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RIYADH: A series of venture capital, funding, acquisition, and leadership announcements marked the post-Eid week across the Middle East and North Africa’s startup and technology ecosystem.
Deals spanned impact investing, telecom-backed venture capital, autonomous logistics, artificial intelligence, and digital consumer services throughout the region.
MENA-focused impact venture capital firm Anara Impact Capital has announced the first close of its debut fund at $48 million, nearing its target fund size of $50 million.
The fund will invest in seed and series A startups across MENA, focusing on companies operating in learning, wellbeing, and climate.
Anara is targeting startups that combine strong commercial potential with measurable social and environmental impact.
The firm aims to support founders addressing regional challenges while serving large underserved markets.
The first close attracted backing from KfW, on behalf of the German Federal Ministry for Economic Cooperation and Development and the European Commission, alongside Dara Holdings, ISSF, and several regional family offices and high-net-worth individuals.
The fund is led by Nafez Dakkak, Mohamed Hussain, and Nadia Moukaddam. Fadi Ghandour serves as chair of the Investment Committee.
Du launches $50m venture capital fund with Shorooq
UAE-based telecom operator du has launched du Ventures, a $50 million corporate venture capital fund, in partnership with investment firm Shorooq.
The fund will support startups developing emerging technologies across the UAE and the wider region.
It will invest in companies operating across fintech, artificial intelligence, cybersecurity, cloud infrastructure, loyalty solutions, gaming, enterprise software, and customer experience technologies.
Managed by Shorooq, du Ventures will prioritize investments that align with du’s strategic objectives. A significant portion of the fund’s capital has been earmarked for UAE-based ventures.
Beyond capital, portfolio companies are expected to benefit from du’s infrastructure, enterprise customer base, and market reach. The fund aims to support startups as they commercialize their technologies and scale their operations.
Foras.AI invests in Efham.ai to support Arabic AI education
Foras.AI has invested in Efham.ai, an AI education platform developed by Egypt-based NixAI.
The investment will support the creation of what Foras.AI describes as the first Arabic community dedicated to learning AI in Arabic.
Efham.ai plans to launch more than 100 AI training lessons by the end of the third quarter of 2026.
The platform is targeting learners across Egypt, Saudi Arabia, and the UAE, as well as Kuwait, Jordan, and other Arab markets.
Efham.ai provides AI education in Arabic and uses Egyptian colloquial Arabic to simplify technical concepts for users.
The platform also helps users apply AI tools in content creation, product development, entrepreneurship, fundraising, and building new AI-powered income streams.
CargoX raises $250m from investor group led by BlueFive Capital
UAE-based autonomous logistics startup CargoX has raised $250 million from an investor group led by BlueFive Capital.
The company operates driverless delivery vehicles across last-mile, middle-mile, and long-haul logistics routes.
CargoX is led by Tomaso Rodriguez, the former CEO of Talabat, who oversaw the company’s growth and its $2 billion initial public offering in 2024.
The funding will support the expansion of CargoX’s autonomous logistics network. It will also be used for vehicle technology development, operational infrastructure, and international growth.
Uber to acquire 12.5 percent stake in Careem Technologies from e&
UAE-based super app Careem is set to return to closer control under Uber after the company agreed to acquire a 12.5 percent stake from e& for $100 million.
The transaction will reduce e&’s ownership in Careem Technologies to 37.53 percent from 50.03 percent, while strengthening Uber’s position in the company.
E& originally acquired a majority stake in Careem’s super app business for $400 million in 2023 as part of its strategy to expand digital consumer services.
Careem’s ride-hailing business remains fully owned by Uber. Its super app business includes services such as food delivery, grocery delivery, payments, and other digital offerings.
The deal remains subject to regulatory approvals and customary closing conditions. Careem was acquired by Uber in a $3.1 billion transaction completed in 2020, one of the largest technology deals in the Middle East.
Nora Al-Sarhan appointed CEO of Saudi Venture Capital
Saudi Venture Capital has announced the appointment of Nora Al-Sarhan as CEO, pursuant to a Board of Directors resolution issued during its meeting on June 3.
Al-Sarhan will officially assume her role on July 1. According to a press release issued by SVC, the appointment is part of a leadership succession plan developed and overseen by the company’s board.
SVC said the transition is aimed at ensuring a structured leadership change and reinforcing the company’s continued growth and role in the Kingdom’s private capital ecosystem.
Al-Sarhan has extensive experience in private capital investment management and financial advisory services.
Since joining SVC in June 2019, she has held several leadership positions, most recently serving as deputy CEO and chief investment officer.
The company affirmed that outgoing CEO Nabeel Kosh will remain on the board.
SVC is one of the Kingdom’s leading investment institutions. Over recent years, its strategy has played a key role in positioning Saudi Arabia as the regional leader in venture capital investment for the third consecutive year in 2025, with venture capital investment in the Kingdom growing 26-fold since 2018.
The company has invested in more than 65 funds spanning venture capital, private equity, venture debt, and private credit.
These funds have collectively invested in more than 1,000 startups and SMEs, supporting the growth and diversification of the Saudi economy and contributing to the achievement of Vision 2030 objectives.
CNTXT AI acquires Actualize to strengthen Arabic voice AI offering
UAE-based AI company CNTXT AI has acquired Actualize, an enterprise AI startup specializing in dialect-aware Arabic voice agents.
The acquisition will strengthen CNTXT AI’s Arabic voice AI offerings for enterprise and government clients across the Gulf Cooperation Council region.
Founded in 2023 by Muhammed Shabreen and Khalid Ghiboub, Actualize develops Arabic conversational AI solutions, voice models tailored to GCC dialects, and workflow automation tools.
Its technology enables AI agents to execute tasks such as bookings, updates, and transactions.
Following the acquisition, Actualize’s technology will be integrated into CNTXT AI’s product portfolio, including its Arabic voice AI platform Munsit.
Shabreen will join CNTXT AI as chief technology officer, while Ghiboub will join as vice president of AI models.