{"id":87390,"date":"2024-01-04T00:00:00","date_gmt":"2024-01-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ihc-sets-up-new-holding-company-funding-for-mena-startups-falls-short-in-2023\/"},"modified":"2024-01-04T00:00:00","modified_gmt":"2024-01-04T00:00:00","slug":"ihc-sets-up-new-holding-company-funding-for-mena-startups-falls-short-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/04\/ihc-sets-up-new-holding-company-funding-for-mena-startups-falls-short-in-2023\/","title":{"rendered":"IHC sets up new holding company + Funding for MENA startups falls short in 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people.<\/strong> We have a news day that is adequately brisk on this fine Thursday as we near the end of the first work week of the new year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY here at home is the International Holding Company setting up a new <\/strong><strong>holding company to house some AED 100 bn in assets<\/strong>, including Chimera Investments, Lunate, and Egypt\u2019s Beltone Financial Holding. We have the full story in this morning\u2019s news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Keep an eye out for the S&P Global Purchasing Managers\u2019 Index, which comes <\/strong><strong>out this morning at 8:15am UAE time.<\/strong> You can <a target=\"_blank\" href=\"https:\/\/www.pmi.spglobal.com\/Public\/Release\/PressReleases?language=en\" style=\"\" rel=\"noopener\">check out the release when it\u2019s out here<\/a>. We\u2019ll have the full rundown in our next issue on Monday. <\/p>\n<p class=\"tag-border-left\">DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Funding for MENA startups was underwhelming last year: <\/strong>Total MENA startup funding remained flat in 2023, with a less than 1% y-o-y increase to USD 3.98 bn, reports <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2024\/01\/debt-financing-pushes-december-2023-investment-1-15-billion\" style=\"\" rel=\"noopener\">Wamda<\/a>. Nearly half of that figure was debt funding, which was up 256% y-o-y to USD 1.77 bn, Wamda said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Homegrown startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/tabby.ai\/en-EG\/business\" style=\"\" rel=\"noopener\">Tabby<\/a><\/strong><strong>\u2019s debt round accounted for nearly 18% of total funds:<\/strong>December funding was up a hulking 825% y-o-y and 55% m-o-m to USD 1.5 bn, with UAE-founded fintech startup <strong><a target=\"_blank\" href=\"https:\/\/tabby.ai\/en-EG\/business\" style=\"\" rel=\"noopener\">Tabby<\/a><\/strong>\u2019s USD 700 mn single debt round accounting for the bulk of funds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirati startups did well in December: <\/strong>Financing activity jumped 22.4% m-o-m in December for MENA startups to 60 transactions, with the UAE seeing a lot of grants and USD 8 mn in investments from VCs \u2014 the most in the region after Saudi Arabia and Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1-<\/strong><strong>No more plastic bags in Dubai: <\/strong>Dubai has pulled the brakes on single-use plastic products, with a resolution banning single-use plastic taking effect at the beginning of January, <a target=\"_blank\" href=\"https:\/\/mediaoffice.ae\/en\/news\/2023\/December\/31-12\/Hamdan-bin-Mohammed-issues-Resolution#:~:text=His%20Highness%20Sheikh%20Hamdan%20bin,adopt%20an%20eco%2Dfriendly%20lifestyle%2C\" style=\"\" rel=\"noopener\">Dubai\u2019s Media Office<\/a> reports. The plastic bag ban is the first in a phased approach towards banning single-use plastic altogether. Non-plastic single-use products \u2014 including non-plastic bags for single use \u2014 will be banned starting June of this year, followed by a wider ban covering single-use plastic products like stirrers, table covers, cups, styrofoam containers, straws, and cotton swabs, on 1 January, 2025. More products will join the ban by 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still using plastic products?<\/strong> That\u2019ll cost you a fine of AED 200. Repeat the offense within a year, and brace yourself for a double penalty, with a cap of AED 2k on repetition fines. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dubai\u2019s streets are getting brighter: <\/strong>Dubai\u2019s Road and Transport Authority (RTA)allocated AED 278 mn for a street lighting project spanning 40 districts and streets, according to <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/January\/02-01\/RTA-streetlighting-project\" style=\"\" rel=\"noopener\">Dubai\u2019s Media Office<\/a>. The project will cover the installation of energy-efficient LEDs in Mirdif, Al Baraha, Oud Metha, and other areas. Installation is already underway in Al Qusais Industrial Areas 1 to 5, Al Lusaily, and Lahbab 1 and 2. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Next up in 2024:<\/strong> Umm Suqeim areas through one and three, Al Safa 1 and 2, Al Manara, Al Mariyal Reserve Street, and the road to Al Minhad Air Base. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** You\u2019re reading Zero Issue #22 of EnterpriseAM UAE. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Think of a zero issue as a \u201cbeta.\u201d<\/strong> This issue has not been published or distributed to a wide audience. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Did you receive this as a forward?<\/strong> Email editorial@enterprisemea.com and let us know if you\u2019d like to be added to our list of beta readers ahead of our launch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Have a comment, criticism, or story tip? <\/strong>Hit up <a target=\"_blank\" href=\"mailto:patrick@enterprisemea.com\" style=\"\" rel=\"noopener\">patrick@enterprisemea.com<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING NEXT WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The Central Bank of the UAE (CBUAE) will auction four m-<\/strong><strong>bills<\/strong><strong> on 10 January <\/strong><strong>worth up to a combined AED 20.5 bn<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.centralbank.ae\/media\/k15ng1yh\/m-bills-tender-announcement-08-jan-2024.pdf\" style=\"\" rel=\"noopener\">CBUAE statement (pdf)<\/a>. All four are tap issuances and have tenors ranging from 28 to 308 days. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Decoding central bank speak: <\/strong>M-bills are short-term securities issued in AED by the CBUAE at no interest. The bonds typically have maturity dates of 1-12 months and are not retrievable through any other listing. A tap issuance allows the CBUAE to more finely control money supply by allowing it the flexibility to continue selling bills past the initial auction date. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORIES ABROAD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Over 100 killed in bomb attack in Iran: <\/strong>Two explosions have killed at least 103 people at a ceremony for the fourth anniversary of Iranian military commander Qasem Soleimani\u2019s assassination by the US. The death toll is still being updated, but already stands as the deadliest attack on the country since the Iranian Revolution of 1979. No group or nation has claimed responsibility for the attack, but Iranian parliamentarians have pointed the finger at Israel and some analysts believe the attack was instead likely perpetrated by an Islamic State-linked group. (<a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2024\/jan\/03\/dead-in-blasts-at-memorial-for-assassinated-iranian-commander\" style=\"\" rel=\"noopener\">Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/01\/03\/middleeast\/iran-explosions-soleimani-ceremony-intl\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/iran-media-report-explosion-near-guards-commander-soleimanis-tomb-anniversary-2024-01-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-03\/explosion-heard-in-iran-near-grave-of-slain-commander-soleimani\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Israeli drone attack in Beirut puts a halt to truce negotiations: <\/strong>Hamas has reportedly withdrawn from negotiations for a humanitarian pause in exchange for the release of Israeli captives after a suspected Israeli drone strike on a southern suburb of Beirut killed the group\u2019s deputy leader Saleh Al Arouri, <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/ymfps3h7\" style=\"\" rel=\"noopener\">Ahram Online<\/a> reported. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Harvard president calls it quits: <\/strong>Harvard President Claudine Gay has resigned following allegations of plagiarism and criticisms of an insufficient response to antisemitism on campus, exposing the fractures and culture wars that the university is under mounting pressure to address. (<a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/education\/2024\/01\/02\/claudine-gay-resigns-harvard\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/01\/02\/us\/harvard-claudine-gay-resigns.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/harvard-president-gay-resigns-harvard-crimson-student-newspaper-2024-01-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/world-us-canada-67868280\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-03\/harvard-president-s-shock-exit-exposes-decade-spanning-fractures?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n  <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"user\/subscribe-details\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>If you\u2019re in Dubai, you can catch the year\u2019s first meteor shower tonight<\/strong>, with up to 200 Quadrantid meteors expected to fireball across the sky. You can watch it at Dubai <a target=\"_blank\" href=\"https:\/\/dubaiastronomy.com\/events\/stargazing-quadrantids-meteor-shower-2024\/\" style=\"\" rel=\"noopener\">Astronomy Group\u2019s stargazing event<\/a>, which will start at 11pm and run into the early hours of 5 January in Al Qudra Desert.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Heritage-themed cultural event <\/strong><strong><a target=\"_blank\" href=\"https:\/\/sharjahevents.ae\/en\/event\/al-bataeh-5th-folk-festival\/\" style=\"\" rel=\"noopener\">Al Bataeh Festival<\/a><\/strong><strong> is happening today<\/strong> in Al Bataeh Public Park from 4pm to 11pm, and includes camel racing, historical workshops, along with family activities. <\/p>\n<p><strong>Madinat Jumeirah\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.jumeirah.com\/en\/offers\/category-offers\/campaigns\/festive\/dine\/festive-market\" style=\"\" rel=\"noopener\">Festive Market<\/a><\/strong><strong> is still on until 7 January<\/strong>, complete with a large Christmas tree, sound and light shows, a gingerbread house, and plenty of shopping, dining, and live entertainment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Total MENA startup funding remained flat in 2023, with a less than 1% y-o-y increase to USD 3.98 bn<\/p>\n","protected":false},"author":1,"featured_media":87391,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[157,7,147,177,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-central-bank-of-the-uae","tag-enterpriseam-uae","tag-startups","tag-tabby","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"6db07cc1-e16b-4f5c-b088-22d999ba98a6","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/188.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IHC sets up new holding company + Funding for MENA startups falls short in 2023","related_issue":[87388],"teaser":"Total MENA startup funding remained flat in 2023, with a less than 1% y-o-y increase to USD 3.98 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.b1a4ad4f-924c-442a-ab67-cbdaa989551d.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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