New Dubai, Riyadh-based VC launches targeting key Islamic countries

A new venture capital firm launched on Monday (Feb 10), with its eyes on emerging markets, primarily the Middle East and North Africa (including Saudi Arabia and UAE), Pakistan, Turkey, and East Africa.

Dubai and Riyadh-based Nuwa Capital is targeting $100 million to inject into start-ups, with a focus on direct-to-consumer, software as a service (Saas), fintech, and mobility and logistics segments.

The VC already has a corporate partner and anchor investor in Saudi Arabia’s diversified conglomerate Al Faisaliah Group that it says will help scale and accelerate its portfolio start-ups in the verticals they operate and in the Kingdom in particular.

Al Faisaliah was founded by the eldest son of the late Saudi King Faisal and still counts members of his family as Directors.

Nuwa Capital managing partner Khaled Talhouni said the new VC wants to work on a “new founder centric model” to drive value to the entrepreneurs it will invest in.

“We’ve built a network of some of the most accomplished founders in the region. Hosam Arab from Namshi.com, Samih Toukan and Hussam Khoury of Maktoob, Souq and Jabbar Internet Group, Rabea Ataya of Bayt.com and Nour Al Hasan of Tarjama,” Talhouni said in a statement.

Talhouni was formerly managing partner at Middle East-focused VC Wamda Capital that counted Careem as one of its portfolio start-ups. Careem was sold to Uber last year in a deal worth $3.1 billion.

Nuwa Capital will also call on operating partners to help support the development of its portfolio companies in areas including technology, product, recruitment, legal support, and fundraising.

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