Aban launches first three investments

Arab Business Angels Network (Aban), a seed capital fund that is a member of Dubai International Capital (DIC), on Monday said 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 held alongside the "Aban workshop for entrepreneurs and investors" and the "Aban second matchmaking event", which were held from May 4-5, 2008, at the DIFC. 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.

"Entrepreneurs are the lifeblood of the economy. They help sustain the country's revenues and play a significant role in generating new sources of income. Aban has been leveraging its global partnerships and high-profile connections, particularly as we are a member of DIC, to optimise our investments and reach out to more entrepreneurs," said Walid Hanna, CEO, Arab Business Angels Network.

ABAN, which was established by the Young Arab Leaders during the Clinton Global Initiative in September 2005, with DIC as its founder and lead institutional investor, invests through two main investment vehicles: a $10 million (Dh36.7m) seed capital fund and $5m fund for women-led ventures targeting regional start-up companies; and through Aban's network of investor members, who invest with Aban's assistance in high-potential early stage ventures.