Jolt Capital partners with Global Diwan
IPCC data has shown that the Middle East was currently warming twice as fast as the rest of the world, with obvious dire consequences. In the coming years, temperatures could reach 60°C on a regular basis and a sea level rise of 1.5m would threaten a significant part of low-lying coastal zones. To address some of those pressing issues, the first ever MENA Climate Week will be held at the end of February at the Dubai Exhibition Centre.
At Jolt Capital we strongly believe that some of the key emerging technologies we have helped develop in the past decade will prove invaluable in the fight against climate change. Cities of the future should not be just “smart”, but also sustainable and resilient. Smart water management, energy frugal cooling systems, precision fermentation for food production, innovative materials, and devices for improved buildings are a must in our vision of the future. Some of our current portfolio companies can already offer off-the-shelf solutions and are ready to develop new pilot projects or factories to roll out customized systems, ranging from vertical farming, wood construction or EV charging platforms.
Another consideration is the lack of interest from technology companies to address the GCC market. Simple strategies such as using GCC as a platform to manufacture, sell to local markets, and ship to other destinations such as the US are almost never explored by technology companies. We believe that tax free access to the US market, low-cost shipping because of empty freight, and business-friendly local environment (attractive tax systems, incentive policies, network of local investors) will generate significant opportunities.
As we climb the Maslow hierarchy of needs, the density of acclaimed unicorns undeniably increases (gaming, marketplaces, fashion, or entertainment), but the same way it could melt the ice caps, global warming may soon eat away at these shallower levels of the pyramid to take us back to the physiological and safety needs that constitute its base and in which deeptech will indubitably play a crucial role. New generations of investment funds will be raised in the near future to address these global challenges and the Middle East could well become one of the vibrant deeptech hotspots.
In January 2022, Jolt Capital partnered with Global Diwan (https://theglobaldiwan.org/) to organize a “diwaniya” at the Ritz Hotel in Paris, gathering many diplomats, think tanks, global corporations, investment banks and chambers of commerce.