Microsoft signs MoU with Arab Business Angels Network to promote entrepreneurship in the MENA region

The partnership aims to increase the success rate of new entrepreneurial ventures in the region, by encouraging innovative business ideas and providing seed funding. Under the agreement, ABAN will work with Microsoft to identify and foster innovative technology ventures in the region.

During the launch event, ABAN and Microsoft gathered four budding entrepreneurs who presented their business ideas to over 70 potential investors. The business projects included 'Dia Diwan' - an online portal that offers the latest news on lifestyle and entertainment in the region, including an ecommerce shopping facility for fashion items and 'WeNear' - a mobile platform for location-based services and applications. The other two projects were presented by the runner-up and winning teams of this year's Microsoft Imagine Cup. 'Cash Trash', an innovation aimed at recycling to reduce pollution problems and 'PolluMap', an automatic pollution mapping system to track city pollution levels.

Walid Hanna, CEO, Arab Business Angels Network said, "There continues to be an 'equity gap' in regional capital markets, particularly in fulfilling the financial demands of early stage businesses that provide opportunities for economic diversification and job creation. Entrepreneurs have the potential to be the greatest source of innovation and growth in an emerging economy. Our partnership with Microsoft will ensure that the Arab Business Angels Network will receive technical expertise and support, thereby enabling us to promote regional IT start-ups."

Formed in 2005, Arab Business Angels Network was conceived by the Young Arab Leaders and Dubai Holding, with Dubai International Capital as its founder and lead institutional investor. ABAN invests through its Angels' network and manages two funds: a USD 10 million seed capital fund and USD 5 million fund for women-led ventures. ABAN has recently announced its first three investments in the Middle East.

Rani Saad, Regional Manager, Innovation Development for Microsoft Middle East and Africa said,

"Building the economy is an important part of Microsoft's broader mission and entrepreneurship is a critical component of that growth. We are excited about the fast-growing knowledge economy in the region and look forward to collaborating with ABAN. Through this association we aim to provide startups with advanced technology access, market knowledge and innovative business development expertise that will help build the business eco-system in the region."

Commenting on Microsoft's association with ABAN, Vimal Sethi, Director, Developer & Platform Evangelism Group, Microsoft Gulf said, "By working with organizations such as ABAN, our mission is to help countries in the region harness the power of entrepreneurship for economic and social prosperity. The main aim of this partnership is to cultivate local businesses and increase jobs which will have significant long-term benefits in driving productivity and competitiveness in the Middle East."

The partnership with ABAN is in line with Microsoft's Unlimited Potential and Local Software Economies initiatives that create social and economic opportunity through programs and products that transform education, foster local innovation and enable jobs and opportunities worldwide. To this extent, Microsoft has made significant investments in several initiatives that address various social issues across the Middle East. ABAN has been leveraging its global partnerships and high-profile connections to optimize its investments and reach out to more promising entrepreneurs.