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ABAN in partnership with leading int'l organisations

DUBAI — The Arab Business Angels Network (ABAN), a subsidiary of Dubai International Capital (DIC), announced yesterday its partnership with London Business Angels Network (LBA) and Tech Wadi in Silicon Valley, California, to provide an expanded pipeline of funding and deals for entrepreneurs and angels in the UK, US and the Arab world.

The partnerships were announced following ABAN's successful entrepreneurs and investors' matchmaking event held recently, during which the organisation announced its first three investments in the MENA region.

A first of its kind initiative in the Arab World, ABAN aims to bridge the equity gap faced by entrepreneurs looking to establish and grow their business in the Middle East. ABAN invests through two main investment vehicles: a $10 million seed capital fund and $5 million fund for women-led ventures targeting regional start-up companies; and through ABAN's network of investor members, who invest with ABAN's assistance in high-potential early stage ventures.

The partnerships with LBA and Tech Wadi will provide opportunities for international entrepreneurs to tap into the booming Middle East and North Africa (MENA) economies by leveraging on ABAN's contacts and network in the region. Similarly, ABAN's angel members will have access to deal pipelines in the UK and US, with potential for co-investment alongside angels in these respective markets.

In addition, start-up companies represented by ABAN will have access to new funding opportunities in international markets through angel investing and venture capital. Both partnerships will provide companies opportunities for business to business contacts, networking, mentoring and investment.

Walid Hanna, CEO of ABAN said: "The partnership with TechWadi and London Business Angels Network will boost ABAN's connections on an international and regional level. We are confident that these valuable partnerships will help ABAN attain its goals of creating innovative companies with high growth potential, whilst providing the Arab youth with long-term job opportunities in the MENA region"

London Business Angels Network is part of GLE Growth Capital with over $600m of early stage funds under management across the UK. It is the oldest and most active Business Angels network in London and has been facilitating investment into early stage businesses within the UK for the past 25 years. The network raises in excess of $10 million of new equity annually for early growth, small and medium sized enterprises. London Business Angels operates across borders and is associated with a global network of business angels from across Europe and the USA.

Anthony Clarke, Managing Director of London Business Angels, Chair of British Business Angels and President of the European Association of Business Angels Networks EBAN said: "We are delighted to create this ongoing link between London Business Angels and the Arab Business Angels Network. This new partnership will bring extensive opportunities for business to business relationships between our mutual investor communities and new investment and international market opportunities to support the growth of investee businesses in UK and the Arab region."

TechWadi is the leading Arab American hi-tech organisation, based in Silicon Valley. It is a non-profit, networking group with members coming from a variety of professional Hi-Tech backgrounds from engineering, angel investors, executives, entrepreneurs and venture capitalists. The partnership with ABAN will see the development of the Tech Wadi ecosystem in the MENA region.

Ray Milhem, co-Founder of TechWadi and Vice-President and General Manager at Motorola Software Group said: "Tech Wadi is very pleased to establish these links with ABAN. The ABAN relationship with Tech Wadi fits into the larger mission of Tech Wadi to establish relationships with various Professional Arab Organisations and Corporations in Mena."