MAYS IBRAHIM (ABU DHABI)
Eleven UAE-based firms have earned a spot on Forbes' list of the Middle East's top venture capitalists for 2024, featuring 30 entries from across the region.
MENA has become a vibrant hub for innovation and entrepreneurship, with venture capital playing a crucial role in fuelling startup growth by providing essential funding and strategic support, according to Forbes.
"MENA's unique blend of cultural diversity, technological advancement, and a youthful population has ultimately attracted a wave of investors eager to capitalise on the region's burgeoning potential," Forbes said in its announcement.
As of the third quarter of 2024, the UAE accounted for 38% of all new venture capital deals in the MENA region, according to a report by VC analytics firm MAGNiTT. Despite a slightly slower year for the region as a whole, the UAE's startup market saw a 12% year-on-year increase in deal volume.
Let us take a look at the top UAE-based venture capitalists which stood out in the Middle East region.
BECO Capital was co-founded by Emirati entrepreneur Dany Farha in 2012. With $495 million in assets under management, the company has been instrumental in the success of major startups like Property Finder and Careem. In September 2024, the firm led a $34 million pre-Series A funding round for UAE-based fintech startup FlapKap.
Another prominent name on the list is Fadi Ghandour, the Jordanian co-founder of Wamda Capital, established in 2014. Ghandour had previously co-founded and led Aramex, the first Arab logistics company to list on the Nasdaq. In June 2024, Wamda Capital led a $2.2 million pre-seed funding round for the UAE-based AI startup qeen.ai.
Further Ventures, co-founded in 2022 by Emirati Faisal Al Hammadi and Egyptian Mohamed Hamdy, invests in sectors such as fintech and Web3. In March 2024, Further Ventures led a $5 million funding round for Kemet Trading, a tech-enabled trading platform.
Plus VC, founded in 2020 by Bahraini entrepreneur Hasan Haider, focuses on investments in tech and tech-enabled sectors. The firm currently manages a portfolio of over 100 startups.
Access Bridge Ventures, co-founded by Jordanian Issa Aghabi and Saudi Rakan AlRashed in 2020, has a portfolio spanning sectors such as health tech, edtech, and fintech. In October 2024, the company participated in a $7 million pre-seed round for the Saudi fintech startup Mala Inc.
Nuwa Capital, co-founded in 2020 by Jordanian-Canadian Khaled Talhouni, boasts a funding portfolio that includes 35 companies. In September 2024, Nuwa launched a $100 million growth debt fund in partnership with Ajeej Capital and Amplify Growth Partnership to support tech companies across MENA and Türkiye.
Shorooq Partners was co-founded by Emirati Mahmoud Adi and Canadian-Korean Shane Shin in 2017. In May 2024, Shorooq closed its $100 million second private credit fund, Nahda Fund II, in collaboration with South Korea-based IMM Investment Global.
Global Ventures, founded in 2018 by Syrian-American Noor Sweid, has completed over 66 investments, including 13 investments in digital health startups and 14 fintech companies, as of June 2024.
Jabbar Internet Group, founded by Jordanians Samih Toukan and Hussam Khoury in 2009, has been involved in the acquisitions of Souq.com by Amazon and Maktoob.com by Yahoo. Jabbar's current investments include Ziina, a UAE-based fintech, which raised $22 million in a Series A funding round in September 2024.
The VentureSouq firm, founded in 2013 by Sonia Weymuller, Tammer Qaddumi, Sonia Gokhale, and Suneel Gokhale, focuses on fintech and climate-related ventures with a portfolio of over 250 companies. In June 2024, VentureSouq Fund II secured $2 million from Jordan's Innovative Startups and SMEs Fund.
Middle East Venture Partners (MEVP), co-founded by Lebanese Walid Hanna and Walid Mansour in 2010, is another standout. MEVP's recent investments include a $22 million Series A funding round for fintech startup Ziina.