Arab News, Tuesday, Mar 16, 2021 | Shaaban 2, 1442
Angel investors network in Saudi Arabia, Bahrain signs deal with Dubai tech startups hub
Saudi Arabia, Bahrain: 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.