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Walid Hanna, CEO of ABAN, said:
"ABAN's recent partnerships with the three new networks will guarantee the continued growth and strength of the region's small-to-medium business sector. We are delighted to share the depth and scope of our knowledge in angel investing - a resource that we ourselves were fortunate to acquire through our affiliation with the London Business Angels Network, the oldest in Europe with over 40 years of success and an average annual seed capital investment of approximately Dhs45m.
"The ratification of these three MoUs reflect the integral role that small and medium businesses play in terms of generating growth and momentum within the regional economy. By sharing our acumen and learning with other areas of the MENA region, ABAN is helping drive both angel investing and entrepreneurialism forward, and bringing fresh seed capital opportunities to local small businesses," he added.
The key components of ABAN's knowledge transfer will include full technical support and skill-set training, as well as extensive onsite training for each of the local networks on global best practices for recruiting angel investors, screening investment opportunities, and nurturing a spirit of entrepreneurialism within the organizational structure. As part of its MENA region knowledge transfer, ABAN will equip each of the three partner networks with a training manual on effective practices to maintain day-to-day operations.
ABAN's knowledge transfer within the MENA region will generate benefits for ABAN as well. In addition to sharing the responsibility of due diligence activities such as screening potential angel investors and seeding ventures, ABAN will be invited to participate in the three new networks' future matchmaking events, opening up a new pool of seed capital for ABAN's network. The events will help provide an organized and professional platform for entrepreneurs to showcase their companies to potential angel investors.
The Arab Business Angels Network (ABAN) provides the link between entrepreneurs and angel investors, while acting as a vehicle to promote entrepreneurship and build a community of 'Angel Investors' across the Arab world.
As part of Dubai International Capital's corporate social responsibility, ABAN aims to expand its network and help establish other networks particularly in Saudi Arabia, Jordan, Egypt and Lebanon, to complement the economic development objectives of the Arab world by facilitating creative and productive entrepreneurial ventures.
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Posted by Siba Sami Ammari
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