Dtec, OQAL join to enhance venture investment for startups in GCC

By Amirtha P S, Trainee Reporter
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Dtec
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Dubai Technology Entrepreneur Campus (Dtec), the largest tech hub in the MENA region signed a memorandum of understanding (MoU) with OQAL Angel Investors Network, the leading early-stage investor group in Saudi Arabia and Bahrain, to improve the venture investments in startups and support young entrepreneurs.

The MoU focuses to energize the cooperation between Dtec which is wholly owned by Dubai Silicon Oasis Authority (DSOA) and OQAL, to support entrepreneurs in the GCC region with innovative ideas by bringing down the communication gap between them and the various business sectors.

As part of the agreement, entrepreneurs will be given the opportunity to widen their network with Angel’s investors, elite experts and specialists, and schedule meetings and agreements. The partnership will help startups to obtain financial support from Angel investors.

William Chappell, CFO of DSOA, and Faris Al Rashid, Founder & Chairman of OQAL, Khaled Zainalabedin, Founder & President of OQAL Bahrain and Latifa BaNasr, the Chief Executive Officer of OQAL in Saudi Arabia, signed the MoU from both parties.

According to the MoU, Dtec and OQAL 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, the MoU will draw up the general frameworks for supporting cross-pollination for new market entry and scale of target startups to both the UAE, Saudi Arabia and Bahrain markets.

William Chappell
William Chappell
CFO- DSOA

“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. 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 as well as “access to early-stage smart capital and angel investment is key to help nurture start-ups.”

Dubai Technology Entrepreneur Campus

Dubai Technology Entrepreneur Campus (Dtec) is the largest tech hub and coworking space in the MENA region and a base of operations for over 900 startups from 72 countries. The campus is an accelerator hub for production and research and development. Further, it provides incorporation services and integrated digital support for businesses like business leasing, licenses and licensing procedures, and institutional bank accounts.

Related: Sheraa unveils first govt-backed startup studio in the UAE

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