• New CEO to focus on expanding member base of Institutional Investors and high net worth individuals to support start-ups in the Arab world
The Arab Business Angels Network (ABAN), a subsidiary of Dubai International Capital (DIC), which aims to fill the equity gap faced by entrepreneurs looking to start and grow their businesses.
The 2006 Arab Business Challenge, the first Pan-Arab business plan competition, attracted healthy participation from the region's aspiring entrepreneurs. Investment funding totalling US$2 million was pledged for the two winning teams by Dubai International Capital, ABAN's founder and lead Angel Investor.
The Challenge was won by two teams of entrepreneurs whose business plans met the criteria of viable and fundable business ventures. The first winner, Jordan Ostriches, is a start-up business based in the Kingdom of Jordan designed to meet the local and regional demand for ostrich products including meat, feathers and leather. The second winner, Palm Paper, is an Egypt based industrial business that will use waste leaves from palm trees to manufacture industrial grade paper products. In total, Dubai International Capital has committed US$2.60 million to the two winning business plans, US$600,000 more than what was originally pledged.
Commenting on ABAN's support for start-up businesses in the region, Mashreq Bank CEO and ABAN Chairman Mr. Abdul Aziz Abdullah Al Ghurair explained, "We see great potential in the number and calibre of start-up businesses across the Middle East and North Africa. With the support of regional Institutional Investors and high net worth individuals and by promoting young entrepreneurs, ABAN will bring to fruition a range of innovative business concepts. This in turn will result in increased employment opportunities throughout the region and will further promote a diversified economy."
Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital reiterated DIC's continued support for ABAN: "By supporting promising entrepreneurial ventures, ABAN will fulfil a vital role by complementing the economic development objectives of the Arab World. With the current equity gap faced by entrepreneurs in the region, DIC has committed, through its sponsorship of ABAN, to nurturing the development of an asset class focusing on early-stage investments. By supporting ABAN and promoting entrepreneurship, we at DIC are giving back something to our community."
ABAN CEO Walid Hanna added, "We are pleased with the results of last year's Challenge and the steady flow of investment proposals which we have received so far. ABAN's robust deal pipeline includes several exciting early stage ventures. We aim to expand ABAN's member base with additional Institutional Investors and high net worth individuals who can lend their support to regional entrepreneurs."
Mr. Hanna has over ten years of comprehensive regional experience in private equity, start-up ventures and corporate finance. Mr. Hanna started his career in banking with a focus on corporate finance. More recently, he was responsible for founding and managing several start-up ventures across a range of industries, primarily in Lebanon.
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ABAN announces completion of funding for Arab Business Challenge winners
- United Arab Emirates: Thursday, September 27 - 2007 at 16:38
- PRESS RELEASE
ABAN has announced the completion of the funding for the two winners of its business plan competition - the Arab Business Challenge - under the leadership of its recently appointed CEO, Walid S. Hanna.
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About ABAN:The Arab Business Angels Network (ABAN) was conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005, with Dubai International Capital as its founder and lead Angel.
As a Business Angels Network, ABAN is the link between entrepreneurs and Angel Investors. It acts as a vehicle to promote entrepreneurship and to build a community of Angel Investors across the Arab world.
Based in Dubai, ABAN aims to build a network of angel investors across the region, particularly in Saudi Arabia, Jordan, Egypt and the UAE. It will complement the economic development objectives of the Arab world by facilitating the development of creative and productive entrepreneurial ventures.
Additional information about the Arab Business Angels Network LLC is available at: www.aban.ae
About the Arab Business Challenge:
The Arab Business Challenge was the first initiative of the Arab Business Angels Network (ABAN), both of which were conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005. Dubai International Capital was entrusted with the roll out of both initiatives.
The Challenge was sponsored by SHUUA Capital and HSBC and was supported by partners Young Arab Leaders, Al-Arabiya TV, McKinsey & Company, PricewaterhouseCoopers, the American University in Dubai, the Lebanese American University and Yarmouk University in Jordan.
Additional information about the Arab Business Challenge is available at: www.abchallenge.org
About Dubai International Capital LLC:
Established in 2004, Dubai International Capital LLC ('DIC') is a Dubai-based international investment company. It is a wholly owned subsidiary of Dubai Holding. DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments and relationships.
DIC's investments have included: £800 million acquisition of The Tussauds Group (UK), one of the largest operators of visitor attractions in Europe and its subsequent partnership with Merlin Entertainments Group "Merlin" which positioned the combined Group as the world's second biggest visitor attractions operator after Disney. DIC retained a 20% stake in the combined company. DIC's investments also included £675 million acquisition of Travelodge (UK), Britain's fastest growing budget hotel company, US$ 1 billion stake in DaimlerChrysler, one of the world's leading carmakers; £700 million acquisition of Doncasters Group (UK), an industrial manufacturing firm that produces precision engineering components across various industrial sectors; and €850 million acquisition of Mauser AG, a world market leader in industrial packaging with approximately 3,700 employees operating in more than 50 locations across Europe, North America, Latin America and Asia.
DIC is also a substantial investor in the Middle East and North Africa (MENA) region. Investments include a significant stake in the Rivoli Group, one of the Gulf Co-operation Council's (GCC) leading luxury retailers with over 215 outlets; Ishraq, a US$150 million investment company that was formed to bring the Holiday Inn Express brand of hotels to the GCC except Saudi Arabia; and the MENA Infrastructure Fund, a US$500 million fund targeting investment opportunities in infrastructure projects in the MENA region. In 2005, DIC launched Jordan Dubai Capital, a US$300 million investment company that targets private equity opportunities in the Jordanian economy. DIC is also a founding shareholder of Dubai Aerospace Enterprise, a company building a global aerospace corporation that encompasses aircraft leasing, manufacturing, services, airports and education. In addition, DIC has a joint venture with CBRE that provides real estate asset management services in Dubai and the broader Middle East region.
DIC also invests in publicly listed equities through its US$2 billion Global Strategic Equities Fund ('GSEF'). The fund aims to make structured investments in Fortune 500 global companies and seeks to become a leading shareholder in pre-eminent large global capitalisation stocks. GSEF's investments to date include a substantial stake in HSBC and a 3.12% stake in EADS, the parent company of Airbus.
Additional information about Dubai International Capital LLC is available at: www.dubaiic.com.
For media queries, please contact:
Dubai International Capital LLC
Jehad Saleh
Posted by Lara Lynn Golden, News EditorThursday, September 27 - 2007 at 16:38 UAE local time (GMT+4)
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