Microsoft signed a Memorandum of Understanding (MoU) today with Arab Business Angels Network (ABAN) covering the Middle East and North Africa 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. These business projects were:
- 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.
- WeNear, a mobile platform for location-based services and applications.
- Cash Trash, an innovation aimed at recycling to reduce pollution problems.
- PolluMap, an automatic pollution mapping system to track city pollution levels.
This initiative like others before it aims to address the problem early stage startups and businesses face in the Arab world when it comes to financing.
Arab Business Angels Network (ABAN) was launched by the Young Arab Leaders and Dubai Holding, with Dubai International Capital as its founder and lead institutional investor, back in 2005. It invests through its Angels’ network and manages two funds: a US$ 10 Million seed capital fund and US$ 5 Million fund for women-led ventures.
ABAN recently announced its first three investments in the Middle East, and has been leveraging its global partnerships and high-profile connections to optimize its investments and reach out to more promising entrepreneurs.
From Microsoft’s side, this partnership follows their Unlimited Potential and Local Software Economies initiatives that aim to create social and economic opportunity through programs and products that transform education, foster local innovation and enable jobs and opportunities worldwide.
# Press release: Zawya