Dubai’s dynamic financial and entrepreneurial ecosystem remains an attractive platform for global investors to promote innovation in a myriad of sectors. This week was marked by several announcements on funding as well as major milestones achieved by both start-ups and established companies that reaffirmed the emirate’s status as a transformational growth hub.
PC: Arabian Business
DAE Bags $201 Million Insurance Settlements
Dubai Aerospace Enterprise (DAE) has received $201 million in insurance settlements for aircraft previously leased to Russian airlines, bringing its total proceeds from such settlements to $319 million. While releasing claims against certain insurers, DAE plans to continue litigation under its own policies and mitigate losses linked to Russian airline leases. The globally recognized aviation services company supports over 170 airline customers across more than 65 countries, emphasizing its critical role in the industry.
BioSapien Raises $5.5 Million for Cancer Drug Delivery Innovation
Healthtech startup BioSapien raised $5.5 million in a pre-Series A round led by Global Ventures and Dara Holdings. The funds will advance clinical trials for its flagship product, MediChip, a 3D-printed, slow-release drug delivery platform designed to minimize chemotherapy side effects. CEO Khatija Ali said that the platform was going to revolutionize the treatment of cancer by targeting an unmet need of sustained drug release. A global market for cancer drugs valued at $247 billion, BioSapien is looking to transform the care of patients on a global scale.
Revibe Raises $7 Million Series A for Refurbished Tech Expansion
UAE-based refurbished electronics leader Revibe has raised $7 million in a Series A round co-led by ISAI and Resonance.
The funding will accelerate expansion into emerging markets and enhance customer service operations. In two years, Revibe has sold more than 80,000 refurbished devices, saving customers $14 million while significantly reducing environmental impact. Co-founder Abdessamad Benzakour sees a huge potential in increasing demand for affordable and eco-friendly tech with Revibe at the head of an estimated $6 billion market for refurbished electronics in MENA.
CredibleX Raises $55 Million to Overhaul SME Funding
SME financing platform CredibleX raised $55 million in a seed round that is an equity and debt financing deal led by Further Ventures. The funds will improve its technology-driven platform offering customized and transparent financial solutions to SMEs. CredibleX has so far given out loans of $27 million, thus further supporting the UAE’s economy. CEO Anand Nagaraj stressed that this mission to empower SMEs was part of the vision of UAE in becoming the world’s entrepreneurial leader.
Magellan Capital Prepares for $700 Million Hedge Fund Launch
Dubai-based Magellan Capital is moving forward with its $700 million hedge fund launch in Q1 2024, despite the departure of portfolio manager Britney Lam. With a team of over 15 investment professionals, the fund will focus on strategies including equity, credit, and arbitrage opportunities. The significant capital backing positions Magellan as a key player in Dubai’s growing alternative investment sector.
This week’s funding developments underpin the growing influence of Dubai as a global hub for innovation and investment. From aviation and healthcare to sustainable technology and finance, these ventures reflect the emirate’s robust ecosystem and its ability to drive impactful change across industries. As Dubai continues to attract global investors, the region’s entrepreneurial landscape remains poised for unprecedented growth.
