Get All Access for $5/mo

Bahrain Development Bank Closes US$100 Million Al Waha Fund To Support MENA Startups Bahrain Development Bank (BDB) has successfully closed its US$100 million venture capital "fund of funds" to support startups in Bahrain and across the MENA region.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Shutterstock

Indicating a boost for the ecosystem, Bahrain Development Bank (BDB) has successfully closed its US$100 million venture capital "fund of funds" to support startups in Bahrain and across the MENA region. The Al Waha "fund of funds" is a definite mark for the growth of entrepreneurship in the region as it aims to support by providing capital to Bahraini startups, as well as attracting new funds in the region.

Last week, the Limited Partners (LPs) Advisory Committee met to strategize the fund's direction and allocation of $35 million into a series of venture funds. Its LP's include Mumtalakat, National Bank of Bahrain, Batelco Group, Tamkeen and Bahrain Development Bank, among others, with BDB as the General Partner (GP) managing the fund.

Following the closure of the fund, H.E. Sheikh Mohammed bin Essa Al Khalifa, Chairman of the Al Waha Fund of Funds Advisory Committee commented on the progress made in the allocation of the capital raised. "One of the key constraints on the development of the startup and technology ecosystem in the region is lack of access to capital. This fund can help to make a significant difference to that challenge, enabling entrepreneurs to realize the potential of their ideas."

With the Al Waha Fund of Funds along with the opening of fintech co-working space FinTech Bay and regulatory sandbox for fintech ventures to test out their concepts, entrepreneurs, the time is ripe to leverage initiatives enabling entrepreneurship.

Related: Keeping The Momentum: Bahrain's Key Players On What It'll Take To Invigorate The Startup Scene

Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Business News

Looking for a Remote Job? Here Are the Most In-Demand Skills to Have on Your Resume, According to Employers.

Employers are looking for interpersonal skills like teamwork as well as specific coding skills.

Leadership

How Two Friends Turned a Passion for Jumping Into Freezing-Cold Water Into $100 Million in Revenue

Ryan Duey and Michael Garrett took the "ice bath" trend and turned it into the "cold plunge movement" with their company Plunge.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Growth Strategies

"We Got Funded!" UAE-Headquartered Epik Foods' US$15.5 Million Investment from Ruya Fund is Set to Propel its Regional Expansion Goals

The group's investment news thus comes just days away from its first anniversary as a fully operational business.

Business News

How Much Does It Cost to Develop and Train AI? Here's the Current Price, According to the CEO of an $18 Billion AI Startup.

There's a sky-high bar to creating AI, and an expert says it will get even more expensive.