Seeking to empower Start-ups in Jordan and to protect young businesses in Jordan, ISSF invested $5 million in MSA Capital’s venture fund.

ISSF said “[This investment] unlocks new opportunities for Jordanian start-ups, providing them with the financing needed to scale and thrive in the competitive global market.”

Mohamed al Muhtaseb, CEO of ISSF said that “MSA Novo is an emerging markets-focused venture fund under MSA Capital, a global multi-stage investment firm. The investment firm has shown “strong commitment” to support start-ups in Jordan.”

He added that “Through this strategic investment, our objective is not just to infuse vital equity capital but also to effectively open doors for Jordanian start-ups, providing them with accelerated access to global markets through the expertise of a key international player in the venture space,”

Jordan’s Innovative Startups and SMEs Fund was founded in 2017, aiming to support Jordanian businesses it was established following the recommendation of the Jordanian Economic Policy Council,

The Fund ISSF received $50 million funding from the World Bank and it also received $48 million from the Central Bank of Jordan.

According to Middle East Investment Initiative, Jordan currently has over 100,000 SMEs which is (97%) of all companies, making up more than 50% of the country’s GDP and employing 60% of the Jordanian workforce.

When the covid pandemic hit, the European Investment Bank is partnering with the Housing Bank to support the Jordanian economy with a line of credit amount to $107 million to local private sector business that have been impacted.

Jordan got recognized by the World Bank as one of the economies with the most notable improvements, currently being ranked as 75 out of 185 opposed to being ranked at 167 of 185 in 2013.

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MSA Capital, a Chinese VC firm that is backed by Saudi Arabia’s PIF (public investment fund) offers opportunities for technology start-ups in the Middle East by pledging $ 1 billion in financial investment.

The company, which was founded in 2014, manages over $ 2 billion and invests in companies in the biotech, enterprise-facing core technology and consumer sectors.

MSA Capital has had multiple high-end deals with Venture Capital round sizes exceeding the tens of millions, including but not limited to:

• Tabby, a fintech company based in Dubai that offers flexible payment options, with a round size of $50M.
• Cullgen, a biotechnology and pharmaceutical company based in Ohio, United States with a round size of $50M.
• Sary, a B2B e-commerce platform connecting small businesses with manufacturers and lenders, based in Saudi Arabia it had a round size of $30M.

MSA Capital’s Managing Partner, Ben Harburg, has revealed that the company plans to launch a new fund in the year 2024. He further added that MSA Capital is currently in discussions with potential investors in the region to move forward with the plan to release the funds.

Saudi Arabia’s sovereign wealth fund has been investing in several start-ups as part of its efforts to achieve the goals of Vision 2030. Start-ups in the Kingdom secured $1.3 billion in Venture Capital funding in 2023, dominating the fundraising space.

Vision2030 is Saudi Arabia’s plan to diversify the Kingdom’s economy away from petroleum and the oil sector and open other areas of income to prepare for a future where businesses can have a supportive environment of all sizes.

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The Kingdom of Saudi Arabia at the end of 2022 was responsible for 52% of the total capital deployed in the region, an increase of 21% from 2022.

SVC which is a subordinate company of the SME bank, aiming to assist in developing and financing startups and SMEs (Small and Medium Enterprises) announced that Saudi Arabian startups received a 33% increase in funding by the end of 2023.

The Kingdom of Saudi Arabia has been showing increasing interest in VC (Venture capital) with Vision2030 being the focus point, aiming to diversify the Saudi economy with a sustainable future.

CEO of SVC, Dr. Nabeel Koshak said “We are proud that SVC’s strategy contributed to the development of the Venture Capital ecosystem as It was ranked fourth in the region in terms of the amount of Venture Capital funding in 2018, to be the top country in the region last year.

He also stated that the funding invested in 2023 is (x21) the amount of funding for the year 2018 when SVC was launched.

“We, at SVC, are committed to leading the development of the venture capital ecosystem in Saudi Arabia. We aim to stimulate private investors to provide support to startups and SMEs, enabling them to achieve fast and high growth. This will help diversify the national economy and ultimately achieve the goals of the Saudi Vision 2030.” he added.

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The Middle East Cybersecurity Market has been growing over the last few years hitting its peak growth rate, expected to reach $23.4 billion by 2028 at an Annual Growth Rate of 9.6%.

A report by MarketsandMarkets has shown that this growth rate has been assisted by the increase in digital transformation initiatives and the adoption of cloud technology.

It was also noted that the Middle East has a growing startup scene with an increasing demand for cybersecurity due to the surge in cyber threats the region has been seeing.

Countries in the Middle East have also implemented heavy-mandated cybersecurity measures.

The digitalization (digital transformation) that companies in the Middle East have been incorporating and are open to, amplified the need for additional cybersecurity and cyber-insurance, establishing it as the fastest-growing section of the Cybersecurity market in the Middle East.

The rising demand for this market has led to recent developments such as:

• Cisco incorporated new business metrics into Cloud Observability on Amazon Web Services, enhancing the platform’s ability to provide business context.
• Trend Micro launched and deployed CTOne, a standalone business that aims to enhance 5G network security.
• IBM has launched a new cloud service that provides data management and protection for hybrid and multi-cloud environments.

In the ongoing digital transformation projects of sectors such as banking, healthcare, energy, and government services, robust cybersecurity solutions are necessary to safeguard digital assets, enable the adoption of secure clouds, and ensure regulatory compliance. The increasing demand for cybersecurity goods and services has emerged as a result.

MarketsandMarkets is an intelligence and market research platform that was recognized by Forbes as America’s best management consulting firms in 2023.

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Step, from what started as small gatherings and a series of workshops 11 years ago became Dubai’s largest tech festival, introducing more than 400 startups, hundreds of investors and over 8,000 attendees.

The conference managed to secure $8.2 billion and over a hundred participating companies, it will start on February 21^st and will last a day until the 22^nd.

Step will have 6 main tracks each focusing on different topics and interests.

START:

Start will focus on the startup scene, tech influencers will share keynotes, panels, growth strategies, investment insight and debates.

This track will focus on growth and scalability, solopreneurship, investment and fundraising and acquisitions and IPOS.

FINTECH:

Fintech track will include industry leaders and regulators to discuss advancements in banking, wealth management such as digital assets management, ownership and security, blockchains and payments.

AI:

Ai track will focus on Artificial Intelligence including AGI, discussing LLMs, co-pilot systems and advanced neural networks with experts discussing these topics and their potential in future and current use.

DIGITAL:

Digital track envelops international developments in content marketing, ad technology and retail.

Experts will have panels and breakout sessions to talk and discuss the future of digital technology.

WELLNESS:

Wellness track focuses on lifestyle trends and how tech can be incorporated into them, with expert speakers including NLP specialists, nutritionists, coaches and startups talking about living well in the digital age.

EARTH:

Earth track discusses Greentech and the ability to build a more sustainable future using the latest technologies throughout society.

Step conference will be presented by Dubai Internet City partnered by Bim Ventures.

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