The Arab Business Angels Network (Aban) said it has signed three strategic deals with companies in the Mena region to collaboratively work towards establishing three new business angel networks in the region.

Aban was established by the Young Arab Leaders (YAL) with Dubai International Capital as its founder and lead investor.

Aban’s agreement with the Saudi-based Siraj Capital in Jeddah and the National Enterprise Centre (NEC-Centennial Fund) in Riyadh and Beirut-based Bader Lebanon will facilitate the creation of the Jeddah Business Angels Network, Riyadh Business Angels Network, and the Lebanese Business Angels Network respectively.

Within each of these partnerships, that seek to share knowledge and expertise in the realm of seed capital investing, is the collective understanding that Aban will counsel the three partner companies on various aspects of establishing and maintaining a local Business Angels Network in their respective cities.

Walid Hanna, chief executive officer of Aban, said the company's recent partnerships with the three new networks will guarantee the continued growth and strength of the region’s small-to-medium business sector.

'We are delighted to share the depth and scope of our knowledge in angel investing - a resource that we ourselves were fortunate to acquire through our affiliation with the London Business Angels Network, the oldest in Europe with over 40 years of success and an average annual seed capital investment of Dh45 million,' he remarked.

'The ratification of these three MoUs reflect the integral role that small and medium businesses play in terms of generating growth and momentum within the regional economy.'

'By sharing our acumen and learning with other areas of the Mena region, Aban is helping drive both angel investing and entrepreneurialism forward, and bringing fresh seed capital opportunities to local small businesses,' Hanna added.

The key components of Aban’s knowledge transfer will include full technical support and skill-set training, as well as extensive onsite training for each of the local networks on global best practices for recruiting angel investors, screening investment opportunities, and nurturing a spirit of entrepreneurialism within the organizational structure.

As part of its Mena region knowledge transfer, Aban will equip each of the three partner networks with a training manual on effective practices to maintain day-to-day operations.-TradeArabia News Service