Happy Friday, friends 👋

A quiet week on the regional ecosystem front, as is customary in the calm before the storm that is GITEX in Dubai next week. That said, there’s some nice industry variety in the deals announced this week, and for the first time in many months, not a single fintech deal in sight, which is notable in itself.

We’ve got agtech represented by Tagaddod’s $26.3M Series A, healthtech via Nuxera AI (an AI hospital hub), some AI legal tech goodness with Oqood, and even a deep tech aviation SaaS platform in Emma, which secured backing from Plus VC.

Globally, things have been anything but quiet. Bloomberg broke the news yesterday that the US has finally approved several billion dollars’ worth of NVIDIA chip exports to the UAE – the first major step in executing the bilateral AI pact signed back in May, which requires the UAE to match chip imports with dollar-for-dollar investments in the US. Just when AMD seemed like it was getting a bit of the limelight with its OpenAI deal, NVIDIA sure wasted no time in wrestling it right back!

Elsewhere, Nik Storonsky, co-founder and CEO of Revolut, has officially changed his residency from the UK to the UAE, as per filings with Companies House. Storonsky is estimated to hold around 18% of the company, meaning that the move could prove extraordinarily lucrative in the coming years if Revolut goes public and he sidesteps UK capital gains tax.

And in a headline I didn’t expect to read this morning: Saudi Arabia has granted citizenship to Uber co-founder Travis Kalanick, now of CloudKitchens, which is reportedly eyeing a dual listing in Riyadh and Abu Dhabi over the next year.

This and more below 👇

This week’s round-up is a 5 min read:

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Tagaddod (🇪🇬 Egypt), a renewable feedstocks platform digitising waste-to-biofuel supply chains, has raised $26.3M Series A led by The Arab Energy Fund, with participation from FMO, VKAV, A15 Ventures and other returning investors, to scale its AI-powered collection and traceability infrastructure and cement its role in the global SAF market.

Engagesoft (🇸🇦 KSA), an AI workplace intelligence platform used by major regional enterprises, has raised $3.5M pre-Series A led by Silicon Badia to deepen its product capabilities and accelerate MENA expansion.

Nuxera AI (🇸🇦 KSA), an Arabic-first AI hub for hospitals, has raised $2.5M pre-Seed from Sanabil Venture Studio by Redesign Health to deploy its real-time clinical documentation tools and scale across the Kingdom.

Oqood (🇦🇪 UAE), an AI solutions company for the legal sector, has secured $1M Seed from Sanabil Investments to build legal automation products and expand into regional and global markets.

EMMA Systems (🇶🇦 Qatar), a deeptech aviation SaaS platform unifying real-time airport operations, has secured seed funding from Plus VC to scale globally and drive efficiency and sustainability in aviation.

💾 The US has approved several billion dollars’ worth of NVIDIA chip exports to the UAE, the first major step in executing a bilateral AI deal signed in May, according to Bloomberg. The initial licenses, issued by the Commerce Department, are tied to a reciprocal $1.4 trillion Emirati investment pledge over the next decade and pave the way for up to 500k advanced AI chips annually, though none in this first batch go to G42, which is partnering with OpenAI on a massive Abu Dhabi data campus. Under the deal, the UAE must match chip imports with dollar-for-dollar investments in the US, making it a template for future AI diplomacy. NVIDIA’s shares rose more than 3% to a record intraday high following the news.

❌ Cerebras Systems has withdrawn its IPO paperwork shortly after announcing a $1 billion funding round that lifted its valuation to $8 billion, according to US filings. The move comes amid months of scrutiny over its ties to G42, the Abu Dhabi-backed tech group that owns about 1% of Cerebras but accounted for 87% of its revenue in H1 2024 through long-term chip purchase commitments. Cerebras says the withdrawal is an “administrative step” ahead of refiling, not a retreat from its IPO plans.

🇦🇪 Nik Storonsky, cofounder and CEO of Revolut, has changed his residency from the UK to the UAE, according to Companies House filings. The move comes as Revolut accelerates its Middle East push, having recently secured in-principle approval from Central Bank of the UAE to launch its full suite of financial services in the country. Storonsky reportedly holds around 18% of the company, meaning his newly declared UAE residency could allow him to avoid a very hefty UK capital gains bill on a future IPO or share sale.

🇸🇦 Thabet Investment Company has partnered with Five Keys Investment to launch Everbridge Capital, a $100 million fintech firm headquartered in Riyadh. Everbridge Capital will provide AI-powered financing solutions to Saudi SMEs, targeting the SAR 300 billion funding gap that exists domestically.

🇸🇦 Public Investment Fund has appointed Morgan Stanley and Riyad Capital as advisers for the planned IPO of its wholly owned cybersecurity subsidiary Saudi Information Technology Co. (Site), expected next year, according to Semafor. Founded in 2017, Site provides cybersecurity, cloud computing, and systems integration services. The planned listing comes amid regulatory moves to open Saudi markets further to foreign investors and strengthen the asset management sector.

🇹🇷 Touché Privé, a Turkish modest fashion platform, has raised $5 million in Sharia-compliant growth funding from Amplify Growth Partnership, a joint venture between Ajeej Capital and Nuwa Capital. Founded in 2014, the company serves customers in over 100 countries through its omnichannel platform. The new funding will support Touché Privé’s expansion across the GCC, starting with Saudi Arabia, where it plans to launch flagship stores in partnership with a major retail group. The company reported 102% year-on-year growth in 2024 and $30 million in revenue,

🇬🇧 Verto, a London-based fintech that processes over $25 billion annually, has launched operations in Dubai International Financial Centre to strengthen payment flows between the UAE and key emerging markets in Africa. Founded in 2018, the company has raised $12.1 million from investors including Quona Capital, Middle East Venture Partners, P1 Ventures, TMT Investments, Treasury, Unicorn Growth Capital, and Zrosk Investment Management. The platform offers near-instant settlements, transparent FX rates, and payment traceability for transactions between the UAE and markets including Nigeria, Kenya, South Africa, West Africa, and China.

🇬🇧 Tribe Payments, a London-based fintech firm specialising in issuer and acquirer processing, has opened a new office in Dubai’s Dubai International Financial Centre as part of its Middle East expansion. Founded in 2018, Tribe employs over 200 people across Europe, with hubs in Lithuania and Singapore. Tribe is currently the only processor in Europe to integrate with Mastercard, Visa, American Express, UnionPay International, Discover and JCB through a single platform.