Nawy Secures $75M for MENA Expansion; Google Launches Abu Dhabi AI Accelerator
Key Takeaways
- Nawy secured US$52M Series A and US$23M debt for MENA expansion.
- Google and Hub71 launched an AI accelerator in Abu Dhabi.
- Trendyol and Zid partner to boost merchant growth in Saudi Arabia and UAE.
- Sharjah launched an AI-powered trade name issuance service, reducing process by 98%.
- Dubai sees unprecedented millionaire migration in 2025, potentially exceeding $7.1B inflow.
Top Stories
Nawy secures $52M Series A, $23M debt for MENA expansion
On 2025-05-15, Nawy announced a US$52 million Series A equity funding round led by Partech, along with US$23 million in debt financing. The funds will be used to scale operations, enhance technology, and support regional expansion across the MENA region, including entering new markets and developing AI-focused products.
Google, Hub71 launch AI accelerator in Abu Dhabi
On 2025-05-15, Google and Hub71 launched the Google for Startups Accelerator in Abu Dhabi, selecting 26 startups from the Hub71 community for a three-month AI-focused program. Top startups may receive up to $300,000 in cloud credits, building on previous funding support of up to AED500,000 ($136,000).
Trendyol, Zid partner to boost Saudi, UAE merchant growth
On 2025-05-15, Trendyol and Zid announced a partnership to enhance growth opportunities for merchants in Saudi Arabia and the UAE. Zid merchants can now sync inventory, product listings, logistics, and payments to access Trendyol's marketplace, which already includes 1,000 local SMEs.
Sharjah launches AI-powered trade name issuance service
On 2025-05-15, the Sharjah Economic Development Department (SEDD) launched an AI-powered trade name issuance service. This initiative reduces the completion process by up to 98%, marking a significant advancement in digital transformation.
Dubai sees unprecedented millionaire migration in 2025
A report published on 2025-05-15 indicates Dubai has become a permanent home for the world’s wealthy, with millionaire migration reaching unprecedented levels in 2025. If 5% of migrating millionaires choose Dubai, the emirate could welcome approximately 7,100 new millionaires, representing a potential inflow exceeding $7.1 billion (AED26 billion).
Investment Landscape
BlackRock, PIF establish BRIM with $5B investment
On 2025-05-15, BlackRock and PIF announced the establishment of BlackRock Riyadh Investment Management (BRIM). PIF committed a $5 billion anchor investment in a BlackRock-led infrastructure fund.
PIF, Neuberger Berman to support $6B Saudi investments
On 2025-05-15, PIF signed a non-binding MoU with Neuberger Berman to support up to $6 billion in investments within Saudi Arabia. Neuberger Berman aims to attract international capital and build a domestic platform across various asset classes.
UAE's GDP projected to grow 4% in 2025
A report published on 2025-05-15 projects the UAE's GDP growth at 4% in 2025, increasing to 5% in 2026 and stabilizing at 4.7% in 2027. Inflation is expected to remain consistent at 2%.
Ecosystem News
Space42 focuses on growth after Q1 revenue dips 13%
On 2025-05-15, Space42, an Abu Dhabi-based SpaceTech company, announced its future growth strategy, focusing on four pillars, after Q1 2025 revenue fell 13% to $115 million. Despite the revenue decrease, the company maintained a strong normalised EBITDA margin of 53% and a net profit of US$30 million, consistent with Q1 2024.