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Prime Minister Najib Mikati received Kuwait’s Minister of Foreign Affairs and Minister of State for Cabinet Affairs Sheikh Ahmad Nasser Al-Mohammed Al-Sabah this evening at the Grand Serail, upon his arrival in Lebanon for a two-day official visit.
President Mikati held a retreat with Minister Al-Sabah that lasted for half an hour, followed by an expanded meeting in which Foreign Minister Abdullah Bou Habib, Secretary General of the Council of Ministers Judge Mahmoud Makiya and President Mikati’s diplomatic advisor Ambassador Boutros Asaker participated on the Lebanese side.
On the Kuwaiti side, the Assistant Foreign Minister for Arab World Affairs, Minister Plenipotentiary Nasser Sanhat Al-Qahtani, the Chargé d’Affairs of the State of Kuwait’s Embassy in Lebanon, Abdullah Suleiman Al-Shaheen, Deputy Assistant Minister of Foreign Affairs for Minister’s Office Affairs Ahmed Abdul Rahman Al-Shuraim, Counselor in the Foreign Minister’s Office Fawaz Abdullah Bouresli, and Second Secretary of the Department of Foreign Affairs also attended. Arab World Affairs Salem Ali Abu Hadideh.
During the meeting, President Mikati welcomed the visit of the Kuwaiti Foreign Minister, which expresses close brotherly feelings and a long history of understanding and trust between Lebanon and Kuwait.
He thanked the State of Kuwait, the Emir, the government and the people, for their permanent support for Lebanon.
He said: The relations between our two countries have represented a model of brotherhood, and we thank Kuwait for its lasting help and support for Lebanon at all times and in all circumstances, and for its embrace of the Lebanese. Kuwait, under the directive of an Amiri, rose to heal the afflicted and contribute to the reconstruction of what was destroyed.
He said: We are looking forward to closer cooperation between Lebanon and the Gulf Cooperation Council countries, and God willing, Kuwait will be by Lebanon’s side, and the relations between Lebanon and the Arab brothers will restore their strength.
The Kuwaiti minister had arrived at the Grand Serail at half past six, and was received in the external courtyard by Protocol Director Lahoud Lahoud.
It is scheduled to continue the talks during a dinner hosted by President Mikati at his residence in honor of Minister Al-Sabah.
The Kuwaiti Foreign Minister, Ahmed Nasser Al-Mohammed Al-Sabah, arrived on Saturday evening in the Lebanese capital, Beirut, regarding two months following a major crisis sparked by the statements of the former Lebanese Minister of Information, George Kordahi, regarding the Yemen war. He was received by the Minister of Foreign Affairs and Emigrants Abdullah Bu Habib. Al-Sabah, to meet him once more on Sunday at a quarter to one in the Ministry of Foreign Affairs and Emigrants.
Saudi Arabia, Bahrain and Kuwait had withdrawn their ambassadors from Beirut, and had asked their ambassadors to Lebanon, and the charge d’affaires (the Lebanese to Kuwait), to leave their lands. Riyadh banned all Lebanese imports, in protest once morest Qardahi’s statements regarding the ongoing war in Yemen for nearly seven years.
Startups in the UAE secured $68 million (AED 249.77 million) in funding in December 2021 through 11 companies, representing 33% of the total amount of funding granted in the Middle East.
A report from the Wamda platform, which specializes in monitoring investments in startups, showed today, Thursday, that startups in the Middle East and North Africa raised $ 206 million in December through 44 deals, a decrease of 27.5% on a monthly basis, but an increase of 215% on an annual basis..
The vast majority of VC investments were concentrated in Saudi Arabia, the UAE and Bahrain, and these countries together accounted for more than 88% of the total financing activity this month.
Saudi startups received the largest investments with a total value of $99.5 million, followed by the UAE, Bahrain and Jordan with investments of $13 million for each country, then Egypt with $7.8 million.
Saudi Arabia, the UAE and Egypt attracted the largest number of deals.
Angel Investors
The seed stage deals had the largest share of the financing activity through 31 deals, most of which were led by angel investors and accelerators, especially Sanabel 500, a business accelerator for companies in the start-up stages in the Middle East and North Africa, which has invested in 11 companies across the region.
In terms of the value of the deals, the largest share of the funding was for companies in the growth stage, including the obtaining of $42 million in the first financing round by the Emirati company Oponcia, a startup that empowers entrepreneurs in the field of e-commerce.
Sari Saudi Arabia also obtained $75 million in the third financing round, and Sari is an electronic platform that connects business owners with wholesalers.
Among the other startups that got huge funding this month: Drop Bahraini food technology startup received $13.5 million.
As an application collection Grubtech Emirati food delivery company Tamat received $13 million, while gaming startup Tamatem received $11 million.
Electronic trade
At the level of sectors, the e-commerce sector ranked first in terms of financing thanks to the “Sari” company, which obtained $75 million in the third financing round.
And e-commerce startups attracted $119.5 million through 5 deals, which is 58% of the total deal value.
The food technology sector ranked second in the list of the most funded sectors, receiving 24 million dollars through 4 deals, followed by the financial technology sector, which obtained 19 million dollars through 8 deals..
Nationalities of the investors
Of the 44 deals, 12 have attracted external financing. Investors from the United States participated in nine deals, making them the most active foreign investors in MENA startups, followed by their German counterparts with two deals.
On the regional level, Saudi investors came to the fore, having invested in 23 deals in start-up companies outside Saudi Arabia..
Startups with all-male founders received the largest share of VC investments, generating $197 million through 38 deals, while startups with all-female founders received $3 million, which amounts to 1.5%. Of the total investment, compared to 5% last month.
As for start-ups co-founded by men and women, they received 3% of the investment.
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