Islamic Finance

Angel investors network in Saudi Arabia, Bahrain signs deal with Dubai tech startups hub

Published 16 Mar,2021 via Arab News - Economy DUBAI - Saudi Arabia and Bahrain’s leading early-stage investors group has signed an initial agreement with a hub for technology startups in Dubai to boost investment ventures in the region.

OQAL Angel Investors Network signed the agreement with Dubai Technology Entrepreneur Campus (Dtec) to support young entrepreneurs in the Gulf, giving them access to angel investors, experts, and other specialists to help them develop their ideas.

The MoU outlines a support program for Dtec-based entrepreneurs who will be encouraged to pitch and participate in joint demo day events.

“The agreement supports entrepreneurs in Dtec and the wider UAE. It also opens new financing opportunities for them, especially in the fields of new technology and work trends based on technology solutions and innovative applications,” said William Chappell, executive vice president for technology and entrepreneurship at Dubai Silicon Oasis, where Dtec is based.

The startup scene in the region is thriving as governments seek to make it easier for startups to access funding and advice as they focus on growing their non-oil economies.

“Access to early-stage smart capital and angel investment is key to help nurture startups, and our partnership with Dtec, a strong backer of UAE and regional startups is invaluable,” Faris Al-Rashid, chair of OQAL, said.

More than 900 startups from 72 countries are hosted at Dtec, which is pegged as the largest tech hub and co-working space in the MENA region.

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