Data & Intelligence

MENA Data Insight (Q1 2017)

Fundraising activity in MENA slowed in the first quarter of 2017, with just US$122 million raised. Capital invested in the region
increased 556%, year-on-year, despite managers completing only six deals, a 23-quarter low. The limited activity throughout the
quarter masks larger trends that could spell opportunity for investors in the region. Recent large tech deals highlight the growth of
the venture capital (VC) environment in MENA, exemplified by Amazon’s agreement to acquire Souq, a U.A.E.-based e-commerce
company backed by Tiger Global Management, IFC Asset Management Company and others. The deal offers an early proof-ofconcept
for large-scale VC in the region and follows a US$350 million round in U.A.E.-based ride-sharing company Careem in late
2016. These developments are welcomed by the region’s oil and gas-exporting governments, which are attempting to mitigate
the effects of low oil prices on their economies through economic diversification and are opening new sources of capital to do
so. A recent example of this trend is the merger of Mubadala, an Abu Dhabi state fund, with Abu Dhabi’s International Petroleum
Investment Company to form the US$125 billion Mubadala Investment Company. The new entity has allocated nearly one-third of
its assets to alternatives—including private equity and infrastructure— in U.A.E. and throughout the globe.

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Rashad Kaldany | Executive Vice-President and Growth Markets, CDPQ

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