AFKAR Ventures launches in the Middle East to create a regional paradigm shift
SOURCE: Business Wire
AFKAR Ventures, a MENA-based first mover in energy tech, brings together a team of the region’s leaders in energy, engineering, fintech, and management. The founding team consists of six globally experienced members looking to startups at the Seed level, as well as invest in established companies in energy and technology.
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With a clear and focused vision, AFKAR aims to help shape a sustainable and independent future for the MENA region’s energy tech sector. With a proven track record in innovation and over a century of combined experience in energy and technology, the founding team is made up of: Adnan Ghabris (Chairman), Maen Razouqi (Executive Director), Zied Ben Hamad (Executive Director), Ghassan Mirdad (Director), Raja Al Mazrouei (Director), Mazin Al Lamki (Director)
“AFKAR Ventures three main pillars are to Seed and scale startups, accelerate the expansion of established companies, and grow the returns of institutions via fit-for-purpose solutions. AFKAR is not a conventional energy services or product manufacturing company, nor is it just an investment powerhouse. It will establish some unique business models combining both” says Adnan Ghabris, Chairman of AFKAR.
AFKAR is taking many notable and novel approaches to age-old problems in energy and technology, converting the region from a technology importer to a technology creator.
Although collectively possessing robust know-how in energy, AFKAR aims to shift the region’s current energy paradigm, enabling unique applications of technologies and innovations, as well as unforeseen manufacturing opportunities.
“We will promote the creation of fit-for-purpose regional intellectual property,” says Maen Razouqi, AFKAR Executive Director.
Raja Al Mazrouei, a leader in FinTech and one of the directors of AFKAR says, “Innovation in the energy sector is a prominent opportunity in the MENA region; AFKAR will play a major role in enabling the transformation of this sector and identifying ventures that will unlock the full potential of our region.”
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Pakistani startups saw $18M invested in H1 2020, with the overall number of deals increasing by 13% to 17 deals from H1 2019, illustrating the potential of Pakistan to become the next big South Asian entrepreneurial hotspot. Discover more trends in our H1 2020 Pakistan Venture Investment Report.