite In Dubai To Raise Money For Children’s Cancer Care In Lebanon

I 5 Notable Crypto Crashes Of 2021