The Arab Business Angels Network (ABAN), established by the Young Arab Leaders (YAL) with Dubai International Capital as its founder and lead investor, recently announced the signing of three strategic memorandums of understanding (MoUs) with companies in the MENA region to collaboratively work towards establishing three new business angel networks in the region.
ABAN’s agreement with the Saudi-based Siraj Capital in Jeddah and the National Enterprise Centre (NEC-Centennial Fund) in Riyadh, as well as the Beirut-based Bader Lebanon will facilitate the creation of the Jeddah Business Angels Network, Riyadh Business Angels Network, and the Lebanese Business Angels Network respectively.
ABAN will counsel the three partner companies on various aspects of establishing and maintaining a local Business Angels Network in their respective cities. The key components of their knowledge transfer will include full technical support and skill-set training, extensive onsite training on global best practices for recruiting angel investors, screening investment opportunities, and nurturing a spirit of entrepreneurialism within the organizational structure. ABAN will also equip each of the three partner networks with a training manual on effective practices to maintain day-to-day operations.
Other than 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.