Dubai-UAE: 15th March, 2021 – Dubai Technology Entrepreneur Campus (Dtec), the largest tech hub and coworking space in the MENA region wholly owned by Dubai Silicon Oasis Authority (DSOA), signed a memorandum of understanding (MoU) with OQAL Angel Investors Network (Saudi Arabia & Bahrain), the leading early-stage investor group in Saudi Arabia and Bahrain, to enhance the venture investment culture in startups and support young entrepreneurs.
The memorandum aims to strengthen cooperation between Dtec and OQAL, to support entrepreneurs in the GCC with innovative and bold ideas, through bridging the communication gap between them and the various business sectors. Under this agreement, entrepreneurs will have the chance to meet Angel investors, elite experts and specialists, and schedule meetings and agreements. This partnership will help startups obtain financial support from Angel investors keen to invest in young entrepreneurs with promising startups.
William Chappell, CFO and Executive Vice President for Technology and Entrepreneurship at DSOA, and Faris Al Rashid, Founder & Chairman of OQAL Org , Khaled Zainalabedin, Founder & President of OQAL Bahrain and Latifa BaNasr, the Chief Executive Officer of OQAL Org in Saudi Arabia, signed the MoU from both parties.
According to the MoU, Dtec and OQAL shall be key partners that shall support, mentor, and provide special consideration for investment to OQAL and Dtec-based entrepreneurs that would pitch and participate in joint demo day events. The two parties will participate in events aimed at encouraging bold investment, Angel investing and establishing a culture of entrepreneurship, to highlight innovative startups executed by entrepreneurs and introduce investment companies to them.
In addition to investment consideration, the MoU sets out the general frameworks for supporting cross pollination for new market entry and scale of target startups to both the UAE, Saudi and Bahrain markets.
On this occasion, William Chappell said: “The GCC region has a growing stock of ambitious young entrepreneurs with innovative and pioneering ideas, which requires support to highlight their achievements and bring their creativity to life.”
Chappell added: “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”.
Faris Al Rashed, the Chairman of OQAL, said the arrangement with Dtec will give founders a chance to shape the region’s economic future. “Access to early-stage smart capital and angel investment is key to help nurture start-ups, and our partnership with Dtec, a strong backer of UAE and regional start-ups, is invaluable.”
Khaled Zainalabedin, the President and Founder of OQAL in Bahrain, said: “We are very excited about this collaboration, which opens doors for GCC entrepreneurs and Start-ups to a significant source and access to both financial and business support as they expand their presence and operations across the Kingdom of Saudi Arabia, UAE, Bahrain and the Gulf.”
The MoU emphasizes the importance of joint efforts to provide startups with the opportunity to thrive, which contributes to the socio-economic development of the GCC community, in addition to providing the financing solutions they need for growth and expansion.
Dubai Technology Entrepreneur Campus is the largest tech hub and coworking space in the MENA region and a base of operations for more than 900 startups from 72 countries. The campus serves as an accelerator hub for production and research and development, as well as a community space for events. It also provides incorporation services and integrated digital support for businesses including business leasing, licenses and licensing procedures, and institutional bank accounts.
OQAL group facilitates the link between entrepreneurs who have innovative ideas and promising projects and financiers to achieve economically feasible partnerships that contribute to the development and support of the economy and the society.