First published: 25-Sep-2024 12:10:16

• The fund focuses its activities on companies operating in the Gulf Cooperation Council countries.
• The fund was established in partnership between Ajeej Capital and Nuwa Capital, and is led by Sharaf Sharaf, a veteran credit investor with over 20 years of investment experience.
• Amplify Closes Its First Deal with a FinTech Company in Saudi Arabia
• The fund provides founders and entrepreneurs with loans and financing solutions to expand their businesses.

Dubai, Riyadh – Amplify Growth Partnership has announced the launch of a $100 million private growth lending fund, which aims to provide loans to technology-based companies operating in the Middle East, North Africa and Turkey.

The company also announced that the fund had successfully completed its first deal, which was to provide a development loan to one of the innovative companies operating in the field of financial technologies in the Kingdom of Saudi Arabia.

Amplify seeks to bridge the existing lending gap in the Middle East and help accelerate the growth of technology-enabled companies. Although last year saw a significant increase in venture capital-backed lending in the Middle East and North Africa, reaching $757 million, an increase of 262% over 2022, with growth in 2023 primarily driven by a handful of mega-loan transactions that dominated the sector. Amplify is set to focus on mid-sized transactions that cater to the broader needs of the venture capital ecosystem.

Sharaf Sharaf will lead Amplify, overseeing deal origination, valuation and portfolio management. A regional investment expert, Sharaf has a 20-year track record in debt and equity investments across a wide range of sectors and countries, as well as extensive experience in Fund management.

Sharaf stressed that Amplify is ready to meet the region’s growing demand for venture capital and SME lending through private lending, which he noted has “not received enough attention in the past.” He said: “Amplify is based on a partnership between two companies Two leading investments: Ajeej Capital and Nuwa Capital, which, along with the Amplify team, seek to enable companies to obtain the private debt they need to achieve their ambitions. This partnership is expected to benefit both Amplify and its portfolio companies by creating business opportunities, thanks to their The two companies have extensive experience and relationships.

The fund is expected to focus its primary investments on companies that are growing rapidly in the market and are actively expanding their business, particularly in the GCC region. A maximum of 20% of Amplify’s capital will be available to companies operating outside the Middle East. Middle East and North Africa, which aims to enter the region, as well as for traditional companies that integrate technology into their operations.

About Ajeej Capital (the managing company)

Ajeej Capital is a leading regional asset manager based in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA). With assets in excess of US$1 billion, Ajeej has been managing institutional capital in the Middle East since 2007. More information can be obtained by visiting the website www.ajeej.com .

About Nuwa Capital   (Consulting Company)

Nuwa Capital is a full-lifecycle investment platform that supports startups in the MENA region, Turkey and other emerging markets, offering a range of products covering the investment stages from inception to exit. More information can be found at www. nuwacapital.io .

Morgan Lewis, the law firm, represented Amplify on the legal side in the formation of Amplify Growth Fund I LP. Maples Group is responsible for the fund’s administrative procedures in this transaction.

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