Ivo Detelinov is the Riyadh-based Partner at Salica Oryx Fund – an early-stage VC fund focused on the MENA region and managed by London-based VC firm Salica Investments. Previously, he was at Riyad Capital in Riyadh, managing the Riyad Taqnia Fund (RTF), Saudi Arabia’s first institutional VC fund. Following the completion of an MBA degree from New York University’s Stern School of Business, Ivo joined the Financial Sponsors Group of Merrill Lynch in New York, where he played a key role in origination, diligence, and deal execution for global PE and VC firms. Prior to graduate business school, he launched his career in Technology Equity Research at Merrill Lynch, covering Enterprise Software companies. Ivo is a CFA Charterholder.
Below, we present our interview with Ivo Detelinov.
1. You have extensive experience in asset management and investment across various regions. From your perspective, what sets the Gulf region apart in terms of investment opportunities and challenges?
The Gulf region stands out in VC investment attractiveness due to its strong government support, ambitious economic diversification agendas, such as Saudi Arabia’s Vision 2030 and the UAE’s innovation-driven strategies, and a young, affluent, very tech-savvy population driving demand for digital solutions in B2C, B2B, and B2G contexts. These factors create fertile ground for technology startups, especially in fintech, logistics, proptech, foodtech, healthtech, and sustainability-focused sectors. However, challenges remain, including regulatory fragmentation across GCC countries (particularly in fintech), limited late-stage funding, and a relatively nascent entrepreneurial ecosystem compared to more mature markets. Despite these hurdles, the GCC region offers very compelling opportunities for investors willing to engage in its growing venture capital ecosystem.
2. With increasing global attention on diversification in the Gulf economies, which sectors do you see as the most promising for investors over the next 3-5 years?
Over the next 3–5 years, some of the most promising technology venture capital sectors in the Gulf will likely be those aligned with national diversification agendas and pressing regional needs. Fintech continues to lead, due to ongoing and accelerating regulatory reforms, high mobile penetration, and a push for financial inclusion. Healthtech and edtech are also gaining momentum, accelerated by post-pandemic digitization and the need for scalable healthcare and educational solutions. Climate tech and sustainability-focused innovations—particularly in energy efficiency, water management, and carbon capture—are becoming increasingly attractive as Gulf nations commit to net-zero targets. Additionally, AI and advanced data analytics, especially in sectors such as construction and management of real estate assets, food production and distribution, including last mile delivery, logistics, smart cities, and government services, offer strong potential given the region’s appetite for digital transformation. These sectors not only promise solid returns, but naturally align closely with the Gulf’s long-term strategic economic priorities.
“These sectors not only promise solid returns, but naturally align closely with the Gulf’s long-term strategic economic priorities.”
Ivo Detelinov
3. Could you walk us through your most recent investment in the Gulf region? What factors made this opportunity stand out, and how did you approach the due diligence process?
Earlier this year, Salica Oryx Fund made strategic investments in two promising early-stage companies in the Gulf region: Amwal Tech and Coralytics. Amwal Tech, based in Saudi Arabia, is revolutionizing digital payments with its biometric authentication and checkout technology, offering a frictionless payment experience that combines identity verification, fraud prevention, and payment into a single API. This innovation addresses the growing demand for secure and seamless payment solutions in the region’s rapidly expanding e-commerce sector. Coralytics, on the other hand, is a UAE-based AI-driven platform focused on enhancing real estate listing conversions by combating fake listings and improving lead quality. Their technology is particularly relevant in the Gulf’s dynamic real estate market, where trust and transparency are paramount.
The decision to invest in these companies was driven by several factors. Both startups are aligned with the Gulf’s economic diversification strategies and address critical challenges in their respective sectors. Amwal Tech’s solution supports the region’s push towards digital transformation and financial inclusion, while Coralytics contributes to the modernization of the real estate market through innovative technology. The due diligence process involved a thorough assessment of each company’s technology, market potential, and alignment with national development goals. Additionally, the strong leadership teams and their commitment to innovation were key considerations. These investments reflect Salica Oryx Fund’s strategy of backing high-growth companies that not only offer strong financial returns but also contribute to the region’s sustainable development objectives.
4. What are the primary risks that investors should be aware of when entering the Gulf market, and how do you mitigate them in your investment strategy?
Venture capital investors entering the GCC market should be mindful of several key risks, including regulatory variability across countries, limited exit opportunities due to nascent capital markets, and a relatively immature startup ecosystem with talent gaps in scaling businesses. Additionally, geopolitical dynamics and heavy reliance on government-driven initiatives can introduce unpredictability. To mitigate these risks, our investment strategy emphasizes rigorous due diligence, strong local partnerships, and sectoral alignment with national transformation plans to ensure policy tailwinds. We also focus on backing experienced founders, structuring governance rights to protect investor interests, and supporting portfolio companies with operational expertise to help them navigate regional complexities and scale sustainably. Over time, we aim to contribute to the maturing of the ecosystem by fostering knowledge transfer and creating networks that enhance deal flow quality. This long-term, ecosystem-focused approach helps balance short-term uncertainties with strategic, future-oriented value creation.
“This long-term, ecosystem-focused approach helps balance short-term uncertainties with strategic, future-oriented value creation.”
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5. Sustainability and ESG criteria are becoming central to investment decisions worldwide. How do you see Gulf region companies and projects adapting to these trends, and did these considerations play a part in your latest investment decision?
Sustainability and ESG considerations are increasingly influencing venture capital in the Gulf region, driven by both government mandates—such as the UAE’s Net Zero 2050 and Saudi Arabia’s Vision 2030—and growing investor awareness of long-term value creation. Salica Oryx Fund recently backed 44.01, a company focused on carbon capture and elimination, and Barakah, a food‑security innovator tackling food waste in Saudi Arabia. These investments exemplify our ESG orientation – we prioritized these companies not only for their strong commercial potential, but also because they align with ambitious national sustainability goals, embed measurable social and environmental impact, and elevate regional resilience to global challenges. By integrating ESG criteria early in our investment process, we aim to de-risk returns, contribute meaningfully to national transformation agendas, and position portfolio companies for success in increasingly purpose-driven public capital markets.
In summary, the Gulf region is demonstrating strong momentum in building an innovation-driven, sustainable tech ecosystem. With the right blend of government support, an entrepreneurial population, and urgent focus on ESG, early-stage venture capital is finding an exciting landscape for growth and impactful investments.
— Interview Team / digital Venture Capital Association 2025
