Davos Diary: Trapped without life support at 5,000 feet — a survivor’s tale
It was time to head to another event in the Belvedere, when I realized my backpack was missing
Despite what happened, I slept like a baby, waking at 7am to the news that my bag had been found in the Belvedere
Updated 26 January 2019
Frank Kane
Here is the nightmare scenario: You are 5,000 feet up a snowy Alpine mountain in sub-zero conditions. Your only contact with the outside world is via a variable mobile signal, and the precious life support system that you carry on your back.
Your World Economic Forum backpack contains everything a journalist needs to survive in these savage conditions — laptop, notebook, hotel key, charging leads and other essential connectables. Its reassuring weight on your shoulder has sustained you for several life-threatening days.
Suddenly, it is gone. Panic. Terror. Intimations of imminent mortality.
This was the situation I found myself in the other night at the Standard Aberdeen cafe next door to the Belvedere hotel in the beating heart of Davos. You cannot miss the Staberdeen, as it’s known, because it has a Scottish Highland piper playing at top decibels outside.
It had been a very convivial hour or so in the cafe, where Aberdeen founder Martin Gilbert puts on one of the best bashes of the whole WEF extravaganza. His generosity is limitless, his guest list formidable.
I was standing at the bar in search of refreshment when I looked around at the two gentlemen engaged in conspiratorial conversation next to me, and recognized Liam Fox, the British minister for International trade, and David Davis, former minister for Brexit.
There are no prizes for guessing their subject of conversation. As a result of my eavesdropping, however, I can confirm that Theresa May, the UK prime minister, will definitely not be coming to Davos, contrary to rumors that she might put in an unscheduled appearance.
There were many old friends from my days on Fleet Street, including William Lewis, who was a humble hack when I knew him back then but who has risen to illustrious heights and is now CEO of Dow Jones, publisher of the Wall Street Journal.
Will jokily reminded me of my old nickname on the Street of Shame, but which I don’t have space to explain here.
All that was fun, but it was time to head to another event — the CNBC/Financial Times “nightcap” — in the Belvedere, when I realized my backpack was missing. It was not in the place that I had left it on arriving at the cafe.
The very considerate Staberdeen people mounted an exhaustive hunt of the premises. A black backpack with “WEF” printed on it is not uncommon in Davos, and many lookalikes were found. But there was no trace of mine. Obviously somebody had taken it in error and would return it when they realized their mistake.
There was nothing for it but to quench my panic in the Staberdeen. For a pleasant interlude, I forgot my predicament, while lamenting I would not be able to mix with the glamorous people from CNBC.
I had a very interesting chat with Mike Corbat, CEO of the big American banking group Citigroup, who had a rather more benign take on the state of the global economy than most people at Davos — though he was concerned at the news from Venezuela.
Some American oil execs at the do were also worried about the news from Caracas, but offered the view that the US energy giant ExxonMobil stood ready to support the Venezuelan people by getting their oil industry back up and running quickly, if they got the call.
Two hours passed, and still no news of my life support. There was nothing for it but to head back to my Klosters hotel (arranged very kindly courtesy of an Uber on Staberdeen’s account), to wake Walter, the proprietor of the Cresta Hotel, and seek entry to my room.
Maybe it was the Staberdeen hospitality, maybe the unexpected freedom from work responsibilities conferred by the missing laptop, but I slept like a baby, waking at 7am to the news that my bag had been found in the Belvedere. High-altitude life could resume.
• Frank Kane is an award-winning business journalist based in Dubai. Twitter: @frankkanedubai
Fresh funding flows in even as broader market data points to a slowdown
Updated 20 December 2025
Nour El-Shaeri
RIYADH: Startup funding activity across the Middle East and North Africa delivered a mixed picture over the past week, with fresh capital flowing into gaming, fintech, deep tech, and travel, even as broader market data pointed to a slowdown in overall investment momentum.
Saudi Arabia’s Impact46 led a $1 million investment round in Hypemasters, an international game development studio focused on competitive strategy experiences for mobile. The round included participation from GEM Capital.
Hypemasters develops strategy titles designed for competitive depth and precise game mechanics and has attracted more than 7 million players globally.
The studio is currently advancing several new projects, including a title in soft launch, as it looks to expand its reach in markets with sustained demand for strategy games.
“Strategy is one of the most demanding categories in game development, and Hypemasters approaches it with uncommon discipline. Their work shows a clear understanding of what committed players expect from this genre, and we believe their upcoming titles can serve a global audience with genuine depth,” said Basmah Al-Sinaidi, managing partner at Impact46.
“We are pleased to support a team that builds with intention and long-term ambition,” she added.
Boris Kalmykov, CEO and co-founder of Hypemasters, said: “We’re focused on deepening our presence across the region and pushing forward with the next generation of strategy games, including a major new title already in soft launch. Partnering with Impact46 marks an important step for Hypemasters.”
The CEO added that Impact46 shares his company’s long-term vision for building “world-class strategy games” from the MENA region, and the support reinforces his firm’s commitment to expanding its portfolio with high-quality releases.
The investment reflects Impact46’s continued interest in game development and interactive entertainment and aligns with its broader strategy of backing studios building globally oriented titles.
Premialab raises $220m
UAE-headquartered Premialab, a provider of data, analytics, and risk management solutions for quantitative investing, has raised $220 million in a growth investment led by KKR, with participation from existing investor Balderton.
Founded in Hong Kong in 2016 by Adrien Geliot and Pierre Trecourt, Premialab operates a global platform serving the $800 billion quantitative investment strategies market.
Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.
Walid Tarabih, founder and CEO of Relik
The company provides benchmarking, performance analysis, and risk analytics tools for institutional investors.
The funding will be used to support global expansion, strengthen core operational systems, and scale Premialab’s execution product, which was developed in partnership with Eurex, to broaden access to quantitative investment strategies.
“Quantitative investment strategies have grown rapidly in scale and importance, yet the market has lacked a truly independent standard for data, analytics and risk. Premialab was built to fill that gap,” said Adrien Geliot, CEO of Premialab.
Relik closes seed round
UAE-based Relik has closed a seed funding round with participation from KBW Ventures, Naatt Holding, Fort Holding, and Ayman Sejiny.
Founded in 2023 by Walid Tarabih and later joined by John Tsioris, Relik is an artificial intelligence-powered authentication platform designed to help collectors, brands, and marketplaces.
The company plans to use the funding to roll out additional products and expand across sectors including sports, luxury, and heritage markets.
“We are ensuring authenticity in a fakeable world,” said Walid Tarabih, founder and CEO of Relik, adding: “Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.”
Prince Khaled bin Alwaleed bin Talal Al-Saud, founder and CEO of KBW Ventures, said: “Relik is creating a new global standard for truth and trust. At a time when counterfeiting and AI-generated content are rising, Relik’s mission to protect authenticity carries both cultural and commercial value.”
Nawah raises $23m
Egypt-based deep tech startup Nawah Scientific has raised $23 million in a series A round comprising a mix of equity and debt, marking a decade since the company’s founding.
The round was led by Life Ventures Holding, with participation from Den Ventures, Empire M, AfricInvest, Elsewedy, as well as banks and angel investors.
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. (Supplied)
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. Its operations span four business units covering life sciences, food and agriculture, pharmaceuticals, and certified reference materials.
The company plans to use the funding to build a global research and development center in Rwanda, double laboratory capacity in Egypt and Saudi Arabia, and expand into North Africa and Europe.
Algeria’s VOLZ raises $5m
Algeria-based travel tech startup VOLZ has raised $5 million in a series A funding round led by a consortium of private investors under Tell Group, with participation from Groupe GIBA.
Founded in 2023 by Mohamed Abdelhadi and Hacene Seghier, VOLZ enables travelers to book flights in Algerian dinars using online payments or cash on delivery, while comparing multiple airlines through a single platform.
Announced at the African Startup Conference in December, the transaction is Algeria’s largest startup funding round in local currency and marks the first exit of the Algerian Startup Fund.
The capital will be used to launch new consumer and corporate travel products, strengthen VOLZ’s position in Algeria, and support expansion across North and West Africa.
MENA startup funding slows in November
Investment activity across the MENA startup ecosystem slowed sharply in November 2025, with 35 startups raising a combined $227.8 million, according to Wamda’s monthly report.
This marked a steep decline from the $784.9 million recorded in the previous month and a 12 percent drop compared to November 2024, pointing to a period of consolidation as investors moderated deployment toward the end of the year.
More than half of the capital raised during the month was driven by a single debt-backed transaction by erad, which propelled Saudi Arabia to the top of the regional rankings. Across 14 deals, the Kingdom attracted $176.3 million, accounting for more than three-quarters of all capital deployed in November.
Despite funding activity spanning 35 startups, capital was concentrated in just 5 markets. After Saudi Arabia’s dominant lead, the UAE followed with $49 million across 14 transactions.
Egypt recorded $1.12 million across 4 deals, while Morocco raised $1.1 million through 2 transactions. Oman saw 1 deal with an undisclosed value, with limited activity reported outside these markets.
Fintech emerged as the most funded sector in November, raising $142.9 million across 9 deals, largely influenced by the same debt-driven transaction.
E-commerce followed with $24.5 million across 6 rounds, while property tech, which topped the charts in October, slipped to 3rd with $18.9 million raised by 3 startups.
Debt financing dominated the month, accounting for more than $125 million through a single transaction.
The remaining capital was largely channelled into early-stage startups, with no later-stage funding rounds recorded in November, underscoring continued investor caution.
From a business model perspective, B2B startups captured the majority of capital, with 20 companies raising $197.1 million.
B2C startups lagged, with 9 companies raising a combined $22.2 million, while the remainder was split across hybrid models.
The gender funding gap showed no signs of narrowing, with male-led startups absorbing 97 percent of the capital raised during the month. Female-led and mixed-gender founding teams accounted for the remaining share.
