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STV announces a $100 million AI-focused fund in collaboration with Google to support startups across the Middle East and North Africa.
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In 2024, only 1.5% of VC funding in MENA went to AI, compared to 38% in the U.S. and 13% in India.
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The fund will focus on AI-driven applications, local models, and the infrastructure required to support them.
STV has announced the launch of its $100 million AI Fund, dedicated to supporting AI-native startups across the Middle East and North Africa, in strategic partnership with Google.
The company revealed that only 1.5% of venture capital in the region was allocated to AI in 2024, compared to 38% in the United States and 13% in India.
This disparity highlights an untapped opportunity to drive innovation and economic growth, along with operational efficiencies. STV estimates that the immediate return from AI technologies in Gulf countries exceeds $23 billion, with long-term potential that could multiply this figure significantly.
Ahmed Alnaimi, General Partner at STV, stated:
“The most value in AI will be at the application layer. That’s why the AI Fund will focus on investing in startups building AI-native applications, local models, and the infrastructure required to support them.”
Najeeb Jarrar, Regional Marketing Director at Google for the Middle East and Africa, added:
“At Google, we’re committed to making AI opportunities accessible to everyone. That includes initiatives like the MENA AI Opportunity launched last year, along with the Google for Startups program.”
العربية (Arabic) To read the article in Arabic, click here
