Arzan VC in Dubai to invest in tech startups

Dubai — Arzan Venture Capital, a subsidiary of Arzan Financial Group, is planning to foster the entrepreneurial ecosystem, help startups and SMEs to stand on their feet during early stages.

Having embarked on its journey from Kuwait to the cosmopolitan city of Dubai, Arzan Venture Capital plans to stimulate growth and create a new era of entrepreneurship in the region.

New technology startups in the Mena (Middle East and North Africa) region lack enough tools to compete against traditional businesses, Arzan Venture Capital had proactively created efficient solutions to partner up with these startups, steering them towards success and ultimately grow their business based on a sustainable entrepreneurial ecosystem.

“There is a long road to travel in order to spur an entrepreneurial ecosystem in the region, yet we see a huge potential to start a flourishing technology sector in a new innovation era,” said Hasan Zainal, Partner at Arzan Venture Capital.

“Arzan VC, Kuwait’s first venture capital company, aspires to cooperate with local and international companies working in this field to stimulate the economic growth of the region and form a sustainable entrepreneurial ecosystem.”

Armed with financial managers, hi-tech experts, expert venture capitalists with entrepreneurial backgrounds, and partners in Egypt, Dubai, Jordan, Silicon Valley and London, Zainal is confident that his company is capable of scouting the best entrepreneurs and backing them with funds and know-how during the early stages of their business to ensure their sustainability on the long run.

He said: “When we decided to establish this company, we recruited high calibre individuals, and participated in venture capital and startups conferences in KSA (Kingdom of Saudi Arabia), Jordan, Dubai and London, to improve our knowledge and gain additional skills related to this dynamic industry.”

Arzan Venture Capital has closed three deals and will soon close more, noting that the company’s investment term ranges from three to seven years, said Zainal.

He said the company also signed four MoUs with accelerators/incubators in Egypt, Dubai and Jordan. These accelerators/incubators will qualify and refer startups with proven concepts to Arzan VC for further funding. In addition, Dubai’s office has been operational since December 2014.

Zainal believes that the recent fluctuation of oil prices, high unemployment rates and the ambition of the youth in the Mena region has forced many of them to shift from the public to private sector, and thus establishing their own startups, especially in the tech sector.