The fund called Nuwa Capital is targeting $100 million in commitments and would invest in direct-to-consumer (D2C), fintech, mobility, logistics, and enterprise startups. Khaled announced the launch of the fund at Step Conference in Dubai earlier today, saying that Saudi conglomerate Al Faisaliah Group is joining Nuwa Capital as a strategic partner and anchor investor. Speaking to MENAbytes about leaving Wamda Capital, Khaled, said, “I’m very proud of all the work we’ve done at Wamda Capital and am extremely grateful to have had the opportunity to be part of something so very special and to work closely with Fadi. Khaled spoke to MENAbytes to explain what this effectively means and the thing that stands out in their model is value creation. The multi-market opportunityAl Faisaliah Group, the conglomerate that’s anchoring Nuwa Capital will help Nuwa’s portfolio companies with their entry (and growth) in Saudi, which Khaled (rightly) points out is a key market in MENA.

Source: The North Africa Journal February 11, 2020 13:29 UTC