Posted on Monday, 11 February 2008
Industry Sector Finance & Insurance
Country United Arab Emirates
Client(s) Dubai International Capital (DIC)
Press Release Content
The Arab Business Angels Network (ABAN), a subsidiary of Dubai International Capital (DIC), today announced it has started enlisting members to create the first Arab community of Angel Investors in the Middle East and North Africa. During its first matchmaking event held recently at the Dubai International Financial Centre (DIFC) to bring together businessmen and owners of start up enterprises, ABAN provided the opportunity for five start-ups from diverse sectors to present their businesses to investors in order to obtain funding for organic growth.
An angel investor is an affluent individual who provides capital for a business start-up, usually in exchange for ownership equity. Unlike venture capital financing, angel investors typically invest in companies that are too small or young to qualify for bank loans, or other traditional means of financing. Although the term ‘angels' implies individuals, the actual entity that provides the funding could be a trust, business, or investment fund.
The first of its kind in the Arab World, aims to bridge the equity gap faced by entrepreneurs looking to set up and grow their business. The five start-ups included Joga, a health food and beverage chain; Hayati, a consumer finance company for the healthcare industry; Kindisoft, a Jordan-based software development firm for IP protection; Content Syndicate, a publishing and content clearing house; and I-Level, a shopper marketing company.
Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital, the founding company of ABAN and Lead Angel investor, said: "Angel Investor networks like ABAN will support entrepreneurs in the MENA region by facilitating the flow of capital into ventures with high growth potential and will contribute positively to the economic development objectives of the Arab world. By providing the core platform to fill this equity gap and by helping start-ups build substantial businesses, ABAN has a significant role to play in the development of this unique asset class in the region. Through ABAN, DIC is committed to drive economic development of the highest standards while allowing us to give something back to our community."
ABAN's future plans include holding similar matchmaking activities in four focus countries - the UAE, Egypt, Jordan and Saudi Arabia - to develop the early-stage asset class through the establishment of two DIC-seeded funds, namely a US$10 million Seed Capital Fund and a US$5 million Fund for Women-Led Ventures. Local partners in each market will be sought to support the initiative.
Walid Hanna, CEO of ABAN, said: "ABAN offers exciting opportunities for the region's aspiring entrepreneurs. We are confident that ABAN will help reshape the economic landscape of the Arab World. By acting as a springboard for emerging businesses to achieve significant success in the future, new and much-needed job opportunities will be created in the region."
In its efforts to motivate emerging businesses in the Arab World, ABAN launched its first Arab Business Challenge in 2006, a region-wide business plan competition, offering funding for the two winners. Jordan Ostriches, a start-up business based in the Kingdom of Jordan designed to meet the local and regional demand for ostrich products including meat, feathers and leather was selected as a winner in addition to Palm Paper, an Egypt based industrial business that will use waste leaves from palm trees to manufacture industrial grade paper products. Dubai International Capital pledged investment funds of US$2.6 million for the two winning teams.
Notes and contacts
About ABAN
The Arab Business Angels Network (ABAN) was conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005, with Dubai International Capital as its founder and lead Angel.
As a Business Angels Network, ABAN is the link between entrepreneurs and Angel Investors. It acts as a vehicle to promote entrepreneurship and to build a community of Angel Investors across the Arab world.
Based in Dubai, ABAN aims to build a network of angel investors across the region, particularly in Saudi Arabia, Jordan, Egypt and the UAE. It will complement the economic development objectives of the Arab world by facilitating the development of creative and productive entrepreneurial ventures.
Additional information about the Arab Business Angels Network LLC is available at: www.aban.ae
About Dubai International Capital LLC
Established in 2004, DIC is an international investment company focused on both private equity and public equity. A wholly-owned subsidiary of Dubai Holding, DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments. Assets under management total over US$12 billion.
DIC Private Equity invests mainly in secondary buyouts in developed markets and has acquired businesses in a range of sectors in Europe and North America. Acquisitions include the UK leisure company Tussauds Group for £800m (later merged with Merlin Entertainments; DIC retains a 20% stake), the UK engineering company Doncasters for £700m, the US engineering company FastenTech for $492m, the UK hotel chain Travelodge for £675m, the German industrial packaging manufacturer Mauser for €850m, the UK healthcare company Alliance Medical for £600m, and the German producer of specialty alumina Almatis.
DIC Global Equities makes structured investments in large-cap, global equities, either directly or via DIC's US$2 billion Global Strategic Equities Fund (GSEF). The GSEF has acquired substantial stakes in HSBC, EADS, and Sony Corporation. DIC has directly invested in a 2.87% stake in the Indian financial services firm ICICI Bank.
DIC has also taken a strategic 9.9% stake in Och-Ziff, an alternative asset management firm based in New York.
DIC Emerging Markets invests in a range of asset classes in emerging markets. Private equity investments include a significant stake in the UAE-based luxury retailer Rivoli Group. DIC has also established sector or country-specific investment funds such as Ishraq, a US$150 million investment company bringing the Holiday Inn Express brand to the Middle East; the US$500 million MENA Infrastructure Fund, which invests in infrastructure projects in the Middle East and North Africa, and Jordan Dubai Capital, a US$300 million investment company that targets private equity opportunities in Jordan. DIC is a founding shareholder of Dubai Aerospace Enterprise and has a joint venture with CBRE that provides real estate asset management services.
DIC Asset Management (DICAM) arranges and promotes the investment funds. DICAM is regulated by the Financial Services Authority and holds a Category 4 license.
Information about Dubai International Capital LLC is available at: www.dubaiic.com.
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