ABAN Launches First Three Investments
The Arab Business Angels Network (ABAN), a pioneering seed capital fund in the Middle East and a member of Dubai International Capital (DIC), announced during a ceremony at the Dubai International Financial Center (DIFC), that it has launched its first three investments in the Middle East, in a move that seeks to fill the existing equity gap faced by promising entrepreneurs and investors.
The launch of the new investments was concurrently held alongside the “ABAN Workshop for Entrepreneurs and Investors” and the “ABAN 2nd Matchmaking Event.” The workshop and matchmaking event were initiated by ABAN to enhance the business know-how of budding investors and entrepreneurs, and to significantly improve their chances of obtaining substantial seed funding.
The start-ups which gave presentations of their businesses included Yamli.com, an Arabic search engine and editor; lifestyle coaching firm L.U.C.; Sphere Networks, a network management solutions company; and Sindibad, a new online Arabic business magazine. ABAN has stipulated that innovation in business plans is its main criteria for start-ups in the GCC, as it seeks to enrich and diversify the regional economy away from the realms of oil and real estate.
The three early-stage ventures that have secured seed funding commitments from ABAN are HAYATI, which will provide consumer finance for the health care industry in the UAE and Saudi Arabia; I-level, which offers unique shopper marketing consultancy and solutions in the GCC and Levant; and PinPay, which will develop, deploy and operate an array of wireless payment services out of Lebanon and Egypt. Two of the three start-ups secured ABAN’s approval after a successful presentation during the first ABAN Matchmaking Event in February 2008.
ABAN’s average holding period will be four years as it plans to exit these investments with a high return. ABAN is also interested in various investment opportunities in the Levant and North Africa, particularly in businesses that help create a knowledge-based economy. The company is now working on four new investments in the MENA region, which will be announced within a few months.
Ali A. Tamimi Co. in Joint Venture
GE Energy in association with joint venture partner Ali A. Tamimi Co. held a groundbreaking ceremony for its Power Technology Center, Middle East, a new state-of-the-art service facility in Dammam. With an investment of SR280 million ($75 million), the center will span 125,000 square feet and expand GE Energy’s capabilities to serve its customers in the region.
Set to expand in phases, the new center highlights GE’s focus on local customer responsiveness through partnerships with Saudi companies, which complements the Kingdom’s socio-economic growth initiatives, particularly Saudization. Expected to be operational in 2010, the facility will double the amount of GE’s service technologists in the region.
“The new center will serve as a regional hub for the energy industry and will effectively complement and boost the current capability of the MEELSA (Middle East Engineering Limited Saudi Arabia) service center, which our joint venture opened in 1976,” said Tariq Al-Tamimi, president, Ali A. Tamimi Co. “The Dammam facility will enjoy localized support in all engineering and commercial aspects, which is important for long-run sustainability.”
The Power Technology Center will provide the latest in repair technology for B, E and F gas turbines, steam turbines and generators. It also will feature state-of-the-art coating facilities and lean flow/design for reduced time cycles, as well as a crane with a weight-capacity of 100 tons.
