NVIDIA TECHNOLOGY EGYPT
Algebra Ventures closed a $54 million fund; 4 years later, six portfolio companies were valued at over $350 million
Its first fund invested in reportedly 21 startups across Egypt and the wider Middle East and North Africa region. The portfolio included businesses working in financial technology, healthcare, logistics and online services. Halan was one of its notable investments. The portfolio also included Brimore, a social commerce company.
Egypt moves to build $1 bn AI data centre with Nvidia tech
Egypt is embarking on an ambitious $1 billion project to build an advanced artificial intelligence data center. The first phase will kick off with an investment of $200 million and a capacity of 20 megawatts. This initiative is in collaboration with major players like Vodafone Business, Elsewedy Electric, and Cassava Technologies, and is set against a backdrop of growing rivalry between the United States and China in the tech domain.
Xi Jinping to bring large CEO delegation on US visit, sources say
President Xi Jinping plans a large business delegation for his upcoming Washington visit. This unusual move signals China's willingness to support investment and commercial ties. Chinese companies have faced increasing scrutiny and U.S. restrictions on their operations. Expectations for the summit remain modest with limited prospects for major breakthroughs. Both nations are discussing reciprocal tariff reductions and non-tariff barriers.
AI could lift Sub-Saharan Africa economy 4% if power, internet improve, IMF says
As countries and companies race to secure AI's economic benefits, investment in data centres, energy infrastructure and digital networks is surging worldwide.
Mark Matthews identifies hospitality sector as a bright spot in India’s growth story
Mark Matthews of Julius Baer shares insights on upcoming US-Russia talks and their potential impact. He believes India's concerns might not be a priority. Emerging markets, excluding India, look attractive due to undervaluation and currency stability. Matthews favors the banking sector in India, citing economic growth and RBI policies.
Festive fever for quick commerce; new micro VC fund
Happy Monday! More shoppers are turning to quick commerce for their festive needs compared to previous years This and more in today’s ETtech Morning Dispatch.
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Former SoftBank executive Akshay Naheta’s DeFi startup DTR launches UAE dirham-backed stablecoin
In an interview with ET, Naheta said the aim of issuing a dirham-backed stablecoin was to get a foothold in the $130 billion market, which is currently dominated by US dollar-backed stablecoins.
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