Dubai Technology Entrepreneur Campus (Dtec) and Saudi Arabia-based OQAL Angel Investors have formed a strategic alliance to further fuel the growth of the tech ecosystem across GCC.
Both entities signed a memorandum of understanding (MoU) last week to agree on the framework around which they will collaborate. Dtec and OQAL discussed various aspects of the partnership including how to extend support, mentorship, and special considerations for investment, among other topics.
Both parties agreed to hold joint demo day events where selected startups will get a chance to meet mentors, industry experts, and potential investors, thereby expanding their networks.
Commenting on the initiative, William Chappell, CFO and executive vice president for Technology and Entrepreneurship at Dubai Silicon Oasis Authority (DSOA), noted, “The GCC region has a growing stock of ambitious young entrepreneurs with innovative and pioneering ideas, which requires support to highlight their achievements and bring their creativity to life.”
“The agreement supports entrepreneurs in Dtec and the wider UAE. It also opens new financing opportunities for them, especially in the fields of new technology and work trends based on technology solutions and innovative applications,” he added.
Dtec and OQAL have also agreed to jointly host various events and supporting ecosystems for promising startups to target thriving markets such as Saudi, the UAE, or Bahrain.