
E98: Nana's $212M collapse, MENA funding -37% YoY, late-stage freeze in the Iran war, the AI thesis in the GPT-6 era
After nine months off the mic, With Loulou returns with a new format: dissecting global and regional events and what they mean for the MENA economy.
First guest back is Khaled Talhouni, Managing Partner and co-founder of Nuwa Capital — a $100M GCC-focused VC firm with 53 portfolio companies across Saudi, the UAE, and Egypt. Recorded in Dubai on April 22, the morning after the Iran ceasefire was extended indefinitely.
What we get into:
✔️ What 53 portfolio companies actually saw through the war and the quieter capital story underneath.
✔️ The Wamda Q1 numbers ($941M, -37% YoY, 7 late-stage deals) and what's behind the late-stage freeze.
✔️ Nana's $212M collapse and why quick commerce is a race to the bottom.
✔️ How Nuwa thinks about AI in the GPT-6 era.
✔️ Plus rapid fire: biggest MENA exit of 2026, deals he regrets passing on, and the most underrated sector right now.
Chapters
00:00 A new direction for the show
03:00 The mood in the Gulf after the ceasefire
06:30 What 53 portfolio companies saw through the war
12:10 Global funds, term sheets, and the debt-side slow-walk
18:20 Venture deployment, valuations, and risk in uncertainty
24:00 Why downturns produce strong companies
28:30 IPOs, secondaries, and the changing exit map
33:20 Nana's $212M collapse and quick commerce's race to the bottom
46:30 Portfolio construction in angel investing
49:10 The AI thesis in the GPT-6 era
56:50 Rapid fire: exits, regrets, and the most underrated sector
Follow Loulou Khazen
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X (Twitter): /louloukhazen
Also available on
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