Shark Tank Dubai Returns; Money Fellows Secures $13M for African Expansion
Key Takeaways
- Shark Tank Dubai Season 2 facilitated over AED31M in investments for 27 regional projects.
- Money Fellows secured $13M to expand across Africa, serving over 8.5 million users.
- Nama Ventures gains Saudi regulatory approval to launch funds targeting startups in MENA.
- Foras acquires 10% stake in Canater for $1M to enhance AI solutions for manufacturers.
- MedIQ secured $6M to expand into Saudi Arabia, offering telehealth and e-pharmacy services.
Top Stories
Shark Tank Dubai Season 3 premieres, supporting SMEs.
On May 5, 2025, Shark Tank Dubai launched its third season, showcasing over 77 entrepreneurs pitching to investors and supporting the Dubai Economic Agenda (D33). Season 2 facilitated over AED31m ($8.4m) in investments for 27 regional projects, highlighting the show's role in boosting the SME ecosystem.
Money Fellows secures $13M for African expansion.
On May 5, 2025, Egypt-based fintech company Money Fellows announced a $13 million funding round co-led by Al Mada Ventures and DPI Venture Capital. This investment will fuel expansion across Africa, particularly in North Africa (Morocco), and enhance the platform, which currently serves over 8.5 million users since its founding in 2017.
Nama Ventures gains regulatory approval in Saudi Arabia.
On May 5, 2025, Nama Ventures Capital Co. received approval from Saudi Arabia's Capital Market Authority (CMA) to operate as a fully regulated venture capital firm. Relocating from the Cayman Islands, Nama Ventures aims to launch its flagship funds and Shariah-compliant investment vehicles, targeting startups in Saudi Arabia, the MENA region, and globally, aligning with Vision 2030.
Foras acquires 10% stake in Canater for $1M.
On May 5, 2025, Foras acquired a 10% stake in Canater for $1 million. Canater, founded in 2024 by Khamis Soliman (Kash), provides AI-powered solutions for manufacturers in the MENA region to expand globally, and the funding will enhance its digital infrastructure and market presence.
MedIQ secures $6M to expand into Saudi Arabia.
On May 5, 2025, Pakistan-based healthtech startup MedIQ secured $6 million in Series A funding led by Rasmal Ventures and Joa Capital. The funding will support MedIQ's expansion into Saudi Arabia, Qatar, and other Gulf countries, where it will offer telehealth, e-pharmacy, and AI-powered solutions.
Ecosystem News
Mastercard and Tamkeen explore Strive program in Bahrain.
On May 5, 2025, Mastercard and Bahrain’s Tamkeen announced they are exploring the launch of the Mastercard Strive program in Bahrain in 2025. This initiative aims to strengthen financial and digital capabilities among SMEs in Bahrain and supports Tamkeen’s 2025 strategic goals.
Jordan's Sira expands to the United Arab Emirates.
In 2025, Jordan's Sira expanded its operations to the United Arab Emirates. This expansion aims to foster authentic, values-driven connections across the MENA region, aligning with the UAE's "Year of Community" declaration.
Investment Landscape
MBS Global to assist in creating $8.8B Maldives financial hub.
On May 5, 2025, it was announced that Dubai-based MBS Global will assist in creating an $8.8 billion financial hub, the Maldives International Financial Centre (MIFC), in the Maldives. The MIFC aims to diversify the country’s tourism-dependent economy and add $1 billion annually to the GDP in 5 years.
The Family Office launches Financial Goal in UAE.
On May 5, 2025, The Family Office launched Financial Goal in the UAE, empowering investors to plan and achieve long-term financial goals through tailored private market strategies. The tool, FinancialGoal.com, was launched in DIFC.
Dubai Real Estate
Ben Bandari's Dubai real estate portfolio hits AED22bn.
On May 5, 2025, it was reported that Ben Bandari, a reality TV star and real estate broker in Dubai, has built a real estate portfolio worth AED22 billion. His career and business ventures, including his reality TV show Million Dollar Listing UAE, are highlighted.
Policy Updates
BitGo's Dubai subsidiary secures VASP license.
On May 5, 2025, BitGo's Dubai subsidiary, BitGo Custody MENA FZE, obtained a Virtual Assets Service Provider (VASP) license from Dubai's VARA. This license enables BitGo to offer custody and staking services to institutional investors in the UAE.