VC React Podcast (E17): PIF vs NDF, What's an AI Startup, The AI Future, NICE Non-Dilutive Capital

VC React Podcast:

Every week, we bring you insights and reactions from top VCs, reacting to the latest news on MENA startups, VCs, and investment rounds. Stay tuned for: expert analysis, independent opinions, and maybe some heated conversations!

Hosts:

• Ahmad Takatkah, VCpreneur.
  Sign up to VCpreneur Newsletter on https://www.vcpreneur.com/

• Jamie Lane, FWDstart.
  Sign up to FWDstart Newsletter on https://www.fwdstart.me/

Available on:

• Youtube: VC React Podcast

• Spotify: VC React Podcast

• Apple: VC React Podcast

• Amazon: VC React Podcast

Guests:

1. Abdullah AlEssa, Investment Associate @ Vision Ventures
- LinkedIn Profile: https://www.linkedin.com/in/abdullah-kais-alessa/
- VC Firm Website: https://visionvc.co/

2. Jamil Shinawi, Founding Partner @ Actual VC
- LinkedIn Profile: https://www.linkedin.com/in/jamilshinawi/
- VC Firm Website: https://www.actual.vc/

3. Kaan Akın, Managing Partner & CCO @ Tenity
- LinkedIn Profile: https://www.linkedin.com/in/kaana/
- VC Firm Website: https://www.tenity.com/

In Today's Episode:

News of the week brought to you by FWDstart:

• PIF renews focus on domestic investment and AI
  Source: AGBI
  Summary: Saudi Arabia’s Public Investment Fund is planning to reduce its foreign investments to around a fifth of its total assets under management, as it focuses on domestic funding and artificial intelligence, its governor said on Tuesday. “AI alone could add $20 trillion to the global economy by 2030. By 2027 AI’s role as an economic driver will become a benchmark of national power.” “The reason we are investing in AI is that Saudi Arabia is very well positioned to be a global hub, not only a regional hub, for many reasons. “One, there is very efficient utilisation and low cost of energy. Two, massive lands. Three – it’s not only fossil fuels we have – we have most of the technologies in renewable energy.”

• Saudi Aramco’s venture capital arm allocates $100m to invest in AI start-ups
  Source: The National News
  Summary: Saudi Aramco's venture capital arm Waed Ventures has earmarked $100 million to invest in early-stage artificial intelligence start-ups as Saudi Arabia seeks to diversify its economy and shift to growing non-oil sectors. The move will contribute towards “positioning the kingdom as a global AI hub, generating a strong pipeline of global early-stage AI start-ups”, the company said on Sunday. An advisory board consisting of global leaders in AI has been appointed by Wa’ed Ventures to support strategic deal sourcing and accelerate localisation for global start-ups. The board members come from diverse backgrounds, and included experts who have worked in Meta, Amazon, Massachusetts Institute of Technology, Oxford and other institutions, the statement said.

• Saudi's STV and others invest $8 million in invygo as company seeks profitability
  Source: Invygo
  Summary: Saudi Arabia-headquartered mobility startup invygo has raised an $8 million Series A extension provided by STV’s newly launched NICE Fund, as well as existing investors including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5. invygo, founded in the UAE in 2019 by Eslam Hussein and Pulkit Ganjoo, is an app-based service that allows people to choose, drive, swap, and own cars with presence in KSA, UAE, and Qatar. To date, invygo has raised over $22 million from regional and global investors. The company is now nearing profitability, which is expected by the end of FY 2024.

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