Hambro Perks, a London-based investment firm, achieved the first close of a new $50 million venture fund focused on technology investments in the Middle East and North Africa.
The Oryx fund will be domiciled in Abu Dhabi Global Market and has received backing from Jada Fund of Funds (owned by Saudi Arabia's Public Investment Fund), the Saudi Venture Capital Company and Riyadh Valley Company, among others.
“There is a wealth of talented entrepreneurs developing innovative businesses and we are excited about partnering with them to help them develop their ideas and scale their companies," Dominic Perks, co-founder and chief executive of Hambro Perks, said in a statement.
He will be one of the fund's three general partners alongside managing director Ali Qaiser and Ivo Detelinoc, who joins from the Riyad Taqnia Fund. The company will operate from bases at Hub71 in Abu Dhabi and in Riyadh.
Interest from venture capital investors in the Middle East is picking up following a number of high-profile successful exits, such as Careem's $3.1 billion sale to Uber, which concluded in January last year. A Mena Venture Investor Ranking report published by Magnitt earlier this week found that 25 per cent of all investors into regional companies last year were based outside the region. Of the 256 active investors deploying a total of $1bn last year, 11 per cent were based in the US and 7 per cent in the European Economic Area.
“Despite Covid-19, we saw continued interest from international investors and new funds investing in Mena-based start-ups," Philip Bahoshy, Magnitt's founder and chief executive, said. He expects to see increased investment in the region "as the ecosystem continues to mature".
Hambro Perks runs a number of funds and focuses on strategies including venture and secondary venture deals, environmental technology and special situations. It has already made an investment into the region, backing UAE robo-advisory platform Sarwa in its $8.4m Series A funding round in January last year.
“Our investment in the Oryx fund underlines our belief in the strong potential of venture capital in Saudi [Arabia]. There is real talent within the Saudi start-up community, and the Hambro Perks Oryx team is an experienced investor in the sector," Al Jada Fund of Funds chief executive Adel Alateeq said.
”The growth in local VC activities has significantly increased in recent years and Saudi start-ups were able to attract funding despite the coronavirus pandemic," Khalid Al-Saleh, chief executive of Riyadh Valley Company, said. "Our investment in Oryx fund is directed to further support the entrepreneurship scene in Saudi Arabia and bridge the gap in pre-seed and seed stage funding."
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The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
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Top%2010%20most%20competitive%20economies
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Mohammed bin Zayed Majlis
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TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
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World Mental Health Day
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
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Zayed Sustainability Prize
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RESULTS
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KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
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- Alistair Burt: Despite Brexit, Britain can remain a world power
- Sam Williams: Departure is influenced by its sense of place
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Towering concerns
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Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
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Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
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FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
Mohammed bin Zayed Majlis
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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COMPANY%20PROFILE
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Zayed Sustainability Prize
Heather, the Totality
Matthew Weiner,
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Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
Tomorrow 2021
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Tomorrow 2021
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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