Ovasave, an Abu Dhabi-based digital health startup focused on fertility and hormonal care, has raised $1.2m in pre-seed funding, a sign of growing investor appetite for women’s health innovation across the Gulf.
The funding round was led by PlusVC, Annex Investments, and New York-based venture studio 25 Madison. It also drew support from strategic angel investors and family offices across the UAE and Saudi Arabia, reflecting a widening pool of capital being deployed into early-stage femtech ventures.
Backed by Abu Dhabi’s Hub71 ecosystem and registered with the Department of Health – Abu Dhabi, Ovasave is positioning itself as a pioneer in a segment long underserved across the region.
The company plans to use the funding to accelerate its expansion across the GCC, build new corporate partnerships, and roll out the next phase of its mobile platform, which will offer menstrual cycle tracking, symptom monitoring, AI-guided treatment protocols, and access to care.
Ovasave aiming to fill gap when it comes women’s healthcare in the region
“There is a critical need for timely intervention in women’s health, particularly around fertility and hormonal health,” said Torkia Mahloul, co-founder and CEO of Ovasave. “This funding marks a crucial step in our mission to disrupt women’s health and expand access across the region.”
Majd Abu Zant, co-founder of Ovasave, added that Abu Dhabi’s regulatory support and proximity to decision-makers have been central to their early momentum. “It’s the right environment to build and scale high-impact ventures. From here, we are expanding into Saudi Arabia and the wider MENA region,” he said.
The raise comes amid a push by Gulf governments to diversify healthcare offerings and advance gender equality through national policy. In the UAE, reforms in healthcare, technology, and women’s rights have created a fertile ground for emerging FemTech players to gain traction.
Femtech, once considered a niche sub-sector, is increasingly drawing investor interest. A recent report by FemTech Analytics projects the MENA femtech market will reach $3.8bn by 2031, growing at a compound annual rate of 15 percent.
Startups like Ovasave are hoping to ride that wave by addressing long-standing taboos and gaps in care, particularly in fertility and hormonal health.
The startup is now preparing to launch in Saudi Arabia later this summer, as part of a broader three-year regional growth strategy. By combining AI-powered tools with direct access to care, Ovasave aims to move women’s health from reactive to proactive – a shift that investors are starting to bet on.
A consortium comprising Air Arabia, Nesma Group, and KUN Holding has won a bid from Saudi Arabia’s General Authority of Civil Aviation (GACA) to establish and operate a new national low-cost airline headquartered in Dammam.
The carrier will be based at King Fahd International Airport and is intended to boost both domestic and international connectivity for the Eastern Province.
The win marks the result of a strategic partnership among the three firms, aimed at supporting the kingdom’s aviation goals and economic development objectives.
“We are proud to have been selected by GACA to launch a new national low-cost airline headquartered in Dammam,” said Adel Al Ali, group CEO of Air Arabia. “This achievement represents a key milestone that reaffirms our commitment to supporting the growth and development of the kingdom’s aviation sector.”
New airline inspired by Air Arabia’s model
The airline, which draws on Air Arabia’s regional low-cost operating model, aims to deliver reliable and value-driven travel for passengers while creating economic opportunities in the region. According to Al Ali, the project will contribute to job creation and the broader economic development of the Eastern Province.
Faisal Bin Saleh Al-Turki, president of Nesma Group, and Mohamed Bin Nabil Hefni, CEO of KUN Holding, called the initiative a direct contribution to strengthening Saudi Arabia’s tourism infrastructure and local economy.
“Launching a new low-cost carrier from Dammam is not merely an air transport project,” they said in a joint statement, “but a contribution to creating high-quality jobs, empowering national talent, and supporting aviation-related commercial activity. We believe this project reflects the private sector’s role in supporting the goals of Saudi Vision 2030.”
By 2030, the airline plans to operate 45 aircraft, covering 24 domestic and 57 international destinations, and serve around 10 million passengers annually.
The project is expected to generate over 2,400 direct jobs in the aviation sector and contribute significantly to tourism and economic growth in the Eastern Province.
Saudi Arabia’s Royal Court issued a statement on Juy 19, announcing the death of Prince Alwaleed bin Khalid bin Talal bin Abdulaziz Al Saud.
The funeral prayer was held on following the Asr prayer at Imam Turki bin Abdullah Mosque in Riyadh, Saudi Press Agency reported.
Prince Alwaleed — widely known as Saudi Arabia’s “Sleeping Prince” remained unconscious since a 2005 car accident, believed to have occurred in London, which left him with critical brain injuries.
His father, Prince Khaled bin Talal, also posted about his passing in an emotional message on social media platform, X.
MENA’s moment: A region becoming a core pillar across asset classes
The region’s diversification is supported by institutional reforms, improved regulatory frameworks, and financial infrastructure modernisation that together are driving investor confidence
“The greatest danger in times of turbulence is not the turbulence – it is to act with yesterday’s logic.” – Peter Drucker
The global investment playbook is being quietly, yet decisively, redrawn. No longer relegated to the margins or regarded merely as a ‘must-visit’ stop for capital raising, the Middle East is asserting its place on the global stage.
What was once viewed as a subset of emerging markets is now standing firmly on its own: a region of rising strategic significance across public and private markets, infrastructure, real assets, and venture capital.
Structural reforms driving real economic power
The numbers tell a compelling story. Gulf sovereign wealth funds now manage approximately $12tn globally as of 2024, with forecasts pointing to $18tn by 2030 (Deloitte). To put this in perspective, that represents nearly two-thirds of China’s entire GDP and over 40 per cent of US GDP.
These funds are no longer passive pools of petrodollars; they have become strategic investment vehicles actively shaping global market dynamics.
At the heart of MENA’s transformation is economic diversification. Nations such as Saudi Arabia and the UAE are pushing well beyond oil dependency, guided by forward-looking visions like Saudi Arabia’s Vision 2030 and the UAE’s Centennial 2071.
These comprehensive strategies emphasise industrial expansion, digital transformation, clean energy, tourism, logistics, financial services, advanced manufacturing, healthcare, education, and knowledge-based sectors.
This diversification is supported by institutional reforms, improved regulatory frameworks, and financial infrastructure modernisation that together are driving investor confidence.
Market activity and institutional depth
MENA’s capital markets are gaining in both scale and sophistication. In 2024, the region saw 54 IPOs raise $12.6bn (EY). Meanwhile, the GCC bond market surged, with a 71 per cent year-on-year increase in issuances. The total GCC market capitalisation reached $4.2tn.
Momentum continued into 2025. According to EY’s MENA IPO Eye report, the first quarter saw 14 IPOs raise $2.4bn, more than double the amount raised during the same period in 2024. Saudi Arabia led the way with 12 of those listings.
These developments are backed by improved institutional infrastructure. Exchanges have adopted global standards, regulatory regimes have become more transparent, and financial free zones offer globally competitive environments. Governance and oversight now match international benchmarks, creating conditions that are attracting long-term institutional capital.
Sectoral evolution and strategic growth
Diversification is not only occurring at the macro level. MENA’s sectoral landscape is expanding rapidly. Fintech is one of the standout sectors, with more than 1,000 firms now active and four unicorns already in existence (McKinsey). Between 2023 and 2024, $1.9bn was invested in 237 fintech deals, driven by progressive regulation and digital penetration.
The energy transition is another defining theme. The region is leveraging its natural advantages in solar and wind to become a global leader in renewable energy. Saudi Arabia’s renewable capacity is projected to surpass that of many European nations within the decade. Egypt, Morocco, and the UAE are also developing large-scale solar and wind assets, with support from both public and private investment.
Technology and innovation remain central to MENA’s strategy. The UAE expects artificial intelligence to contribute 14 per cent of its GDP by 2030. It is launching the Stargate AI campus in partnership with OpenAI, Oracle, Nvidia, and Cisco – part of over $2tn in committed regional investments including those from Saudi Arabia and Qatar.
Demographics, fiscal discipline, and domestic capital formation
The region’s young, increasingly educated population is a key growth driver. This demographic dividend is translating into rising demand for housing, healthcare, infrastructure, and digital services. Governments are also fostering retail investor participation through financial literacy programs and accessible investment platforms, which is helping to deepen domestic capital pools and support market liquidity.
Underpinning this progress is a remarkably resilient fiscal foundation. Most Gulf economies are currently operating with positive fiscal balances, buoyed by strong commodity prices, particularly in oil, metals, and petrochemicals. Importantly, the commodities supercycle has not triggered a return to past complacency. Austerity measures introduced during the COVID-19 pandemic, including subsidy rationalization and VAT implementation, remain largely in place, demonstrating a discipline that strengthens long-term investment credibility.
At the heart of this evolving landscape, asset management firms like ASB Capital are stepping into a pivotal role – bridging investor needs with on-the-ground insights to help unlock value on both sides of the equation: channelling regional growth to the world and directing global capital into the region’s most transformative opportunities.
MENA as an integral force across asset classes: No longer a theory
The next great investment opportunity is rarely found where everyone is looking – it emerges where fundamentals quietly shift before the world catches on.
The case for MENA as a core component of global asset class allocations is no longer speculative. Its economic cycles are increasingly uncorrelated with the West. Its reform trajectory is aligned with global capital priorities. And its return profile is no longer just competitive – it is indispensable.
The writer is the senior executive officer of ASB Capital.
British adventurer, author and leadership coach Adrian Hayes recently returned from a perilous expedition to Kanchenjunga, the world’s third-highest mountain.
Known for tackling some of the planet’s toughest environments – including summiting K2, reaching the North and South Poles, and crossing Greenland and the Empty Quarter – Hayes faced one of his greatest tests yet on the 8,586-metre Himalayan peak in May this year.
After reaching the summit, he ran out of oxygen, injured his hand, suffered frostbite and was eventually left behind in what climbers call the “death zone.”
In this interview with Gulf Business podcast Situation Today, Hayes reflects on the experience, the mental and physical resilience it required, and how the lessons from extreme environments apply to leadership and business today.
Watch the full interview here:
An edited version of the interview is also posted below.
What inspired you to take on Kanchenjunga?
It’s the third-highest mountain in the world and nearly as steep as K2, but twice as long. It’s got the longest summit push from top camp to summit of any mountain. It’s brutal. Not avalanche-prone like some peaks, but exhaustion and exposure are the real killers.
The mountain is on the eastern Nepal border with Sikkim, close to Tibet. I served in the Gurkha Regiment years ago and used to recruit in that area. I saw the mountain 30 years ago and always told myself, “One day.”
I’ve been adventuring since I was 17. For me, it’s always been about experience, growth and the pursuit of excellence. I had to stop for seven years to raise my daughter — my toughest challenge — but came back to it. We tried Kanchenjunga last year and didn’t summit. This year was a second attempt.
By all accounts, mountaineering has changed a lot over the years. Has it become too commercial or attention-driven?
Yes. Most expeditions are now Sherpa-led, and social media has made everything a performance. People want to prove themselves: show they’ve done something impressive. It’s no longer enough to run a marathon; now it’s an ultra-marathon on a mountain.
Everest has become a circus. There’s a record for everything now: the youngest, fastest, first from a certain country. That shift happened especially after Nirmal Purja climbed all 14 eight-thousanders. It became a Netflix documentary, and suddenly, it was about flying between base camps and beating records.
I think we need to get back to the core reason for doing these things: for the experience, the solitude, the clarity. And that doesn’t have to be the Himalayas. The UAE mountains are fantastic too — I’m out there every winter weekend.
Tell us about the summit attempt. Were you climbing alone or in a team?
There were eight of us and eight Sherpas for the summit push. Earlier acclimatisation rotations were mostly solo or with a teammate. By the time we attempted the summit, only five climbers remained, and the conditions weren’t great. Everything felt rushed.
We left the lower top camp at 6:30 PM on May 10 and reached the summit at 2:30 PM the next day: 20 hours later. I ran out of oxygen on the way up because my Sherpa was behind me. At one point, I ended up leading. Eventually, I got oxygen back and summited strong. But I was desperate for water.
How long can you realistically survive without adequate oxygen?
You can’t, really, not for long. If you’re used to climbing with oxygen and it suddenly runs out, it’s like pulling the plug on an electric car. You just stop.
My Sherpa was inexperienced. I don’t want to be harsh, but he was young. I eventually got oxygen again, and we reached the summit in horrible weather. We took a quick photo, quick video, and we started descending.
That’s when you injured your hand?
Yes. On the descent, another climber tripped and crashed into me. I was knocked off a ledge and caught by the fixed rope, but all my weight went onto my hand. It wrapped around the rope and was basically put out of action.
Descending with one hand is incredibly difficult. It took us three to four hours to descend just 200 metres. Everyone else made it back to Camp 4. Tragically, one French woman died on the way down: it was her first 8,000-metre peak.
Then, I ran out of oxygen again. That’s when I started suffering from HACE (high-altitude cerebral edema). I became disoriented and irrational. I told my Sherpa to leave me. I was hallucinating: seeing climbers, lights, even entire teams that weren’t there. Eventually, I passed out at 8,300 metres.
What was that descent like?
It took more than a day to get from 8,300 to around 7,700 metres. I took a wrong turn, slid 30 metres, hallucinated villages and teammates. I talked to people who weren’t there. But I kept going.
Eventually, I crashed again. Then I heard a voice. A Sherpa had come up with oxygen. He clipped me in, gave me a mask, and got me down to Camp 4. The next day, we reached Camp 2, and I was airlifted out.
I’m only here today because I managed to get low enough and because that Sherpa came for me.
And you suffered frostbite as well?
Yes, in several fingers and my right foot. It’s healing. One finger is still bad, and the foot is painful. But it’s a small price to pay. I’ve been told very few people have survived a solo descent like that from the death zone.
What kept you going through this experience?
Three things. First, a kind of autopilot. That instinct to get down. Second, fitness: I was in top condition. Third, belief. I’ve descended Everest without oxygen before. I’ve done big climbs. I knew it was possible.
I also shut everything else out. No fear. No panic. No thinking about family. Just one focus: descend.
People have asked if I’ll suffer PTSD (post-traumatic stress disorder). I’ve relived the experience, sure, but there’s no trauma. I’m just happy to be alive.
You draw lessons from this for the business world too. How does that tie into your work?
I’ve been coaching for 20 years. I’m not just a motivational speaker: I speak on leadership, growth mindset, change, risk and resilience.
Resilience is a big one. Many senior execs tell me their teams lack it, especially the younger generations. We’ve grown up in a risk-averse culture, sanitised and wrapped in cotton wool. That has an impact.
We’re not teaching people how to think; just what to think. With smartphones and now AI, we’ve outsourced problem-solving. We’ve lost basic skills. People can’t even navigate without GPS anymore.
But life isn’t always smooth. Things go wrong. The more you challenge yourself, the better prepared you are.
So what advice would you give to business leaders trying to build resilience in their teams?
Start with culture. Encourage honest feedback: it’s the greatest gift. Get your team aligned on how you work and what culture you want.
Create an environment where risk-taking is encouraged, and mistakes are seen as part of growth. Promote problem-solving and critical thinking. Encourage difficult conversations.
We need people who can think independently, challenge the status quo, and communicate openly. That’s how you build resilience.
And finally — what’s next? Will you keep climbing?
This was my last 8,000-metre peak. I don’t see the point in going back to chase all 14. That’s been done.
But I do plan to return to the 7,000-metre ranges in Tibet, India, or Nepal. Not immediately, but maybe next year.
It’s not about records anymore. It’s about getting away from the noise, being in nature, and reconnecting. And you don’t have to go to the Himalayas: the mountains in Hatta, Ras Al Khaimah, and Oman are incredible too.
A chocolate bar inspired by the viral ‘Dubai chocolate’ trend has been urgently recalled across the UK after it was found to pose a serious health risk to people with peanut allergies.
The Food Standards Agency (FSA) has issued an alert regarding Noesis Schokolade Love of Dubai, a 95g chocolate bar manufactured by NOESIS SCHOKOLADE, Gida ve Unlu Mam Ltd and distributed in the UK by Black Sea Trading Ltd. The product contains undeclared peanuts, an allergen that is not listed on the label.
“We are notifying consumers and food business who have purchased Noesis Schokolade Love of Dubai chocolate that this product contains peanut, which is not mentioned on the label, making it a possible health risk to anyone with an allergy to peanuts,” the FSA said.
The recall applies to all lot numbers and all best-before dates of the product.
The FSA has directed food businesses to “immediately stop sales and to undertake product withdrawals, and where there have been retail sales, to undertake product recalls.” The supplier, Black Sea Trading Ltd, has been uncontactable, adding urgency to the recall effort.
“This is because the product presents a serious risk to anyone with an allergy to peanuts,” the agency added.
Investigation
Enforcement authorities are now working with the FSA to investigate the supply chain and ensure all affected products are removed from the market. Allergy advocacy organisations have also been informed.
The FSA advises consumers: “Don’t buy this product, and if you have bought it, don’t eat it, especially if you have a peanut allergy. Dispose of the product at home and get in touch with your local Trading Standards in Great Britain or Environmental Health Officers in Northern Ireland, to let them know where you purchased it.”
