UAE-based Crescent Enterprises has launched a venture capital arm which plans to invest $150 million in early-to-later stage start-ups around the world, according to CEO Badr Jafar.
In a statement, Jafar noted that half of all funds would be allocated to firms in the Middle East and North Africa, Jafar added that Crescent has already been “quietly active” in venture capital.
“In the last six months alone, we have invested a wide range of start-ups from a Silicon Valley-based drone company for the industrial sector and robotic surgery technologies, to an e-commerce platform for fisheries in India,” he said. “We also needed entrepreneur graduates from the American University of Sharjah who are developing an artificial intelligence project management system.”
Looking towards the Middle East, Jafar said that it is “approaching a juncture where the private sector needs to drive the next wave of innovation and growth, whilst at the same time addressing our region’s most acute, economic and environmental challenges.”
“It is clear to us that alongside our existing businesses, corporate venture capital is a powerful way to achieve this,” he added. “Therefore it is the right time to formalise this rapidly growing side of our business.”For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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