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In a major boost to the Middle East’s startup ecosystem, the Bahrain Development Bank (BDB) announced on Sunday that it has successfully wrapped up a $100 million fundraising round for the Al Waha Fund of Funds.

The new development marks a big leap forward for Bahrain and rest of the region as it paves the way for allocation of additional funds to deserving technology-driven startups from all across the region.

The Limited Partners (LP) Advisory Committee comprising Bahrain Development Bank (BDB), National Bank of Bahrain (NBB), Batelco Group, Mumtalakat, and Tamkeen Bahrain, among others, got together for the first time last week to set the agenda for the fund. The meeting also saw the LP allocating $35 million into a select few venture funds as a starting point.

Needless to say, this is another major boost to the Bahraini government’s ongoing efforts to push the Kingdom’s economy to new highs under the Economic Vision 2030 roadmap.

“We are very pleased to announce the successful closure of the fund, and we have already made encouraging progress in allocating the capital raised,” said Shaikh Mohammed bin Essa Al Khalifa, Chairman, Al Waha Fund of Funds Advisory Committee, while addressing the media about the Al Waha Fund of Funds.

He added, “One of the key constraints on the development of the startup, and technology ecosystem in the region is lack of access to capital – this fund can help to make a significant difference to that challenge, enabling entrepreneurs to realize the potential of their ideas.”