The new fund, affiliated with Shorouk Partners, is expected to focus on the manufacturing, industrial services, financial and software sectors.
Mentioned Bloomberg Agency Today, the technology investment company “Shurooq Partners”, based in Abu Dhabi, was able to initially close its second private trust fund, with the support of investors in the Middle East and South Korea, which highlights the growing relations between the UAE and Korea.
The $100 million fund was launched with the support of IMM Investment, a Korean private equity and venture capital firm valued at $6 billion, which is expected to become a minority partner in the fund.
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The two companies previously collaborated on Shurooq’s first technology-focused private equity fund, which invested in agriculture startup Pure Harvest and Saudi fintech company Tamara.
The private credit market in the region is growing at a rapid pace, for several reasons, including “the growing demand for alternative financing solutions” in the local technology sector,” according to Shorouk’s statements.
The company’s new fund is expected to focus on the manufacturing, industrial, financial and software services sectors.
Shurooq’s announcement of the deal also comes amid the strengthening of economic relations between the UAE and South Korea, as the UAE pledged last year to invest $30 billion in the energy and defense sectors in Korea.
