Dubai Startups and Developers Secure Major Investments
Dubai’s startup and real estate sectors saw lucrative funding this week. Several companies received financing to promote innovation and growth. From AI-enabled e-commerce and visa processing solutions to fintech and real estate development, here is a roundup of the latest funding deals in the city.
PC: Britannica
qeen.ai Secures $10M to Advance AI in E-Commerce
Queen.ai, an AI-driven e-commerce startup, has secured $10 million in a round of seed funding, representing one of the largest investments in the early stage of the startup in the Middle East and North Africa region. Prosus Ventures led the round with participation from Wamda Capital, 10x Founders, and Dara Holdings; this brings the actual funding of the company to $12 million.
Founded in 2023 by ex-Google and DeepMind colleagues Morteza Ibrahimi, Ahmad Khwileh, and Dina Alsamhan, qeen.ai specializes in AI agents that automate tasks such as content creation, marketing, and sales for online businesses.
With this funding, the company will scale its AI platform, grow its personnel, and onboard more clients. It is going to use these funds with the aim of serving AI-powered agents for content and marketing, optimizing business operations and improving customer experiences.
Morteza Ibrahimi pointed out that the aim of qeen.ai is to become the competitive “intelligent technology partner” for e-commerce businesses. On the other hand, Robin Voogd of Prosus Ventures said that there is huge potential in AI-driven automation in online marketplaces.
With the launch of its Dynamic Content agent by Q24, qeen.ai has reached over 15 million users and has produced over one million SKU descriptions thereby increasing merchants’ sales by 30%.
Union Properties Secures AED 150M for Dubai Developments
Union Properties, a real estate developer, has obtained AED 150 million ($40.84 million) in funding that will be used to kick-start projects fresh over a span of 18 months. The news release issued through the Dubai Financial Market (DFM) did not mention the name of the lender, but emphasized the company’s optimism for a property market boom in Dubai.
These projects are anticipated to contribute AED 40 million in annual recurring revenue to the company, which further aims to roll out two more mixed-use development projects around Dubai. Although specific particulars weren’t revealed, this aligns with Union Properties’ plans for long-term growth.
This new financing comes on the heels of last year’s October unveiling of the AED 2 billion ‘Takaya’ project planned for Motor City, which holds close to 10 million square feet of developable land at Union Properties’ disposal in a robust Dubai real estate market.
Myne Raises $2M to Revolutionize Wealth Management
Myne, a wealth and asset tracking platform, has bagged a $2 million pre-seed funding round, led by Scene Holding with turnout from Raz Holdings, Plus VC, Annex Investments, and various angel investors.
Launched in 2024 by Karim Chouman, Myne seeks to disrupt the way individuals and enterprises track finances. It provides real-time financial aggregation, enabling users to connect multiple bank accounts, stocks, cryptocurrencies, and wallets, and aggregate them on a single dashboard.
Investments will support Myne’s expansion in the United Arab Emirates and plans for expansions into Saudi Arabia and other GCC markets. The company will also continue to enhance its technology, user acquisition, and innovation pipeline.
According to CEO Karim Chouman, The investment reaffirms the vision behind the platform and the future it brings to change the way personal finance works. Scene Holding’s Sultan Ghaznawi described Myne as a “game-changer for personal finance,” and Plus VC’s Hasan Haider noted that Myne is able to fill crucial gaps in wealth management.
Visarun.ai Expands AI-Powered Visa Processing with New Funding
Visarun.ai is a visa-as-a-service platform using artificial intelligence that has now gotten a round of funding in order to enhance development, expand its sales team, and improve penetration into the market.
Founded in 2024 by Vladimir Indjikian and Alena Iakina, Visarun.ai focuses on visa processing as an AI-based platform offering real-time tracking, automated assistance, and approval predictions for applicants.
With Dubai as a hub for its market, Visarun.ai aspires to simplify visa applications for entrepreneurs, remote workers, and expatriates. This funding will also support AI-powered interview simulations, aiding candidates in navigating Dubai’s evolving immigration policies.
Visarun.ai is targeting an expansion to Saudi Arabia, Qatar, India, and China at its forefront, claiming to stand out as a high-growth AI-driven solution for visa applications.
Conclusion
The funding scene in Dubai remains healthy, with startups and developers attracting meteoric investments across sectors. AI continues to disrupt industries from e-commerce and visa processing to fintech-and there is tremendous demand in real estate, reinforcing Dubai’s prime location as a global epicenter for innovation and expansion.
