Hambro Perks' $50m venture capital fund will be domiciled within Abu Dhabi Global Markets. Alamy
Hambro Perks' $50m venture capital fund will be domiciled within Abu Dhabi Global Markets. Alamy
Hambro Perks' $50m venture capital fund will be domiciled within Abu Dhabi Global Markets. Alamy
Hambro Perks' $50m venture capital fund will be domiciled within Abu Dhabi Global Markets. Alamy

UK's Hambro Perks launches $50m fund to invest in Mena's early stage start-ups


Michael Fahy
  • English
  • Arabic

Hambro Perks, a London-based investment firm, achieved the first close of a new $50 million venture fund focused on technology investments in the Middle East and North Africa.

The Oryx fund will be domiciled in Abu Dhabi Global Market and has received backing from Jada Fund of Funds (owned by Saudi Arabia's Public Investment Fund), the Saudi Venture Capital Company and Riyadh Valley Company, among others.

“There is a wealth of talented entrepreneurs developing innovative businesses and we are excited about partnering with them to help them develop their ideas and scale their companies," Dominic Perks, co-founder and chief executive of Hambro Perks, said in a statement.

He will be one of the fund's three general partners alongside managing director Ali Qaiser and Ivo Detelinoc, who joins from the Riyad Taqnia Fund. The company will operate from bases at Hub71 in Abu Dhabi and in Riyadh.

Interest from venture capital investors in the Middle East is picking up following a number of high-profile successful exits, such as Careem's $3.1 billion sale to Uber, which concluded in January last year. A Mena Venture Investor Ranking report published by Magnitt earlier this week found that 25 per cent of all investors into regional companies last year were based outside the region. Of the 256 active investors deploying a total of $1bn last year, 11 per cent were based in the US and 7 per cent in the European Economic Area.

“Despite Covid-19, we saw continued interest from international investors and new funds investing in Mena-based start-ups," Philip Bahoshy, Magnitt's founder and chief executive, said. He expects to see increased investment in the region "as the ecosystem continues to mature".

Hambro Perks runs a number of funds and focuses on strategies including venture and secondary venture deals, environmental technology and special situations. It has already made an investment into the region, backing UAE robo-advisory platform Sarwa in its $8.4m Series A funding round in January last year.

“Our investment in the Oryx fund underlines our belief in the strong potential of venture capital in Saudi [Arabia]. There is real talent within the Saudi start-up community, and the Hambro Perks Oryx team is an experienced investor in the sector," Al Jada Fund of Funds chief executive Adel Alateeq said.

”The growth in local VC activities has significantly increased in recent years and Saudi start-ups were able to attract funding despite the coronavirus pandemic," Khalid Al-Saleh, chief executive of Riyadh Valley Company, said. "Our investment in Oryx fund is directed to further support the entrepreneurship scene in Saudi Arabia and bridge the gap in pre-seed and seed stage funding."

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

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Empire of Enchantment: The Story of Indian Magic

John Zubrzycki, Hurst Publishers

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

UK-EU trade at a glance

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Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

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House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
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  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


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Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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The flights

Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes. 

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The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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