The New Zealand Rugby League team performs the Haka, a traditional Maori dance, before the 2008 Rugby League World Cup semifinal.
The New Zealand Rugby League team performs the Haka, a traditional Maori dance, before the 2008 Rugby League World Cup semifinal.

A paradise's costs



A letter from New Zealand, where Nathan Deuel finds a near-mythic ethos of compromise starting to fray. On a clear weekday morning in March 2004, the 60-year-old New Zealander writer Graeme Lay glimpsed a front-page newspaper photo of a car accident on the treacherous State Highway 2 near Maramura, a small town a little more than an hour's drive from Lay's home. "Oh s***, he thought. "Another accident on that bloody road." Lay put the paper aside. Later that morning, the phone rang in the study of his Victorian home, a room lined with tall, single-pane windows and shelves of books - a few of them written by Lay's friend, the prolific New Zealander writer and historian, Michael King.

The call was from Christine Cole Catley, a neighbour and a kind of octogenarian mother hen to New Zealand's literary community. "The photo in the paper," Cole Catley stammered. "That was Michael!" On a day nearly five years later, birds chirp and a plane thunders overhead. Lay regards me glumly. We inspect a framed photo of Michael King, who is smiling gigantically, his barrel chest and full salt-and-pepper beard forming the picture of a man in the bloom of authority and promise. Lay breaths in a lung-full of ocean air.

"An amazing fellow," Lay says. "We still can't believe he's gone."

I had arrived in New Zealand a week earlier, having come to attend the wedding of my sister, an American livestock veterinarian, to a New Zealander outside the city of New Plymouth. When I changed flights in Auckland on the way in, Michael King's books were five deep at the terminal bookstore, most prominently his The Penguin History of New Zealand. Despite its drab title, the book's first print run sold out in six days. Since then it has sold enough copies - more than 100,000 - for there to be several volumes on every block in the country. Published just seven months before King's death, the book has, according to the historian Jacob Pollock, "cemented itself as historical orthodoxy for some time to come". I was fingering the illustrated cover when I heard a boisterous team of softballers - a riot of teenaged Islanders, Caucasians, South Asians, and East Asians - all with matching scarlet track pants and Kiwi accents, moving through the terminal. Behind them was a sign for biosecurity, sternly warning against "dangerous goods" and invasive species. It's a hard-earned caution, this respect for the consequences of invasion and assimilation. King's 500-page history begins with a description of New Zealand's two main islands as isolated hunks of green-fuzzed rock in the middle of the ocean. Over thousands of years, as the ecosystem complicated, a flora and fauna took hold that were mythical in their fecundity - and doomed by their fragility. In many ways, New Zealand is an environment still reeling from the recent shock of human habitation. When human settlers landed - first Polynesians, probably in the 14th century; then Europeans, a few hundred years later - the large flightless birds that once dominated the landscape stood no chance.

But, as King writes, the islands' history isn't just a tragic record of encounter and extinction. In his telling, the story is something much happier, a kind of fairy tale. Despite New Zealand's decades of bloody musket skirmishes, the ultimate compromises between indigenous groups - or Maoris, as they are now known - and white settlers managed to avoid the forced marches, murders and marginalisation of North America and Australia. Instead, within about a hundred years, there existed a settled and progressive democracy of a kind that took 20 centuries to develop in Europe and four in America. By 1867, all Maori men over the age of 21 were already eligible to vote and stand for parliament. In 1903, New Zealand became the first country in the world to grant women's suffrage.

By intermarriage and gradual popular consent, a new kind of citizen emerged, King writes. Neither wholly native nor fully colonialist, New Zealanders came to be many things at once: Maoris, other Pacific Islanders, European settlers and the children of marriages between the groups, all full participants in the social contract. King's book is a proud record of these compromises and of how, for decades and decades - as measured by basic economic indexes and quality of life measurements - they produced what King calls a "good-hearted, practical, commonsensical and tolerant" people whose qualities "saved the country from the worst excesses of chauvinism and racism seen in other parts of the world".

Five years after King's death, it seems appropriate to view the nation through the lens of his big claims. Is New Zealand's experiment more fragile than his proud chronicle let on?

On my first morning in New Plymouth, I met my first pakeha, the Maori name for white New Zealanders used agreeably by many here. (Imagine Americans effortlessly calling themselves wasichu, the Sioux Native American word for "white man.") The pakeha in question was Janice Hawkes, my sister's landlord and a lifelong farmer. We were high up on a bluff, overlooking acres of plunging valleys criss-crossed by fencing and dotted by white, woolly sheep. Janice told us she had been married on the same weekend several decades before. "Did you have to milk afterwards?" my sister joked. "No," Janice laughed, working her gnarled fingers together. "I had that day off." Family farmers like Janice are a dying breed in New Zealand, holdovers from the recent days when the country resembled a South Pacific approximation of Thomas Jefferson's ideal America - agrarian, democratic and prosperous. For generations New Zealand was the "garden" of Great Britain, supplying the commonwealth with meat, dairy products and wool. Trade protections, a mild climate and market events like the great 1951 wool boom produced an uncommon marriage of agriculture and affluence.

Then in 1973 the UK entered into a trade agreement with the European Economic Community, ending the islands' reign as a dedicated supplier of food and wool. In the absence of steady British demand, New Zealand's economy buckled under its system of high taxes and agricultural subsidies, and in the 1980s the country swung to the opposite end of the regulatory spectrum, drastically liberalising its economy.

Throwing itself behind "business-friendliness" and laissez-faire international trade, New Zealand paved the way for large conglomerates - such as Fonterra, a New Zealand cooperative that controls almost one third of the international dairy trade - to dominate the agricultural market. As rural populations unshielded by farm protectionism fled to the cities for work, people like Janice Hawkes were becoming an exception rather than the rule.

Later that afternoon, we piled into my sister's truck to drive into New Plymouth, a city of 50,000. The fog had lifted, and the lush countryside opened up - a strange cross between European verdure and a fern-choked South Pacific paradise, overrun by sheep. As we passed signs for sheepskin tanneries, abattoirs and grazing cows, we slowly entered the country's more urban present. Cities like New Plymouth have not only become the economic redoubt of struggling farmers, they've also become home to the vast majority of the nation's Maoris. In 1840, when New Zealand was formed under the treaty of Waitangi, 100,000 Maoris shared the islands with just 2,000 Europeans; Queen Victoria's representative rang in the treaty by declaring, "He iwi tahi tatou" ("We are one people.") Today, with Maoris making up barely 15 per cent of the population, that declaration - echoed in more recent majoritarian calls for national unity, and in the face of what some islanders see as an eroding Maori identity - has taken on an ominous cast.

Maori culture and politics saw a revival 30 years ago, culminating in several massive government transfers of land into Maori hands to redress old abuses of the Waitangi treaty. By 2002, the number of dedicated Maori seats in Parliament had raised to seven (out of 120). But the indigenous islanders are still far from achieving an equal socioeconomic footing with other New Zealanders. Their largely urban population posts depressing rates of illiteracy, incarceration and unemployment, and currents of resentment in the politics of Maori and Pakeha relations often cut both ways.

Even still, glimpses of Michael King's great compromise are not so hard to find. As we pulled into New Plymouth, we headed for the city's 128-acre municipal gardens, the site of an outdoor concert that night. The band had just fired up, and a crowd of several thousand began to roar. "Got any Cookies out there?" asked the mocha-skinned female band-leader. Hands shot up around the crowd. "This song is from the Cook Islands," she said, shouting out to yet another unique demographic in New Zealand's staggering ethnic mix. (Fifty-eight thousand New Zealanders identify as being indigenous to the tiny Cook Islands.) I stood in a line of heavyset, dread-locked islanders who were smiling and singing along, smoking hand-rolled cigarettes and pumping their fists. Nearby, I spotted a pakeha couple in overalls, straight off the farm and singing along as well.

A few days later, I drove to Auckland, New Zealand's largest city. My first stop was to see Michael Bassett, a former minister of health, lawmaker and historian, now mostly retired and in his seventh decade. "It was a beautiful March day," he recalled of the afternoon Michael King died. Bassett was sitting back in the dim cool of his library, which smelled of fresh paint and old books. Bassett and King were friends and collaborators, and so Bassett said he felt perfectly fine being frank about the Penguin History's tendency to be overly optimistic. Rather than looking at basic economic forces, Bassett told me, King focused on the soaring moments of national history. "As a result," Bassett says, the book's "happy lessons are the lessons of a country frozen in time" - a country of four million people still living quaintly on the proceeds of 40 million sheep.

The story that King missed, Bassett said, is that New Zealand - stuck in an economic rut - is facing the possibility of losing its first-world status. In the 1950s and 1960s, the country's per-capita GDP was ranked in the top three or four in the world. In 1959, only 21 people were officially unemployed in New Zealand. Today, Bassett said with a sigh, the rate of unemployment is comparatively high - five per cent - and getting higher. And the once top-ranked country now falls behind Spain, Greece and Italy in per-capita GDP. The 21st century, Bassett said, is leaving New Zealand behind, and rising crime rates - with Maoris making up half of the prison population - have become a morbid public preoccupation.

Basset's unease seemed to dovetail with a more general air of moral panic. Every day I was in the country, the newspapers featured at least one story about "boy racers", a subculture of young men - predominantly pakeha - who pour diesel fuel on the roads to peel out in clouds of smoke with souped-up Hondas and Toyotas, baiting police and cruising the roads at high speeds. As the news reports detail at length, they are also prone to violence. "Boy Racers Not 'Cockroaches', But 'Ugly, Immature'," was a typically exasperated headline. (Since my visit, the panic has heightened; last month, Parliament passed special anti-boy racer legislation.)

Other views are of course far more optimistic than Bassett's, and the islands have weathered the global financial crisis better than many other nations. But whatever its future holds, New Zealand is a young country - a place where ennobling historical narratives and national mythmaking play a huge role in smoothing over the central contradictions within the body politic. Stephen Turner, a professor of English at the University of Auckland, points out Michael King's telling habit of calling Maori the first indigenous people, suggesting of course that pakeha are the second indigenous people. "But if both peoples - the first peoples and the second peoples - are indigenous, then actually nobody's indigenous," Turner tells me. "Michael King, when he happily says that we're all indigenous, just squashes this distinction." Maori historians, meanwhile, are struggling to give the indigenous voice "a turn with the historical microphone" writes the scholar Aroha Harris, "without reducing it to the role of backup singer."

The next morning, I drove over to see Graeme Lay, the writer and friend of Michael King. He was exasperated by my questions about New Zealand's declining GDP. "Who gives a s*** about the GDP?" he sputtered. "You've got a beautiful beach down the street, you've got a climate like this, and the mountains and the forest and all the rest of it." For him, paradise was enough.
Nathan Deuel, a frequent contributor to The Review, is at work on a book about walking from New York to New Orleans.

 

 

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Sweet%20Tooth
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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

ACC 2019: The winners in full

Best Actress Maha Alemi, Sofia

Best Actor Mohamed Dhrif, Weldi  

Best Screenplay Meryem Benm’Barek, Sofia  

Best Documentary Of Fathers and Sons by Talal Derki

Best Film Yomeddine by Abu Bakr Shawky

Best Director Nadine Labaki, Capernaum
 

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

UAE currency: the story behind the money in your pockets
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

TOUCH RULES

Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.

Teams can make as many substitutions as they want during the 40 minute matches.

Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.

A touch is any contact between the player with the ball and a defender, and must be with minimum force.

After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.

At the roll-ball, the defenders have to retreat a minimum of five metres.

A touchdown is scored when an attacking player places the ball on or over the score-line.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC