Noor Sweid, managing partner of Global Ventures, is transforming the MENA region’s entrepreneurial landscape. Leading one of the world’s top-performing venture capital firms, Sweid is driving innovation and impact across sectors like fintech, health tech, and agritech. With a laser focus on untapped opportunities and the resilience of local founders, she leverages the region’s youth-driven dynamism and rapid digital growth to fuel groundbreaking ventures.
In this interview, Sweid reveals how Global Ventures identifies high-potential markets and empowers founders to solve urgent challenges. She breaks down the strategies behind her firm’s global success and explores how MENA startups are leapfrogging traditional infrastructure to deliver transformative solutions. Sweid’s story is one of bold moves and big results, offering a powerful look at the future of venture capital and innovation in one of the world’s most dynamic regions.
Costa: Your investment track record is exceptional, with Fund I being in the top decile fund globally and Fund II in the top quartile. What strategies or philosophies have been key to achieving such standout performance in the MENA region?
Sweid: Thank you—it’s a testament to our incredible founders and the great companies they are building. Our success in partnering with them is influenced by our focus on the comparative advantages presented by the MENA region. There are many untapped opportunities and significant strengths that we benefit from being close to in this part of the world.
With over 50% of MENA’s population under the age of 30, internet penetration above 80%, and government policies encouraging diversification away from a reliance on energy production—we have a highly dynamic and creative business environment for investors and startups. The region’s venture capital ecosystem has grown from $990 million in 2019 to an all-time high of $3.1 billion in 2022 at a CAGR of 52%—emphasizing the sector’s impact and potential.
Our investment strategy has always focused on market opportunity and founder strength. The market opportunity in MENA is tremendous—not just because of the macroeconomics but also because we have so much to build.
Founders operate in areas where legacy incumbents may not yet exist, building fintech to solve for financial inclusion without many incumbent banks, health tech to solve for access to care given the lack of access to healthcare in MENA, and so on. Looking at innovative technologies across sectors that are yet to be built out enables us to identify the markets that have strong potential.
Then, we select the most amazing founders in these sectors. Regional founders are inherently resilient and focus on building sustainable business models with strong unit economics. This resilience stems from historical capital scarcity, forcing them to craft innovative solutions and operate with extreme capital efficiency. In many cases, founders had to build their own infrastructure from scratch, tackling gaps in critical areas like logistics, payment systems, and technology stacks. These constraints led to creative and resourceful approaches, achieving milestones with much less funding than counterparts in developed ecosystems and reaching break-even points sooner. This scarcity-driven ingenuity gave rise to what we call the “Adversity Advantage,” where businesses are built with robust financial logic, deep local market understanding, and resilience by design, enabling them to thrive despite challenging conditions.
Since 2022, seed-stage valuations for startups in the region have increased by 65%. Yet, this is still below highly inflated valuations in other regions. MENA’s more conservative approach has cushioned the region against economic turbulence and given regional entrepreneurs an ‘adversity advantage.’
The region’s macroeconomics, the efforts and innovation of extraordinary founders–who are busy solving real-life issues, and a friendly business environment–combine to present us with ample opportunities to succeed.
How do you see MENA’s entrepreneurial ecosystem evolving over the next five years, particularly with the rise of international investments in the region?
Global interest in the MENA region will continue to grow as prominent international venture capital firms such as Sequoia and QED observe and act upon the region’s investment opportunities.
In 2024, 52% of venture capital dollars came from abroad. As recently as five years ago, 75% of venture capital dollars were domestic—emphasizing the excitement and opportunities the region offers. This continuing international momentum will develop the ecosystem as more opportunities are identified and investments are completed.
The region’s progress goes beyond innovation. It focuses on creating foundational pillars for resilient economies, sustainable growth, and a more inclusive society. Key sectors like financial services, healthcare, education, food and agriculture, and supply chains are driving economic prosperity. Digital innovations, such as the shift from cash transactions to fintech solutions and advancements in agritech, are transforming industries and enhancing regional stability.
Government initiatives will continue to be a tailwind for momentum in the ecosystem too. Initiatives such as Abu Dhabi’s ADIO, Hub 71, and DIFC’s Innovation Hub – help to embed industry in the economy. They give critical backing and mentorship to startups, bypassing traditional development stages and enabling entrepreneurs to operate in an environment geared to help them flourish.
You’ve spoken about emerging markets leapfrogging traditional technology hubs. What unique conditions in the Middle East enable this, and how do startups leverage these advantages?
The region’s historical lack of traditional infrastructure has yielded a unique opportunity to leapfrog directly to advanced technologies in ways that more developed markets cannot–with sectors such as fintech, e-commerce, and digital health freed from some of the usual growing pains.
Fintech is a perfect example. New digital payment systems have given smaller businesses a path to rapid expansion – including access to credit – all without traditional physical banks. Paymob, MENA’s leading financial services enabler, is a portfolio company of ours whose technology leapfrogs legacy infrastructure. Its omnichannel gateway offers over 50 payment solutions – empowering 350,000 merchants with access to innovative financial services.
In digital health, Proximie provides a compelling example. The acute lack of healthcare and medical infrastructure, coupled with the proliferation of smartphones, created an urgent demand for innovative solutions. Proximie’s virtually enabled surgery platform emerged as a necessity for patients who otherwise had no access to care. In markets with established healthcare infrastructure, virtually assisted surgery might have been dismissed as supplementary. However, in regions with no alternative, it became a vital lifeline. This lack of incumbents enabled Proximie to develop and prove its solution, growing into a global success story in healthcare provision.
What sectors or industries in the MEA region are you most bullish on for the next decade, and why do you believe they present unique opportunities for venture capitalists?
We expect various sectors–such as supply chain tech, agritech, and climate tech–to evolve over the next five years and receive greater investor interest. We recently invested in Immensa–MENA’s largest additive manufacturing company, which serves the Global Energy spare parts market–a sector largely untapped by existing additive manufacturing players and valued at $91 billion–of which the Middle East compromises 35%.
For example, various applications of AI – including additive manufacturing combined with big data – can cut the costs and lead times of industrial spare parts procurement. A regional, home-grown business – Immensa – offers end-to-end solutions involving assessment, digital categorization, and production of digital spare parts. Such is Immensa’s impact that, together with ADNOC and standards organization–Det Norske Veritas–it has created the world’s first guideline for 3D printing parts for the energy sector.
Agritech developments will continue to gain recognition and investment dollars as regional (and global) food security challenges become more pressing. In KSA for example, 85% of fresh produce is still imported. We have invested in iyris–a sustainable agritech whose innovative technologies provide growers with extended growing seasons, increased yields, and profitability–while boosting local, regional, and global food supply chains.
Finally, despite its obvious success to date, even more will be achieved in the fintech sector via new innovation. As particular markets mature, more demand is created for accessing different services previously unreachable, or that did not even exist.
You’ve successfully scaled and exited your businesses, including ZenYoga. How has your entrepreneurial background shaped your approach to venture capital and your relationships with the founders you invest in?
I learned firsthand at ZenYoga the real, day-to-day challenges of scaling a business from scratch. My operational experience in growing a company inspired me to support other founders and helped me understand the demands of building a company from the ground up.
At Global Ventures, we take a strong founder-centric approach, providing practical guidance tailored to founders’ specific needs via our PARTNER framework. We know how important value creation and mentorship are, so we offer hands-on advice and foster continuous learning.
By integrating these approaches into our business model, we can help regional startups innovate, scale effectively, and drive regional economic progress.
As the leader of the first dual listing on NASDAQ Dubai and the London Stock Exchange (LSE), what lessons can you share about navigating international capital markets, and how has this experience influenced your work in venture capital?
It was a hugely rewarding experience to lead Depa’s IPO on NASDAQ Dubai and the LSE. Nobody really knows what an IPO is like until they have experienced one! It taught me invaluable lessons about creating shareholder value, and the insight I gained about careful strategic planning and shareholder reporting is used every day to rigorously evaluate new investment opportunities and share those updates with our investors.
It also emphasized the importance of having good governance structures from the start, rather than waiting until later. Early governance helps protect new companies from risks such as financial mismanagement, regulatory non-compliance, and strategic misalignment. It is also a foundational element of hypergrowth.
We, therefore, take a proactive approach to embedding strong governance and strategic planning into the fabric of new companies to empower startups to thrive in competitive landscapes.
Good governance also helps founders navigate the complexities of growth and ensures long-term success–which is how we can scale.
What would you say to international investors who are hesitant about entering the MENA region? What misconceptions do they need to overcome to recognize its potential?
The investment opportunities in MENA are compelling. The venture capital ecosystem has evolved from $990 million in 2019 to $2.6 billion in 2023, with the number of exits in the region more than doubling since 2019.
In addition, this is just the beginning. Our markets still have room to mature and ripen, and governments are providing the right foundations and regulations for startups and innovation to evolve. In 2023 alone, the UAE saw a 25% increase in new business licenses issued to foreign entrepreneurs, reflecting the region’s growing opportunities and attractiveness. 73% of the UAE’s economy is now comprised of non-oil sectors, too—which shows the direction of travel.
We are witnessing new digital solutions – created in the region – being used internationally at scale. SpiderSilk—the GCC’s first cyber-AI startup—derives over 50% of its revenues from North America. MENA’s unique opportunity to leapfrog legacy infrastructure allows it to pioneer innovative solutions in sectors like fintech, e-commerce, and renewable energy. Patents filed by MENA startups have doubled in the last decade, too.
The region’s youthful demographic and increasing digital penetration create fertile ground for disruptive technologies and business models. I am excited about MENA’s startups’ potential to solve local and global challenges and emerge as global innovation leaders.
What role do Gulf countries’ evolving capital markets play in driving the region’s entrepreneurial growth, and how can startups capitalize on these developments?
The Gulf countries have emerged as pivotal players in driving the MENA region’s entrepreneurial growth, leveraging their historical positions as trading hubs and embracing economic diversification agendas. The UAE and Saudi Arabia, in particular, exemplify this transformation. Both nations have built robust ecosystems that prioritize infrastructure, innovation, and knowledge-based economies while also capitalizing on their strategic locations at the crossroads of global trade routes.
Saudi Arabia’s Vision 2030 and the UAE’s Vision 2021 are not merely plans but strategic blueprints to reduce dependency on hydrocarbons and foster sustainable economic development. These initiatives focus on enhancing logistics, tourism, cultural industries, and digital economies. For example, Saudi Arabia’s Red Sea and NEOM projects and the UAE’s globally renowned hospitality and logistics sectors exemplify their commitment to diversifying GDP contributions. Leading events like Dubai’s Gitex and Saudi Arabia’s Future Investment Initiative have positioned the region as a vibrant nexus of innovation and global collaboration.
The venture capital landscape in the GCC has evolved rapidly, reaching a record figure of $2.4 billion in 2022. This accounts for 77% of the total $3.1 billion invested in the region. The GCC is a great springboard for businesses to grow and succeed.
Mid-to-late-stage funding options still have room to mature–to fully provide growth companies with the access to capital required to scale operations regionally or internationally. Equally, entrepreneurs need to demonstrate profitability and consistent returns to secure later-stage capital, which tends to be dominated by more conservative investors.
What does our tagline “Worth Beyond Wealth” mean to you?
At Global Ventures, we invest in companies with strong, sustainable business models that provide solutions to real-life problems and ultimately change lives across MENA and the world.
Global Ventures’ portfolio has had a demonstrable impact on millions in the region. To date, over 54 million people have been lifted from financial exclusion through the 14 fintechs we have invested in. Similarly, through our 13 investments in healthcare, we have expanded healthcare access to over 6.9 million patients. Our portfolio has created over 11,600 jobs, providing job opportunities for the region’s young, tech-savvy population.
Your upcoming book explores the ‘Coming of Age’ of MENA’s VC and entrepreneurial ecosystem. What are the key themes or turning points in this journey that you believe the global audience needs to understand?
The book sheds light on MENA’s compelling entrepreneurial and innovation ecosystem. The coming-of-age stories of countries like China, India, and Brazil–and other emerging entrepreneurial ecosystems outside the US and Europe are well documented. However, the MENA region, with its equally impressive economic growth and entrepreneurial trajectory, has not received the same amount of coverage in global innovation literature–yet hides in plain sight.
Coming of Age is the story of the entrepreneurial growth in MENA over the last twenty-five years, spanning industries as diverse as fintech, health tech, and agritech, all of which have emerged from the desert since the new millennium, producing globally leading transformative ventures and leapfrogging technologies. Featuring stories and reflections of pioneering founders from the region, Coming of Age conveys the MENA region’s remarkable entrepreneurial journey to the point of today, where it is set to challenge the global order and fully realize the potential of the largest young digital population in the world.
By detailing MENA’s remarkable entrepreneurial journey through the region’s history and the stories of 35 founders, the goal is to tell the stories of these incredible founders, sharing their journeys on their way to their incredible successes.
The book illustrates the region’s evolution from its early founders, including those of Souq and Careem back in 2009, to becoming a key player in the global entrepreneurial landscape–with stories of innovative companies and unicorns across the region, and comes all the way through to how the region plays a role in AI, Crypto, and energy. It explores specific industries, highlighting the experiences and success of various founders and their market impacts, and why the advancement of these industries and the leapfrogging technologies serve such acute needs in this market.
Crucially, the book underscores the significance of the digital population in MENA, emphasizing the time is now for the region to fully realize its potential and look ahead to what the opportunities could provide from the youngest digital population in the world.
