Lars Buch

"Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley’s artificial intelligence darlings. Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar have been looking to diversify their economies, and are turning to tech investments as a hedge. In the past year, funding for AI companies by Middle-Eastern sovereigns has increased fivefold, according to data from Pitchbook. MGX, a new AI fund out of The United Arab Emirates, was among investors looking to get a slice of OpenAI’s latest fundraise this week, two sources told CNBC. The round is set to value OpenAI at $150 billion, said the people, who asked not to be named because the discussions are confidential. Few venture funds have deep enough pockets to compete with the multibillion-dollar checks coming from the likes of Microsoft and Amazon. But these sovereign funds have no problem coming up with cash for AI deals. They invest on behalf of their governments, which have been helped by rising energy prices in recent years. The Gulf Cooperation Council, or GCC, countries’ total wealth is expected to rise from $2.7 trillion to $3.5 trillion by 2026, according to Goldman Sachs. The Saudi Public Investment Fund, or PIF, has topped $925 billion, and has been on an investing spree as part of Crown Prince Mohammed bin Salman’s “Vision 2030” initiative. The PIF has investments in companies including Uber, while also spending heavily on the LIV golf league and professional soccer. UAE’s Mubadala has $302 billion under management, and the Abu Dhabi Investment Authority has $1 trillion under management. Qatar Investment Authority has $475 billion, while Kuwait’s fund has topped $800 billion. Earlier this week, Abu Dhabi-based MGX joined a partnership on AI infrastructure with BlackRock, Microsoft and Global Infrastructure Partners, aiming to raise as much as $100 billion for data centers and other infrastructure investments. MGX was launched as a dedicated AI fund in March, with Abu Dhabi’s Mubadala and AI firm G42 as founding partners. UAE’s Mubadala has also invested in OpenAI rival Anthropic, and is among the most active venture investors, with eight AI deals in the past four years, according to Pitchbook. Anthropic ruled out taking money from the Saudis in its last funding round, citing national security, sources told CNBC.  Saudi Arabia’s PIF is in talks to create a $40 billion partnership with U.S. venture capital firm Andreessen Horowitz. It also launched a dedicated AI fund called the Saudi Company for Artificial Intelligence, or SCAI."

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🌳 Is #MENA #ClimateTech on the upswing? When stripping away the impact of 2022’s mega deals, MAGNiTT's data reveals that #ClimateTech funding in #MENA saw a 40% YoY uptick in 2023 coupled with a steady deal flow. This goes against the wider VC space which saw a 23% decline in funding and a 34% in deal flow. The lion's share of MENA's ClimateTech funding, a substantial 94%, was concentrated in the #UAE and #SaudiArabia. The #UAE continued to lead the region by both capital deployed and transactions, experiencing an impressive 118% YoY increase in non-mega ClimateTech funding. This is likely in part due to last year’s #COP28 which positioned the UAE as the hotspot for ClimateTech activity in MENA. In fact, the UAE had attracted a significantly higher number of deals in 2023, more than doubling the figures observed in 2022. Curious to learn more about this steadily growing sector? Access our full Climate Tech #MarketMap report here: https://lnkd.in/d7EksvyS #climatechange #techstartup #venturecapital #funding

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Venture capitalist and podcaster, Harry Stebbings, has closed a $400 million fund for his firm, 20VC, which focuses on backing startups in Europe. Stebbings aims to use his media influence and connections to bring attention to the potential in the European tech market. Key takeaways: Despite the tough climate for founders, there is still money available for investing, with the pot growing bigger. U.S. limited partners are interested in investing in European startups, with a majority of the backers in this fund being from the U.S. 20VC has a unique selling point in bringing operational experience to its investments, as well as sub-funds run by experienced operators. Counter arguments: The uneven math of the venture capital market, where 1% of companies make 90% of the gains, may discourage risk-taking and failure in Europe. The IPO market is still relatively quiet, and some of 20VC's investments may still be pointing towards the U.S. market. #venturecapital #vc #venture #startups

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The Wall Street Journal broke news of xAI's massive $5B round of financing, at a $50B valuation. Participating investors include: Qatar Investment Authority, Valor Equity Partners, Sequoia Capital and Andreessen Horowitz. For those keeping track xAI was valued at $40B during their last round about six months ago, and has now closed $11B of new investment in 2024 alone. Investors obviously see something that is keeping them excited about Elon Musk, xAI, #AI, #LLM. What do you think? #management #venturecapital, #privateequity, #capitalmarkets

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"Abu Dhabi based, G42, a global leader in creating visionary artificial intelligence for a better tomorrow announced a strategic investment in Inveniam, an innovator in private market financial technology that utilizes DLT technology to tokenize assets. As per the announcement, this marks a significant step in G42’s mission to apply cutting-edge AI solutions to industries that are critical to global economies but remain underserved by technology. Inveniam’s pioneering data architecture and expertise in private market systems align seamlessly with G42’s advanced AI capabilities. The collaboration will enable secure, privacy-first solutions for managing sensitive financial data while improving efficiency and transparency in private markets. As per G42 this partnership underscores G42’s commitment to building transformative, AI-driven ecosystems that reshape industries for the better. Inveniam’s innovative technology and leadership make it the ideal partner to drive meaningful change in private markets globally."

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https://lnkd.in/gZUH_GxH An interesting read of how a country with a population of just 10M grew its number of the super rich. How its policies increased VC investments and grew a collaborative community of startups. Its ideally what is needed to formulate a thriving startup hub.

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Dear All, I am thrilled to share that I have recently relocated from Silicon Valley to Dhahran, Saudi Arabia and joined Plug and Play Middle East - a very exciting new chapter for me professionally and for us as a family of 4. Special gratitude for Saeed Amidi, Seena Amidi and Omeed M. for trusting me with this opportunity - and for many of my colleagues in the global Plug and Play Tech Center family who have supported me and become a part of my journey in the past 8 years - to name a few Sanam (Amidi) Amidhozour Michael Olmstead George Damouny Ivan Zgomba Alireza Masrour Sobhan Khani Phillip Seiji Vincent Candela FitzGerald de Suñer Miguel Bello García Allison Romero Marc Steiner Michelle Hanna John Kouzmenko - and everyone from the front of the line to the back office in Accounting, HR, Legal, Marketing and IT. You all are very special and I am (will be) forever grateful. Having spent the last 8 years immersed in the heart of global innovation in the Bay Area, even from that far, I have been witnessing for a while the tremendous positive change happening right here in Saudi Arabia. The Kingdom’s bold approach to innovation and progress is nothing short of remarkable, and I am excited to be part of this incredible transformation. Saudi Arabia’s Vision 2030 is built on three pillars that resonate deeply with me: 1. A Vibrant Society – Creating a rich cultural and social life for its people. 2. A Thriving Economy – Fostering a diversified economy driven by entrepreneurship and innovation. 3. An Ambitious Nation – Transforming the country through sustainable development and forward-thinking leadership. I am eager to leverage my background and experience in venture capital, entrepreneurship, and innovation to significantly contribute to the Vision 2030 goals. The opportunities here are boundless, and I am more motivated than ever to play a role in shaping the future of Saudi Arabia! Let’s connect and explore how we can collaborate to drive this exciting journey forward! #SaudiVision2030 #Innovation #Entrepreneurship #Transformation

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PIF deployed over $40B in 2024 and is now a trillion dollar fund ⏺ As the year comes to a close, I decided to revisit their investments over the last 2 years ✳️ Sharing the list below: → Alat: $100B for advanced manufacturing hub → EVIQ: EV infra company planning 5,000 EV fast chargers across KSA → TASARU Mobility Investments: Local supply chain capabilities for EV and automotive industries → Hyundai Motor Company (현대자동차): $500M JV for automated manufacturing plant for internal combustion and EVs → Lucid Motors: Manufacturing facility in KAEC with a capacity of 155K EVs annually → Ceer: Saudi Arabia’s first national electric vehicle brand → Neo Space Group: National champion for satellite and space ops, focus on navigation, IoT, and remote sensing → New Murabba: Developing world's largest modern downtown in Riyadh → King Salman International Airport Development Company: Expansion project targeting a capacity of 120M travelers by 2030 → Heathrow Airport: Acquired 15% stake in Heathrow Airport → sarcc: Smart accommodations for staff in construction and dev projects → أديرا للضيافة | Adeera Hospitality - a PIF Company: Developing hospitality brands focused on Saudi culture → Dan - PIF Company: Agri and eco-tourism resorts focusing on Saudi landscapes and local communities → ASFAR: Investment in tourism destinations across Saudi cities → Qsas | A PIF Company: Immersive storytelling experiences inspired by Saudi heritage and Islamic history → Diriyah Company l شركة الدرعية Development: Luxury cultural and historical tourism destination → Riyadh Air | طيران الرياض: New national airline connecting Riyadh to 100+ global destinations → Saudia Technic: Developing a 1M sqm MRO village for aviation maintenance and repair → The Helicopter Company: Enhancing local aviation connectivity → Selfridges Group: Acquired a 40% stake in luxury retail in partnership with Central Group → Saudi Coffee Company: Promoting Saudi Khulani coffee globally → Sawani: Developing the camel dairy industry → Al Madinah Heritage Company: Expanding production of Ajwa dates in Madinah region → Zamil Offshore Services Company: Acquired 40% stake in offshore vessel operator and construction services provider → Pirelli: $550M tire manufacturing facility for passenger vehicles → Saudi Iron and Steel Company ( Hadeed )and Rajhi Steel: Creating a national steel champion → Middle East Paper Company (MEPCO): Acquired 23% stake in paper manufacturing and recycling company → Alkhorayef Petroleum Company: Acquired 25% stake in lift systems and services provider → Brookfield ME Partners (BMEP): $2B anchor investment in fund targeting KSA and the region → BlackRock Investment Management Platform: Riyadh-based multi-asset fund with $5B PIF anchor investment → stc TAWAL & GLIC Merger: Creation of the region’s largest telecom tower company → SURJ Sports Investment: Investments in global sports IP, events, and transformative tech → Kayanee: Women-focused fitness and well-being platform --

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Private Equity Surpasses Public Equity as the Top Asset Class for Middle East Family Offices! 🇵🇸 📈 According to Dr. Rebecca Gooch at Deloitte, private equity now accounts for 30% of the average family office portfolio in the Middle East, surpassing public equity, which stands at 25%. This shift underscores a significant trend in the investment landscape. Key Insights: ➡ The three largest asset classes—private equity, real estate, and public equities—make up 77% of their portfolios. ➡ For 2024, Middle East family offices plan to allocate more to private equity funds, private debt direct lending, private equity direct deals, and developed market equities. ➡ Conversely, they intend to allocate less to real estate, developing market equities, and hedge funds. From my experience working with family offices, this trend is driven by a quest for higher returns and greater control over their investments. Private equity offers the potential for outsised gains, which is particularly attractive in today's volatile markets. Family offices in the Middle East are leveraging their resources to tap into unique opportunities in private markets. This strategic shift not only diversifies their portfolios but also positions them to capitalise on innovative and high-growth sectors. As we move into 2024, the focus on private equity and direct deals will likely accelerate, providing a robust foundation for long-term wealth generation and impact investing. Have you noticed similar trends in your investment strategies?

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This historic gathering brought together high-level government officials, thought leaders and sovereign families from the UAE and the Gulf states to participate in this groundbreaking initiative. The Founder and CEO of Earthy, Sam Singer, presented transformative solutions to address global environmental, humanitarian, and social crisis, leveraging cutting-edge technologies. Projects like Earthy are a great example of impact ventures our global investor network should be prioritizing. One man cannot solve global environmental, humanitarian, and social issues. But one man, supported by other ten, can. On behalf of De Bacci Noble Family and De Bacci Capital, I call on angel investors, funds and family offices worldwide to join this groundbreaking initiative which will forever change the way charitable and social institutions operate, while providing transparency and credibility to all parties involved. We need this change to happen now, more than ever. May God Bless all Co-Founders of Earthy. Read more: https://lnkd.in/dDqFUCHw #debaccicapital #privateequity #venturecapital #investing #impactinvesting #startups #humanitarian #environment #charity #socialcrisis #blockchain #accountability #dubai #uae

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Now live: Our market map of the World Chain ecosystem. The part two of Web3 x AI written by my colleague Abdul Al Ali is a must-read for founders tackling digital human identity in the frontier of an AI world. Abdul explores how World Chain, #SamAltman’s human-first blockchain, is setting a new standard by bridging on-chain and off-chain identity, creating a blockchain that enhances verified human engagement in an AI-dominated world. Why It Matters for Web3 Builders: As AI agents and bots continue to blur online rap and synthetic interactions, authentic digital identity is more important than ever. Proving real personhood forms the foundation for our AI future. World Chain’s infrastructure, grounded in “Proof of Personhood,” is redefining what it means to be human on the blockchain. By prioritizing real users, World Chain paves the way for sustainable and impactful community interactions. Key Highlights from the Market Map: Combating Deepfakes: The biometric World ID feature safeguards authenticity by verifying creators, a strong countermeasure to rising deepfake risks. Ensuring Authentic Airdrop Distribution: By filtering bots from airdrop distributions, World Chain reinforces genuine community engagement and ecosystem trust. Human-First Infrastructure: Unlike blockchains designed exclusively for AI, World Chain strikes a balance between human and AI interaction, protecting the integrity of verified identities. For founders pioneering at the intersection of #Web3 and #AI, our blog insights on World Chain’s human-centric approach offer a valuable perspective on the future of digital identity. #WorldChain https://lnkd.in/emDVqcy7

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Slow down in Venture across the board in Emerging Markets! As predicted, VC funding and deal flow continues to decline across the Middle East, Arica and South East Asia. If you haven’t yet had the chance to access MAGNiTT's latest report on Q1 figures, then this article might just be for you: https://lnkd.in/duwpEqf7 My two cents based on MAGNiTT’s data: 1. Venture funding to remain flat until the US FED decreases interest rates (which I don't see happening before Q4 if at all) 2. Dry powder is available as funds make announcements regionally...but raising funds and deploying takes time. Unlikely to translate into active investments before Q4’24-Q1’25 3. Deal activity in SEA and MENA likely to converge at some point in line with global trends (CB Insights 8th consecutive decline in funding globally!) 4. Underdog industries might see some investment with healthcare, and energy, to report increases in YoY deal flow while star industries like FinTech and e-commerce may decline With VC funding looking more and more baron, and a continued focus on early stage over late stage, start up founders will need to remain vigilant and frugal. Interesting to see how Emerging Ecosystems will develop in the coming quarters with seasonal lulls and international interest. You can forecast and benchmark quarterly investment activities across countries and regions using our analytics tool accessible via subscription: https://lnkd.in/d2J6TdYQ #VentureCapital #EmergingMarkets #MENA #InvestmentTrends #Entrepreneurship

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🇦🇪 Is #VC funding in the UAE picking up steam? From 2017 to 2021, UAE-based startups enjoyed a consistent year-over-year rise in funding, earning the country recognition as one of the fastest-growing ecosystems in the world. But since 2021, the macroeconomic environment has dampened investor activity. This trend was particularly evident in the quarterly funding data from 2022, culminating in Q1 2024 being the worst quarter in the past three years. However, the outlook has improved in Q2 2024, with VC funding rebounding by about 104% from Q1. In fact, comparing March to June year-to-date, funding has surged by approximately 207%! Some of the latest announcements are coming from NOW Money, Qstay , Tenderd , Stake, Grubtech, Merit Incentives, and Property Finder among others One of my favorite tools on MAGNiTT’s platform is our forecasting and charting tools. In it we have our seasonal funding chart, which forecasts quarterly investments for individual markets. Historically, Q3 has been the worst-performing quarter for the UAE. Which is why Q3 will be a crucial period for VC funding in the UAE, setting the tone for the rest of the year. And, if Q3 follows historical trends, all eyes will be on Q4 as the potential turning point. At present though there are numerous opportunities emerging in the UAE. Shorooq Partners and Polynome have launched new funds, Abu Dhabi has introduced MGX, a new tech investment firm, and global startups are looking to expand or relocate to the UAE. Exciting times ahead! To create your own funding forecasts, get a subscription to MAGNiTT: https://lnkd.in/dJrCd3fm Do you expect a summer slow down in Q3?! or will the region buck the trend heading into July and August for the first time? Let me know below 👇 #UAE #MENA #UAEstartups #venturecapital #investmenttrends #innovation #funding 

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5 key takeaways in the VC market from my trip to the UAE 🇦🇪 I recently returned from an engaging trip to the United Arab Emirates, a journey filled with client meetings, strategic partnerships, and groundwork for our upcoming launch in the DIFC. This visit has been nothing short of enlightening, offering a deeper understanding of the burgeoning VC and private equity landscape in the region. Here are my 5 key takeaways: 1. Investor Queries One prevalent question among investors is why seek funding in the UAE when markets like the UK and US are well-established? The answer lies in the unique strategic opportunities the UAE market offers, particularly in bridging Eastern and Western economic corridors. 2. Value to the Region UAE investors are particularly interested in how foreign businesses plan to integrate locally. Questions arise about setting up physical offices, serving regional customers, engaging in local M&A activities, and the broader impact these companies aim to have within the UAE. 3. Investment Dynamics There's a cautious approach among local investors who prefer not to lead investment rounds initially. They often seek reassurance through the presence of a lead investor, reflecting a risk-averse attitude typical of emerging markets. 4. Sustainability and Innovation Post-COP28, there's a noticeable increase in the emphasis on sustainability, supported by new regulations from entities like the Dubai Development Authority to ensure new developments adhere to stringent energy efficiency and sustainability standards. 5. Emerging Trends Alongside sustainability, sectors like AI and FinTech have seen significant interest and growth. These areas are rapidly becoming central to the UAE's economic diversification plans. While the UAE's economy and market are relatively nascent, the rapid development, entrepreneurial spirit, and favorable business regulations are positioning it as a formidable force in the VC and PE arenas. The UAE is not just a place to invest, but a thriving hub for initiating and scaling innovative businesses. As we plan our expansion into this vibrant region, we're excited about partnering with local investors and founders who share our vision for groundbreaking ventures. The UAE's dynamic market is ripe with opportunities, and we are committed to being a part of its growth story. If you’re an investor, entrepreneur, or industry stakeholder interested in the UAE market, I would love to connect and explore potential collaborations. #VCUAE #PrivateEquity #Innovation #Sustainability

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Another insightful report by Andre Retterath at Data-Driven VC sheds light on databases commonly utilized by VCs to monitor the industry landscape. The report delves into crucial aspects such as the depth of coverage on investors, start-ups, and founders, along with comprehensive data on deals. According to the report, the leading platforms in terms of active users are Crunchbase, Pitchbook, and Dealroom, in that specific sequence. However, there's more than meets the eye for teams considering their next database investment. #DataAnalysis #VentureCapital #IndustryInsights

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✨ Breaking: Artesian Venture Partners Announces New Fund.- Artesian (Alternative Investments) Artesian Venture Partners, a partner of the WAVC initiative, focuses on venture capital investments in early-stage startups across various sectors, including health sciences and renewable energy. https://lnkd.in/dvfKFtkf Please share to let other #Founders know For the ❤️ of Startups #Fusion42 #Startups #Venturecapital

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I haven't been that impressed with the majority of DeAI (Decentralized AI), but I'm excited about what Sahara AI has accomplished on the knowledge agent front. I'm really excited to see Pantera and Polychain's most recent $43M funding. Sahara will be at Token2049; check them out in Singapore. I've closely followed the evolution of blockchain's potential in decentralized AI. Our early investment in blockchain enabling decentralized data labeling in 2018 laid the groundwork for our support of Sahara AI (which it has taken to the next level with its knowledge agents). Sahara AI’s platform, particularly its handling of data privacy and compensation through blockchain, enables real-world adoption of DeAI. This technology enhances security and democratizes access to AI, allowing a broad range of users to engage meaningfully in its development. Check Sahara AI out at TOKEN2049 in Singapore! Decentralized AI has taken over Token2049! September 16th 2:00 PM: Google X Chainbase: From Data to Intelligence 3:00-3:40 PM: AI Summit The Scaling 3:30-3:55 PM: StreamCon: Beyond Block Space 6:00-10:00 PM: Founder's Night September 17th 10:55-11:15 AM: Ethereum X AI Confluence 1:00-7:30 PM: Open House #AI 4:15-4:55 PM: AIFI Summit 2024 5:00-5:45 PM: Web3 Transitions Summit September 18th 12:30-1:00 PM: DNA X Aethir House 3:40-4:20 PM: Thought Leaders Summit 4:20-5:00 PM: Singularity 2.0 [AI X Web3] September 19th 12:00-6:00 PM: <AI/All> Summit 4:30-5:15 PM: AI and Web3: Building a Trusted Digital Future 4:00-4:45 PM: Web3 X AI: Cutting Through the Hype

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Why is Abu Dhabi becoming the world’s investment laboratory? It’s not just the oil wealth. It’s a mindset. Abu Dhabi has turned vision into action, transforming itself into a launchpad for industries of the future…AI, renewable energy, biotech, and fintech. ▪️The Abu Dhabi Investment Authority (ADIA) is one of the largest sovereign wealth funds, driving investments across industries. ▪️Hub71 supports startups with funding, mentorship, and global market access. ▪️Masdar City leads in clean energy and sustainable development. ▪️Vision 2030 drives growth in AI, fintech, and biotech, reducing oil dependency. ▪️Strategically located at the crossroads of Europe, Asia, and Africa, Abu Dhabi attracts global trade and investments. ▪️Investor-friendly policies, including free zones and tax incentives, make it a top destination for capital. ▪️Events like Abu Dhabi Finance Week ensure the city remains a leader in global investment trends. Abu Dhabi is not just attracting investments; it’s shaping the future of global economies. It’s not just a city; it’s the epicenter of what’s next. P.S: The World’s Top Investors Are Gathering in Abu Dhabi this November! Join 300+ global investors at the International Investor Summit to explore future investment opportunities. When: November 28th & 29th Where: Ritz Carlton, Abu Dhabi Register now: International Investor Summit #AbuDhabi #InvestmentInnovation #GlobalLeadership #FutureOfCapital

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