Smpl Holdings has announced the launch of Smpl Fund I, a $10 million venture capital fund aimed at investing in technology and artificial intelligence companies across the Middle East, North Africa, and beyond.
UAE: A Prime Destination for Startups
Founding partner Mohammad Abu Sheikh highlights the UAE’s progressive policies, tax-free environment, advanced infrastructure, and strategic location as key factors making it a prime destination for startups and global talent. He stated, “The UAE has emerged as a global hub for startups and innovation. The country’s progressive policies, tax-free environment, highly developed tech and civil infrastructure, and strategic location make it an attractive destination for startups and the world’s top talents.”
Attracting Global Talent and Investment
He also emphasized the UAE’s workplace ethics, which prioritize respect, integrity, and social responsibility, as attractive elements for global AI and tech companies. “These ethics, along with the country’s commitment to creating a tech-friendly ecosystem, position the UAE as a global leader in AI adoption,” he added.
Significant Growth in Venture Funding
In 2023, the UAE attracted over $2 billion in venture funding for startups, showcasing the region’s rapid growth and increasing appeal to investors. This substantial investment highlights the UAE’s growing status as a key player in the global tech and AI sectors.
With Smpl Fund I, Smpl Holdings aims to leverage these favorable conditions to support and drive the growth of tech and AI startups in the MENA region, contributing to the region’s burgeoning innovation landscape.
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