Saudi Arabia-based grocery shopping and delivery platform Nana raised 500 million Saudi rials ($133 million) in a new funding round as the company aims to expand its services across the region.
Led by Kingdom Holding — the investment company controlled by Saudi Arabia's Prince Alwaleed bin Talal — and Uni-Ventures, the new funding round also saw the participation from Sultan Holding Company, Al-Jasser Holding Company, Red Diamond Company, Dallah Al-Baraka Group, Al-Jammaz Holding Company and a number of other investors.
Started in 2016, Nana intends to use the fresh capital to strengthen its position within the Middle East and North Africa region, support expansion plans and offer diversified services.
“This step motivates us to strengthen the position of the Nana platform to be the leading company in the region, as the success of this round is in the interest of our plans to expand and continue to provide more diversified services to serve all stakeholders,” Nana’s chief executive Sami El-Helweh said.
Global law firm Latham & Watkins advised Nana on its latest funding round.
“We are happy to close this round for Nana, as the round received a great turnout from strategic investors, and we are working on qualitative investment opportunities that support the system of entrepreneurship and bold investment in the Saudi and Gulf market,” Nayef Al-Jibreen, founder and chief executive of Uni-Ventures, said.
Uni-Ventures, a subsidiary of Orascom Investments Group, is a venture capital firm that invests in emerging companies capable of rapid growth.
Through this investment, Kingdom Holding aims to support Nana to establish “its leadership [position] in the digital shopping sector” in Saudi Arabia and the region, Talal Al-Maiman, chief executive of Kingdom Holding, said.
“We also affirm that we will continue our endeavours to diversify our investment portfolio, taking into account investments with rewarding investment returns,” Mr Al-Maiman said.
Nana said it has created a closed-shop model in Saudi Arabia, where orders are delivered to customers within 15 minutes. It aims to be the leading company in the region, with an estimated market size of more than $165 billion, the company said.
Start-ups in Saudi Arabia recorded a 72 per cent annual increase in venture capital funding to $987 million across 144 deals in 2022, a report has indicated.
The kingdom was the second-most funded geography after the UAE in the Middle East and North Africa last year. It also accounted for 31 per cent of total capital invested in the region, according to start-up data platform Magnitt’s Venture Capital Report compiled in collaboration with Saudi Venture Capital.
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Women's Prize for Fiction shortlist
The Silence of the Girls by Pat Barker
My Sister, the Serial Killer by Oyinkan Braithwaite
Milkman by Anna Burns
Ordinary People by Diana Evans
An American Marriage by Tayari Jones
Circe by Madeline Miller
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
