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Kristie Neo
Head of Tech & AI
Kristie Neo is an experienced journalist and media professional who recently joined BusiNext Media as the Head of Tech & AI coverage.5 With over 13 years of experience in journalism and media, she has worked across various platforms including TV, online print, and social media in the Asia-Pacific region and the Middle East.1
Career Highlights
Previous Roles::
- Kristie spent nearly 6 years at DealStreetAsia, with her last day there being May 27, 2024.2
- She joined DealStreetAsia in August 2018 and worked there until her departure.2
Current Position::
- On July 2, 2024, Kristie announced that she had joined BusiNext Media to lead their tech and AI coverage.5
- She is working alongside Ted Kemp and Lin Noueihed in this new role.5
Expertise and Interests
Kristie's professional focus appears to be on technology, artificial intelligence, and business news. Her recent LinkedIn posts indicate a keen interest in:
- Venture capital and tech startups in Southeast Asia3
- Sovereign wealth funds and their investments in technology4
- Financial technology and business operations6
Social Media Presence
Kristie is active on LinkedIn, where her username is kristieneo. She regularly shares insights and news related to her field of expertise, including updates on tech companies, venture capital activities, and financial trends in the Asia-Pacific region.
Highlights
(UPDATED) Huge news! 📢 Delivery Hero is listing UAE's talabat on the Dubai Financial Market this Q4. 🍔
• IPO listing may be conducted through secondary sale, with DH retaining majority interest in local entity
• Based on DH's Q2 2024 numbers, MENA is the 2nd biggest contributor to DH Group after Asia. This is across revenue (28.9%; EUR 874.7mn) and GMV (26.6%; EUR 3.2bn). Do take note that the figures also include HungerStation from Saudi Arabia and shouldn't be reflection of Talabat's performance
• No numbers shared on fundraising size. But if this goes through, this could potentially make it one of UAE's largest IPOs in the past year. Some notable recent IPOs include Spinneys (AED 1.38bn raised), Parkin (AED 1.6bn raised) and Dubai Taxi (AED 1.2bn raised). 💵
• Talabat has >$5b GMV in FY2023 and >6% adj EBITDA margin in 1H2024. Adj EBITDA margin is calculated as % of GMV, after allocation of group costs. 20% GMV growth in 1H2024, led by consumer demand (See screengrab in comment below.) ⬇
• MENA enjoys strongest gross profit margins (~10%) across all of DH's markets, America, Asia, Europe, Total Platform Business.
• This IPO is pretty huge for MENA's internet ecosystem, which hasn't seen many internet firms publicly list to-date. Talabat is one of the largest players in MENA's food delivery space, competing with the likes of Public Investment Fund (PIF)-backed noon, Careem and Deliveroo across the region.
Source:
Had a quick look at Public Investment Fund (PIF)'s latest 2023 report 💡 Here are some key highlights relevant to VC/tech:
⚫ PIF grew total AUM by 29% to SAR 2.87tn ($764.8 bn) in 2023. Total average annual shareholder return was 8.7%. This was helped by a 4% stake transfer worth >$70bn from aramco to one of PIF’s subsidiaries, reported Bloomberg.
⚫ Out of PIF’s total AUM, 9% (~$69bn) was in “International Strategic Investments” (ISI). This portfolio lists the likes of Lucid Motors Group, Uber ($3.5b invested), SoftBank Vision Fund and others. ⚫ Objectives of ISI are strategic and financial: i) Grow and diversify PIF’s assets and returns; ii) Invest in cutting-edge technologies, enable new sectors; iii) Strategic partnerships; iv) Attract FDI, localise opportunities; iv) Bolster Saudi Arabia’s position and reputation as the investor and partner of choice globally
⚫ Information Technology comprised 9.4% of PIF’s investments in 2023. This came after Energy (23.1%), “Unclassified” (18.9%), also described as “multi-sector funds/mandates, cash and money markets”; and Real Estate (17%).
⚫ Jada Fund of Funds invested in Iliad Partners Tech Ventures Fund I, Aliph Capital’s GCC-focused Fund I, eWTP Arabia’s $1bn fund, and Ruya Partners’ $250mn fund.
⚫ Sanabil Investments’ Venture Studio deployed $14mn to develop Saudi Arabia's startup ecosystem in its first year of operations. This is a partnership with Stryber.
⚫ noon registered a “profit contribution” of SAR 607mn (~$162mn) per year.
⚫ The Saudi Company for Artificial Intelligence (SCAI) invested SAR 776mn in SenseTime 商汤科技 through a JV to establish SenseTime MEA. The aim is to build an AI lab, create jobs, and position KSA as the region’s leading AI tech hub.
⚫ PIF and Hyundai Motor Company (현대자동차) signed a JV to build an automotive manufacturing plant in Saudi Arabia to manufacture 50,000 vehicles per year, including internal combustion engines and electric vehicles.
⚫ PIF and Pirelli signed a JV to build a tire manufacturing facility in Saudi Arabia. This is aimed at localising production, capabilities and technologies.
Anything I missed? 🤓
Source: PIF
