Dtec, OQAL sign MoU to develop startup ecosystem in GCC
Dubai Technology Entrepreneur Campus (Dtec), has entered into a memorandum of understanding (MoU) with Saudi Arabia-based OQAL Angel Investors, with the aim to support the growth of the tech ecosystem across the GCC region.
Under this agreement, the two parties will work together to provide support, mentorship and special consideration for investment to OQAL and Dtec-based startups participating in joint demo day events. Selected startups will be offered a chance to meet with industry experts and mentors, expand their network as well as obtain financial support from angel investors.
“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,” said William Chappell, CFO and executive vice president for Technology and Entrepreneurship at Dubai Silicon Oasis Authority (DSOA).
“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.
OQAL and Dtec are set to jointly hold events and support the entry of promising startups to target markets of the UAE, Saudi and Bahrain.
“Access to early-stage smart capital and angel investment is key to help nurture start-ups, and our partnership with Dtec, a strong backer of UAE and regional start-ups, is invaluable,” said Faris Al Rashed, chairman of OQAL.