A weekly round up of the top headlines from the digital sector in MENA, covering startups, corporate and the public sector.
Investments & Acquisitions
Yallacompare, Dubai based financial comparison website, raises $8M lead by Wamda Capital and STC Ventures https://goo.gl/65C9v9
EdCast, US based AI startup, raises $33.6M from global investors: Crescent Enterprises Ventures (UAE). Softbank (Japan), and London Fund, and announcing plans to enter MENA https://goo.gl/HXWzZq
ClassPass, NY based gym pass startup, acquires Middle East and Asia competitor GuavaPass (Singapore) to expand their geographic reach. Both startups operate in Abu Dhabi and Dubai https://goo.gl/MZjqvK
MBC launches “MBC Studios” to create original content, and hires ex-Hulu executive Johannes Larcher to expand streaming services via Shahid (FT pay-wall) https://goo.gl/HFKfYj (Variety) https://goo.gl/z4QXGT
Publiseer, Nigeria’s digital publishing company, partner’s with Google Play Books to expand to Egypt https://goo.gl/kz9bpa
Democrance, Dubai based insurtech startup, partners with American International Group (AIG) MEA to aid the regional leader in digitization and expand the startups reach regionally through their network https://goo.gl/YL8u5n
Ripple’s payment network, RippleNet, now has over 200 financial institutions signed up including: Ahli Bank of Kuwait and Bahrain Finance Company, UAE Exchange, RAKBank, and Moneygram https://goo.gl/bzDH1p
MenaPay, Turkish blockchain-based payment platform, will be launched in “whole region” on January 15th https://goo.gl/Jsa8ud
Huawei inaugurates their first flagship store in Saudi Arabia this past Saturday. https://goo.gl/fPfiMn
Fortnite to launch servers in the Middle East after recurring complains on game performance. This is a clear financial indicator of the scale of the game and revenues coming out of MENA https://goo.gl/snrDZS
Masdar, Abu Dhabi based renewable energy company, announce collaboration with the Department of Transport in Abu Dhabi bus manufacturer Hafilat Industry and Siemens to launch fully electric passenger bus https://goo.gl/BHTv3Z
Microsoft Azure Data Center approved for Qatar (3 have already been commenced in Bahrain) https://goo.gl/NYGFu9
MAGNiTT reveals their annual MENA Venture Investment Report https://goo.gl/j11poS
The Stagnation of Innovation
Reporters that have been covering the technology space for the past 2-3 decades seem to share a recent” “nothing feels new and exciting in tech anymore” sentiment. And I agree, rarely anything does.
All this “innovation” feels de-facto, obvious and iterative; and that’s cause it is!
- QR Codes are now being used for tagging accounts, verifications, and payments, and supported by most mobile “camera” techs
- Automation is everything that IFTTT set out to do back in the day, but now iteratively diversified and slapped with a Machine-learning layer when possible, if not straight out declared as “AI”
- Scooter are so 1995, and electric bikes are so Y2K, they just merged into electric scooters (and we still have to “share” them!)
- VR/AR is kind of an old fad now
- Bitcoin, Ripple, Ethereum and even the promise of blockchain is a topic we organized events around (even in MENA) in 2012
- On-demand services have been around for over 8 years now, and just like eCommerce the only real change is breadth and speed (and the occasional invasion of privacy)
- Advertisers have been buying client data for decades, and hiring brand ambassadors (on commission or retainer) forever, we just have a name for it now “influencers”
- Even regulators remains 10 steps behind. As always.
Things are so repetitive that technology now has fashion cycles: How can we bring back the 80s with a twist, Wide legged high waisted jeans with a flip phone and a tamagotchi on your phone or wagging it’s metallic tail next to you.
Some of the real, but not exciting to buzz about, innovation is in algorithms: big data and data analysis that allows these technologies to be optimized and improved, even personalized
The only sector i’m seeing real innovation in is medical research, the slow and steady type (not theranos), with its long research cycle, embedded AB testing and strong regulations. It builds on years of research, optimizes with data powered tech and tada: maybe this could work.
Space, Quantum Computing, Health tech; the technology that is exciting to watch is that that has the highest risk and cost of failure because it truly breaks the new frontiers. At least that’s what is fascinating the most now.
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