# FWDStart | MENA Startups, Tech News & VC Insights

> FWDstart delivers deeply reported, important stories on startups, venture capital, and tech in MENA you won’t find anywhere else.

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## Posts
- [ADGM revises VC fund rules with $200M manager cap and new capital requirement](https://www.fwdstart.me/p/adgm-revises-vc-fund-rules-with-200m-manager-cap-and-new-capital-requirement): The new framework replaces a $100 million cap per fund with a $200 million ceiling across a manager’s funds. Existing venture firms have until March 2027 to comply.
- [Ziina secures UAE approvals for merchant payments and international transfers](https://www.fwdstart.me/p/ziina-secures-uae-approvals-for-merchant-payments-and-international-transfers): The fintech says it processes more than $1.5 billion in annualised payments as it expands beyond its digital wallet into a broader financial platform.
- [Robinhood heads for Dubai, Saudi regulator wants VC funds to show their exits](https://www.fwdstart.me/p/robinhood-heads-for-dubai-saudi-regulator-wants-vc-funds-to-show-their-exits): FII pushed to 2027 as security concerns mount, Snoonu buys YC-backed BiteSight in its first international acquisition, General Atlantic eyes a $10B IPO, plus this week’s MENA startup, VC, and tech news round-up
- [Egyptian fintech MNT-Halan pares IPO gains after heavily subscribed listing](https://www.fwdstart.me/p/egyptian-fintech-mnt-halan-pares-ipo-gains-after-heavily-subscribed-listing): Shares ended their first three trading sessions about 2% above the offer price, after an EGP 7.84 billion share sale drew strong institutional and retail demand.
- [Property Finder, Fresha, eyewa backer General Atlantic eyes $10B IPO valuation](https://www.fwdstart.me/p/property-finder-fresha-eyewa-backer-general-atlantic-eyes-10b-ipo-valuation): The growth investor has deployed more than $3 billion in the Middle East and secured a $500 million commitment from QIA as it broadens its business beyond private equity.
- [Saudi regulator proposes fuller VC fund disclosures on valuations and exits](https://www.fwdstart.me/p/saudi-regulator-proposes-fuller-vc-fund-disclosures-on-valuations-and-exits): Draft rules would require venture capital and private equity funds to give investors details of individual holdings and realised returns, alongside broader reforms to Saudi capital markets.
- [EXCLUSIVE: Inside Huspy’s playbook for taking on Europe's property market](https://www.fwdstart.me/p/inside-huspy-s-playbook-for-taking-on-europe-s-property-market-a4b3): Huspy thinks it's cracked the code for expanding across Europe's fragmented property market. Not everyone is pleased. In Spain, the Dubai-born upstart says incumbents have tried to block its rise.
- [How SPICE is shaking up Saudi dining](https://www.fwdstart.me/p/how-spice-is-shaking-up-saudi-dining): After exiting ifood.jo and POSRocket, Zeid Husban is back with SPICE, a Saudi dining platform that gives restaurants cash upfront in exchange for dining credit. We get into how the model works, why it offers diners 20% cashback, and what building a third startup has taught him.
- [CapQuest raises $1M pre-seed to help startups manage ownership and employee equity](https://www.fwdstart.me/p/capquest-raises-1m-pre-seed-to-help-startups-manage-ownership-and-employee-equity): Oraseya Capital and AMKM Family Office led the round for the Dubai-based company, whose customers span 11 countries.
- [Saudi fintech Vrtx raises $3.6M pre-seed to help businesses launch wallets and cards](https://www.fwdstart.me/p/saudi-fintech-vrtx-raises-3-6m-pre-seed-to-help-businesses-launch-wallets-and-cards): Founded by former Tweeq colleagues, the fintech has backing from Standard Chartered’s SC Ventures and preliminary SAMA approval for an electronic money licence.
- [UAE’s CNTXT AI expands into Silicon Valley with $300M in committed revenue](https://www.fwdstart.me/p/uae-cntxt-ai-expands-into-silicon-valley-with-300m-in-committed-revenue): The company, which raised $60 million from AI71 and BlueFive Capital in June, is building a US commercial team to sell Arabic voice technology and robotics training data.
- [Palmer Luckey’s banking on Syria, and why noon is cashing out of payments](https://www.fwdstart.me/p/palmer-luckey-banking-on-syria-and-why-noon-is-cashing-out-of-payments-e45b): Why Syria’s banking system remains broken despite sanctions relief, whose interests Palmer Luckey’s Erebor’s arrival could serve, and what noon’s payments sale reveals about NEOPAY’s regional ambitions and noon’s priorities ahead of a potential IPO.
- [Nabta Health adds PVP backing to $3M pre-Series A as it expands into employer healthcare](https://www.fwdstart.me/p/nabta-health-adds-pvp-backing-to-3m-pre-series-a-as-it-expands-into-employer-healthcare): Phoenix Venture Partners led the second close of the UAE healthcare company’s ongoing $3 million pre-Series A, combining fresh funding with purchases of existing shares.
- [SoftBank courts Gulf for $100B fund, YoLa Fresh shuts down](https://www.fwdstart.me/p/softbank-courts-gulf-for-100b-fund-yola-fresh-shuts-down): Oraseya Capital doubles its fund to $272M, Phoenix Venture Partners closes debut fundraise at $23M, MNT-Halan’s IPO book is 11x oversubscribed ,plus this week's MENA startup, VC, and tech news round-up.
- [Activate Capital to open Doha office with backing from QIA’s $3B venture programme](https://www.fwdstart.me/p/activate-capital-to-open-doha-office-with-backing-from-qia-s-3b-venture-programme): The US energy and infrastructure technology investor, which manages more than $1 billion across three funds, becomes the latest firm drawn to Qatar by the sovereign wealth fund.