Microsoft has signed a Memorandum of Understanding (MoU) with Arab Business Angels Network (Aban) for the Middle East and North Africa region. 

The partnership aims to increase the success rate of new entrepreneurial ventures in the region by encouraging innovative business ideas and providing seed funding. Aban will work with Microsoft to identify and foster innovative technology ventures in the region.

At the launch, Aban and Microsoft gathered four budding entrepreneurs who presented their business ideas to over 70 potential investors. They included ‘Dia Diwan’ – an online portal that offers the latest news on lifestyle and entertainment in the region, including an ecommerce shopping facility for fashion items and ‘WeNear’ - a mobile platform for location-based services and applications.

The runner-up and winning teams of this year’s Microsoft Imagine Cup presented the other two projects. ‘Cash Trash’, an innovation aimed at recycling to reduce pollution problems and ‘PolluMap’, an automatic pollution mapping system to track city pollution levels.

Arab Business Angels Network CEO Walid Hanna said, “There continues to be an ‘equity gap’ in regional capital markets, particularly in fulfilling the financial demands of early stage businesses that provide opportunities for economic diversification and job creation. Entrepreneurs have the potential to be the greatest source of innovation and growth in an emerging economy. Our partnership with Microsoft will ensure that we will receive technical expertise and support, thereby enabling us to promote regional IT start-ups.”

Formed in 2005, Aban was conceived by the Young Arab Leaders and Dubai Holding, with Dubai International Capital as its founder and lead institutional investor. Aban invests through its Angels’ network and manages two funds: a $10 million seed capital fund and $5m fund for women-led ventures. Aban has recently announced its first three investments in the Middle East.

Microsoft Middle East and Africa regional manager for innovation development Rani Saad said, “Building the economy is an important part of Microsoft’s broader mission and entrepreneurship is a critical component of that growth. We are excited about the fast-growing knowledge economy in the region and look forward to collaborating with Aban. Through this association we aim to provide startups with advanced technology access, market knowledge and innovative business development expertise that will help build the business eco-system in the region.”

“By working with organisations such as Aban, our mission is to help countries in the region harness the power of entrepreneurship for economic and social prosperity. The main aim of this partnership is to cultivate local businesses and increase jobs which will have significant long-term benefits in driving productivity and competitiveness,” Microsoft Gulf’s Developer and Platform Evangelism Group director Vimal Sethi said.

The partnership is in line with Microsoft's Unlimited Potential and Local Software Economies initiatives that create social and economic opportunity through programmes and products that transform education, foster local innovation and enable jobs and opportunities worldwide. To this extent, Microsoft has made significant investments in several initiatives that address various social issues across the Middle East. Aban has been leveraging its global partnerships and high-profile connections to optimise its investments and reach out to more promising entrepreneurs.  – TradeArabia News Service