What's Happening in the Middle East? The emergence of a high potential technology startup ecosystem 1. A Bird's Eye View - Overview - A Strong Drive Towards Economic Diversification - The Technology Flywheel has Kicked Off in the Middle East 2. Venture Capital Landscape - The MENA Tech Ecosystem is Taking Shape - Venture Capital Funding Landscape - Key Middle East Venture Investors - Foreign Institutions Betting on the Middle East - Notable Cross-border Investments into Middle East Tech Companies 3. Asia-Middle East Nexus - The Shift to Asia and Growing Trade Ties Between Asia and the Middle East - Larger Emphasis on Asia as Trade and Investment Partner - Parallels with ASEAN positions the Middle East for tech growth and inbound investment - Startup Comparison

1. What’s Happening in the Middle East?
> The emergence of a high potential technology startup ecosystem
8pointCapital8pointCapital April2018

2. 8pointCapital
A Bird’s Eye View..........................3
Venture Capital Landscape...........7
Asia - Middle East Nexus..............13

3. 8pointCapital
Overview
3Note: MENA does not include Turkey, Iran, Israel | Source: World Bank, IMF, Internet World Stats, CBC, Hackernoon, CNN, Emarketer Inc
Addressable Market
MENA GDP greater than India
Geographic Location
Central hub connecting three continents
Saudi Arabia
Highest per-capita
consumption globally
§ The Middle East has emerged as one of the most active technology consumer markets. Key drivers include a large addressable market, a
young population, and mobile native societies.
§ Governments in the region have started to harness this potential and are pursuing wide ranging initiatives to create fertile ground in
order enable home grown entrepreneurs and innovation. This is starting to bare fruit.
Digital Native Population
Growing e-commerce penetration and hyper active use of social media
Beyond passive capital and towards technology transfer
Middle East SWFs are some of the largest tech investors globally
Population: 350 million
Under 40: 73%
GDP: US$2.4trn MENA
232 million users, 5x
increase from 2012
Saudi Arabia
Highest global
penetration
US$60bn
committed
Middle East
Asia
Europe Africa
ME & Africa online sales
US$49bn in 2021 vs
US$29bn in 2017

4. 8pointCapital
A Strong Drive Towards Economic Diversification
4
Opening Economies
Diversification and increased output is key
Government Economic Transformation Agendas
Digitization and innovation are at the core of national transformation plans
Cause
A New Norm
§ Living: Fuel, electricity, water subsidies and handouts
decreased; VAT introduced to the region for the first time.
§ Knowledge Transfer: Governments actively launching
initiatives to attract foreign technology and talent to drive
growth of the knowledge economy.
§ Investment: Newly established economic zones and
technology parks to incentivize foreign direct investment
into the region.
Source: The Guardian, NYTimes, Wamda
§ Fiscal: Falling crude oil prices since 2014 put pressure on
national reserves.
§ Structural: System heavily dependent on state support.
§ Demographic: Rising baby boomer population requires
sufficient public and private sector jobs.
§ Saudi Arabia: NTP 2020 prioritized digital transformation
as one of top four national goals.
§ UAE: National Innovation Strategy identified digital
technology as one of seven primary sectors. Targeting for
entrepreneurship and innovation to contribute 5% of GDP.
§ Bahrain: Tamkeenand EDB attract foreign accelerators and
VCs through project mandates and fund investments.
§ Qatar: Set up technology park to attract international
technology and capital into the region.
§ Lebanon: Central Bank of Lebanon provides incentives for
local banks to invest in startups, incubators, and VC funds.
§ Risk of an oil dependent economy, tightening fiscal reserves, and structural rigidities built-up over the past decade has driven an urgent
need to implement economic and social reforms.
§ Governments across the region have placed a strong emphasis on technology, knowledge transfer, and increased labor productivity as
key agendas to wean their respective economies away from hydrocarbon dependency and deliver sustainable growth and diversification.

5. 8pointCapital
The Technology Flywheel has Kicked Off in the Middle East
5Source: Magnitt, WeAreSocial, CBInsights
Infrastructure, Demographics, and Tech Adoption Exits, Second Time Founders and Returnees
§ Largest number of startups and investors in the region. 8 of the largest
deals in 2017 happened in Dubai (the other 2 were in Saudi and Egypt).
§ Supported by a stronger regulatory framework and an enabling ecosystem,
Dubai is attracting many of the talent from the region (including
returnees).
§ While most economic activity will happen in the big markets, Dubai will
continue to be positioned as the regional funding hub and base jurisdiction
of choice.
§ Growing availability of capital from public and private sources is supporting
the emerging tech scene.
§ Some government fundingand support initiatives include:
§ First generation founder exits, reinvesting in the region and nurturing its
ecosystem.
§ Engineers and entrepreneurs returning home after experiencing fast
growing tech companies abroad to tackle local problems, unique to the
region and others with global scalepotential.
§ Traditionally a laggard and a consumer of technology, the Middle East is beginning to innovate. The flywheel that saw places like China,
India and ASEAN generate multibillion dollar, technology driven companies, is taking shape in MENA.
§ As a result, the region is starting to witness meaningful exits – as well as entry by global players – encouraging additional and new
sources of capital (HNWI, corporate VCs, strategics, SWFs and foreign VCs) to get more active.
Saudi Arabia
US$1.1bn SME & VC FoF
Oman
US$150mm VC
Bahrain
US$100mm VC FoF
Dubai
US$270mm Accelerator
& Fund
Total Population Internet Users Social Media Users Mobile Subscriptions
246 / 68%
million / urbanization
147 / 60%
million / penetration
93 / 38%
million / penetration
312 / 127%
million / penetration
75%
Under 40
+19 / +15%
million / since Jan2016
+30 / +47%
million / since Jan2016
+15 / +5%
million / since Jan2016
Enabled by DubaiStrong Government Support

6. 8pointCapital
Venture Capital Landscape

7. 8pointCapital
The MENA Tech Ecosystem is Taking Shape
7Source: Magnitt “State of MENA Funding: 2017 in Review”, Magnitt “MENA Exit Report 2017”, Pitchbook, as at 31 December 2017, TechinAsia
$75M $210M $249M $410M
$53M
$60M
$625M
$150M124
191
176
260
0
50
100
150
200
250
300
0
100
200
300
400
500
600
700
800
900
1000
2014 2015 2016 2017
Excl Souq & Careem Souq & Careem # of Deals
MENA Venture Capital Funding
E-commerce
32%
Logistics
29%
Robotics
10%
2017 sets record year +65% (excl. Souq & Careem)
Most Funded Verticals (2012-2017)
Majority of investments were into E-commerce and logistics
Startup Exits (2012-2017)
60 exits worth US$3bn in past 5 years
E-commerce
32%
Adtech/Media
29%
F&B
15%
§ 2017 was a landmark year with Amazon’s US$580mm acquisition of Souq.com (e-commerce) and Careem (ride-sharing) taking stage as
the region’s first unicorn. While still nascent in size compared to Southeast Asia (2017: US$7.9bn), Middle East venture capital funding
reached US$560mm in 2017, with a 65% YoY increase in funding excluding Souq and Careem.
§ Funding has been concentrated in e-commerce and logistics, while US$3.0bn in startup exits have materialized in the past five years.

8. 8pointCapital
Venture Capital Funding Landscape
8Source: Magnitt “MENA Exit Report 2017”, Pitchbook, as at 31 December 2017, Wamda ”Collaborative Entrepreneruship” Report, MIT Technology Review
VC Funding by Stage
88% of deals concentrated in early stage (Seed/Series A) rounds
Funding and Exits by Country (2012-2017)
UAE dominates investments and exits with Dubai as a main hub
156
73
26
6
Seed Series A Series B Series C+
(# of Deals)
$1856M
$589M
$700M
$1922M
$174M $192M
UAE Turkey Others
Investments Exits
§ The region’s emphasis on innovation has been reflected in the increase of entrepreneurship support entities from 183 in 2010 to 463 in
2015. Public and private sector support has resulted in the creation of startups that are currently in the early stages of funding.
§ With 42% of startups in the Arab world based out of Dubai, the city’s concentration of young entrepreneurs, strong talent pool,
availability of funding, and recently reformed bankruptcy laws has established the UAE as a leading hub for startups.

9. 8pointCapital
Key Middle East Venture Investors
9Source: Crunchbase, Magnitt “State of MENA Funding: 2017 in Review”, CBInsights
MENA Tech Investors
Active regional investors with growing international interest
Middle Eastern Sovereign Wealth Fund Investments
3 of 10 most active SWF tech investors are in the Middle East
Saudi Arabia
Vision Fund
Qatar Kuwait Oman
United Arab Emirates
Vision Fund
Bahrain
Ideation Early Stage Growth Stage
§ Market momentum is being reflected in the growing investor landscape led by regional players like, STC, Wamda, Middle East Venture
Partners and US funds including 500 Startups and Endure Capital.
§ Governments are also active. The Saudi Public Investment Fund (PIF), Kuwait Investment Authority (KIA), Qatar Investment Authority
(QIA) are top 10 global sovereign wealth fund tech investors. PIF and Mubadala are also anchor investors in the US$100bn Softbank
Vision Fund.

10. 8pointCapital
Foreign Institutions Betting on the Middle East
10Source: China Daily, Retuers, Techcrunch, Huawei press release, StartupBahrain, Khaleej Times, Gulf News, The National, PRNewswire
Asia
US &
EMEA
§ Alibaba announces US$600mm Dubai “Tech Town” and second data center
to serve the region (2017)
§ JD.comannounces expansion into Middle East through partnership with
Saudi government (2017)
§ DiDi and Rakuten invest in ride sharing unicorn, Careem (2016, 2017)
§ Samsung Electronics acquires Egyptian AI startup Kngine(2017)
§ Huawei and Dubai partner to develop smart city solutions (2017)
§ Asia’s largest home shopping network operator, GS Shop, invests in 500
Startups Middle East Falcon fund (2017)
§ Hong Kong accelerators Nest.VC and Brinc open Bahrain offices (2017)
§ Amazon announces Middle East data center in Bahrain (2017)
§ 500 Startups launches US$30mm Middle East “Falcon” Fund (2017)
§ Google sets up innovation hub in UAE (2015)
§ Rocket Internet and MTN Group set up “Middle East Internet Group”
joint venture (2013)
§ PwC acquires tech consulting firm NSI DMCC to expand operations in
Middle East (2016)
§ Voicera acquires Dubai AI working productivity startup, Wrappup (2018)
§ Techstars Accelerator expands into Dubai (2017)
§ Plug and Play launches innovation platform in Middle East (2017)
§ Corporates and investors across Asia, US, and EMEA are increasingly tapping into the Middle East to capture value to be realized as the
region’s digital economy expands.
§ Asian institutions are leveraging home market technology know-how to play a role in the region’s digital growth, in hopes to replicate
their stronghold in Southeast Asia. Western institutions are also expanding their sphere of influence in the region.

11. 8pointCapital
Notable Cross-border Investments into Middle East Tech Companies
11
UAE UAE UAE UAE Kuwait UAE
E-Commerce Transportation Logistics E-Commerce Food Delivery Social Media
May 2017
Acquired by Amazon
(US$580mm)
Aug 2017
Venture Round by DiDi
Chuxing (Undisclosed)
May 2017
Series B (US$41mm)
May 2017
Acquired by Emaar
Malls (US$151mm)
May 2017
Acquired by Delivery
Hero (US$100mm)
Feb 2010
Acquired by Yahoo
(US$164mm)
Headquarters
Sector
Latest Round
International
Investors
MENA
Startups
Source: Crunchbase, Bnext, Gulf Times, Wego press release
§ Promising market dynamics are leading to capital and technology inflows from global investors and regional startups looking for early-
mover advantages. The region’s first unicorn, Careem, has been backed by a mix of investors from Asia (DiDi, Rakuten) as well as the
US/Europe (Daimler, DCM Ventures, Endure Capital).
§ Yahoo! Acquisition of Maktoob in 2013 was the point of inflection for tech-enabled startups in the region; recent cross-border activity
will add further credence.

12. 8pointCapital
Asia – Middle East Nexus

13. 8pointCapital
The Shift to Asia and Growing Trade Ties Between Asia and the Middle East
13
§ Asian economies have been a key contributor to global economic growth in the past 15 years. As the region continues to grow, south to
south trade will increasingly drive global economic growth as both consumption and output increase across emerging economies.
§ Latest trade volumes between Asia and the Middle East demonstrate established inter-dependence between key Middle East economies
and their Eastern counterparts. China’s Belt and Road Initiative will further strengthen these ties.
Note: Asia does not include Central Asia | Source: World Bank, Reuters, The Investor JLL
Established Trade Ties
65% of GCC exports are to Asia; China is the region’s largest trade partner
Growing Investment Ties
Belt and Road is catalyzing inter-regional investment
76
26
273
178
GCC to APAC APAC to GCC
2000 2015(US$bn)
3.6x
6.8x
Top Export Destinations
Top Import Origins

14. 8pointCapital
Larger Emphasis on Asia as Trade and Investment Partner
14
§ Congruence in key government agendas around cross-regional connectivity and tech-driven economic growth is rapidly widening the
East Asia-Middle East corridor for technology and business flows.
§ Capital flows from the Middle East to Asia are also poised to increase as mutual understanding grows and investors look to balance their
portfolios, which have limited exposure relative to Asia’s share of global output.
Middle East Asia
Note: Asia does not include Central Asia | Source: World Bank, Reuters, The Investor JLL
§ Belt and Road will be a defining backdrop for inter-regional trade,
investment and technology flows.
§ Asian governments are pushing initiatives to establish leadership in
export-driven tech verticals.
§ Middle East governments are promoting regional economic growth
through foreign investment and technology transfer.
§ China is the largest foreign investor in the Middle East having invested
US$29.5bn (32%) vs US US$6.9bn (7.5%) in 2016.
§ Asia Pacific accounts for 32% of global GDP, but Middle Eastern
investors hold only 11% of foreign assets in the region.
§ China-Saudi Arabia announced US$20bn Belt and Road fund to invest in
opportunities across the silk road (2017)
32%
APAC % of Middle East
Foreign Assets
11% Portfolio diversification
Established commercial ties
Growing mutual understanding
APAC % of
Global GDP
Government Alignment
Regional connectivity and tech-driven policy
Capital Flows
Existing momentum and promising trajectory

15. 8pointCapital
Parallels with ASEAN positions the Middle East for tech growth and inbound investment
15Note: MENA does not include Turkey, Iran, Israel | Source: World Bank, IMF, Internet World Stats, CBC, Hackernoon, CNN
§ Parallels between ASEAN and the MENA in terms of demographics, internet penetration, and consumer behavior present
opportunities for investors to capture tech-enabled value creation in these emerging tech markets. Though behind in maturity, the
Middle East is gradually moving towards the tech investment inflection point ASEAN experienced during the past 5 years.
Population 646 million
Under 40 66%
Internet Penetration 56%
Southeast Asia Middle East
Population 256 million
Under 40 75%
Internet Penetration 48%
$1100M $1800M $2500M $7800M
2014 2015 2016 2017
$75M
$210M $249M $410M$53M
$60M
$625M
$150M
2014 2015 2016 2017
Excl Souq & Careem Souq & Careem
North Asian corporates and tech firms have played a major part in ASEAN’s tech boom, the Middle East will be next…
ASEAN VC Funding and North Asian Company Direct Investments (1)
GCC VC Funding and North Asian Company Direct Investments (2)

16. 8pointCapital
Startup Comparison
16
Year Founded 2012 2005 2012 2012
Latest Fundraising Acquired by Alibaba (2016) Acquired by Amazon (2017) Series G led by Hyundai (2018) Series F led by DiDi Chuxing (2017)
Valuation US$3bn+ (estimated) US$580mm US$6bn+ (estimated) US$1bn+
Countries 6 7 156 cities across 8 countries
53 cities across Middle East, North
Africa, South Asia
Key Investors
Alibaba, Temasek, Rocket Internet,
Tesco, Kinnevik AB, Summit
Partners, Tengelmann, HV
Holtzbrink
Naspers, Tiger Global, MENA
Venture Investment, IFC, Standard
Chartered, Jabbar Internet Group
GGV Capital, Softbank, DiDi
Chuxing, , Toyota, Hyundai Motors,
Vertex Ventures, Hillhouse, Tiger
Global
DiDi Chuxing, Daimler, DCM
Ventures, Rakuten, BecoCapital,
Endure Capital, Abraaj Group,
Kingdom Holding Company
Source: Techcrunch, Crunchbase, Innovation Enterprise, Techmash
§ Lazada & Souq: Both companies successfully built an e-commerce ecosystem across multiple markets including the online marketplace,
fulfillment operations, and localized payment solutions. Eventually acquired by e-commerce giants Alibaba (Lazada) and Amazon (Souq)
looking for regional expansion opportunities.
§ Grab & Careem: Both focusing heavily on localization to compete with Uber in their respective geographies. Grab subsidizes mobile
phones for drivers, accepts cash, and maintains close communication with regulators, while Careem focuses on safety and quality of
service, offers mobile wallet functionalities for cash payments, and introduced scheduling of multiple rides a month.

17. 8pointCapital
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