The Finance World Magazine| Edition: September 2023

Funding and Investment News
UAE Ministry of Culture and Youth Unveils Funding Program for Creatives
The UAE Ministry of Culture and
Youth has taken a significant step
in bolstering the creative industry
by launching a new funding
program. Geared towards supporting
creatives, this initiative aims to nurture
talent and drive innovation across various
artistic fields. The program provides financial
assistance to individuals and groups
engaged in art, literature, music, film,
design, and other creative disciplines. By
facilitating access to funds, the ministry
seeks to empower artists and encourage
the development of cultural projects that
enrich the nation’s vibrant artistic landscape.
This move highlights the UAE’s
commitment to promoting creativity and
nurturing a thriving environment for its
creative community.
MENA Startup Ventures
Face 26% Funding
Plunge in Q2
The MENA region experienced
a troubled quarter in venture
financing, with startup ventures
witnessing a significant 26
percent plunge in funding to reach $1.4B
in Q2 2023, compared to the same period
last year, according to the latest market
research. The number of funding deals
also declined for the second consecutive
quarter, totaling 206 in the April-June
period, a 20 percent fall from Q1 2023,
as reported by the latest CB Insights
report. Despite the challenging funding
environment, digital health startups in the
region stood out, with a remarkable 106
percent increase in funding over Q2 2022.
Mubadala Invests in US Data Centre Firm
Abu Dhabi’s sovereign investor,
Mubadala Investment Company,
has recently invested
in Aligned Data Centres, a
prominent data centre company headquartered
in the US. Mubadala will
become a minority partner alongside
Macquarie Asset Management, the
majority partner. Aligned offers Scale
Data Centres and Build-to-Scale solutions,
catering to global hyperscale
and enterprise customers, addressing
the need for sustainable and scalable
infrastructure. At full buildout, Aligned’s
footprint will exceed 2.5 GW of critical
capacity across 40+ data centres.
Although primarily operating in North
America, Aligned has expanded into
Latin America with the acquisition of
ODATA, establishing its position as
one of the largest private data centre
operators in America.
Al Ansari Proposes Majority Stake Acquisition
in Oman Exchange
Al Ansari Financial Services
proposes acquiring a majority
stake in a prominent
exchange company in Oman.
The company has received initial approval,
pending regulatory conditions.
This strategic move aligns with Al Ansari’s
expansion plans in the GCC region.
Oman’s thriving economy and global
business partnerships have driven the
demand for reliable exchange services.
Recognizing the market’s potential,
Al Ansari aims to offer state-of-theart
financial solutions to residents
and businesses. Rashed A. Al Ansari,
Group CEO, believes this expansion
will broaden their customer base
and further establish their presence
in countries with a significant expat
population and a resilient economy.
60 www.thefinanceworld.com September 2023