Bahrain-based Al Waha Fund of Funds has made a “significant” investment in Shorooq Partners, a venture capital (VC) firm based in the UAE.
According to Al Waha, the investment represents renewed confidence in the startup sector despite the Covid-19 pandemic.
It is Al Waha’s first activity since investing in US-based VC firm, Lumia Capital, back in March.
The $100 million Al Waha Fund of Funds was established in 2018 with the aim of supporting international VC firms looking to boost their presence in the Mena region.
Sharooq Partners has supported 23 firms so far including hybrid robo-advisor Sarwa and plans to use the latest funding injection to increase its presence in Bahrain.
“This partnership also shows that Bahrain is not only an attractive investment option for international venture capitalists, but also for those already based in the Middle East and looking to expand their reach within the region,” said Areije Al Shakar, fund director at Al Waha.
Start-ups have a major role to play in accelerating the Gulf Cooperation Council (GCC) economy during the ongoing global health crisis, and Bahrain offers an innovative and stable start-up ecosystem that enables entrepreneurs to grow their ideas amid an atmosphere of pro-business regulation and strong public-private partnerships, added Al Shakar.
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