As the world moves away from fossil fuels, the Middle East and North Africa (MENA) region, particularly the GCC countries, are increasingly pushing towards technology and green solutions.
MENA countries are committing to net-zero efforts, with Saudi Arabia pledging over $186 billion in green growth by 2060, and the UAE pledging to reach its net-zero goal by 2050. However, despite government efforts, investor interest in cleantech and climate-focused startups remains low. To bridge this gap, Dubai-based 8X Ventures was launched in 2022 to support the growth of deep-tech startups offering clean and climate-focused solutions in the MENA region.
The VC firm has announced its plan to deploy $20 million to support the growth of deep-tech startups offering clean and climate-focused solutions in the Middle East and North Africa (MENA) region. With many MENA countries committing to net-zero efforts, the VC firm aims to bridge the gap between government commitment and investor interest in the region's clean technology sector.
8X Ventures plans to deploy $20 million in the near future in the region’s climate tech and cleantech startups, with a further $5 million set aside for startups that are based in the Middle East and actively working in the region. The VC firm is also planning to help at least one-third of the startups in its portfolio expand to the Middle East, with a goal of enabling at least five startups to operate in the region by 2024.