Weekly Market Highlights
4th of June 2026
This week brought significant activity across the MENA tech ecosystem, with major funding rounds, new venture initiatives, regulatory developments, and continued investment in artificial intelligence.
CargoX led the week with a $250 million raise from an investor group led by BlueFive Capital. The UAE-based autonomous logistics company will use the funding to expand its driverless delivery operations and scale its fleet and infrastructure.
Mobility also made headlines this week as Uber agreed to acquire an additional 12.5% stake in Careem from e& for $100 million. The transaction increases Uber's ownership in the UAE-based super app while reducing e&'s stake to 37.53%, bringing Careem back under closer alignment with its long-time parent as it enters its next phase of growth
The UAE's startup ecosystem also received a boost as du launched du Ventures, a new $50 million corporate venture fund managed by Shorooq. The fund will focus on fintech, AI, and cybersecurity startups, with a significant allocation dedicated to UAE ventures.
Meanwhile, Anara Impact Capital announced a $48 million first close for its debut MENA-focused impact fund. The vehicle will back Seed and Series A startups across learning, wellbeing, and climate, supporting founders building both scalable businesses and measurable impact.
On the regulatory front, Saudi Central Bank (SAMA) introduced new requirements for non-bank financial institutions, requiring firms to notify regulators at least five working days before launching investment rounds, strengthening oversight across the Kingdom's growing fintech sector.
In Egypt, Efham.ai secured investment from Foras.AI to expand what it describes as the first Arabic AI learning community. The platform plans to launch more than 100 AI training lessons by the end of Q3 2026, serving learners across multiple Arab markets.
AI infrastructure remained a key theme this week as Core42 secured $550 million in structured trade finance facilities from HSBC. The funding will support the expansion of its AI cloud and compute infrastructure across the US and Europe, further advancing the UAE's sovereign AI ambitions.
MENA sovereign capital also continued flowing into global AI leaders, with Qatar Investment Authority participating in Anthropic's reported $65 billion Series H round. The investment highlights the region's growing appetite for frontier AI opportunities and strategic exposure to leading AI platforms.
Rounding out the week, Meta unveiled a new AI-powered Business Agent designed to automate customer engagement, lead generation, and sales across WhatsApp, Messenger, and Instagram. The launch reflects the growing shift toward AI-driven customer support and conversational commerce for businesses worldwide.