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INVESTMENT-
#1- Changer, an exclusive European business club for the ultra-wealthy, has set up a branch in Dubai, according to a press release. The Switzerland-based business club aims to draw in and educate “ultra high net worth individuals” to become angel investors. Individuals from the region and Europe will also be able to connect through the club’s exclusive receptions. Already comprising 22 members from the UAE and the Gulf, the club aims to reach a total of 100 members from the GCC by the end of 2024.
Want to become a member? Here are the requirements: An annual membership fee of USD 10k, a comprehensive reputation check, a minimum of USD 500k in liquid capital, and two recommendations.
#2- Blockchain startup Mantra inaugurated a new incubation program for web3 startups at Dubai World Trade Centre’s Sheikh Rashid Tower, after raising USD 11 mn in a funding round led by Shorooq Partners, according to a press release. The program, which was launched in partnership with Virtugroup’s company formation specialists, Virtuzone, aims to accelerate the MENA real-world asset tokenization sector. It offers five selected projects with financial support — including a seed investment of USD 100 mn each from Mantra founder and CEO John Patrick Mullin — in addition to infrastructure, licensing, banking, and administrative services. You can sign up for the program here.
#3- Bangkok-based VC Varys Capital has partnered with investment management firm FundRock to manage a feeder fund — Varys Capital Ventures — in the Abu Dhabi Global Market, a statement reads. The feeder fund will channel its assets into a master fund, originally set up as an early-stage equity venture targeting USD 75 mn in investments, focusing on blockchain innovation, Web3, and infrastructure.
Advisors: Varys Capital Ventures appointed FundRock as its investment manager, Al Tamimi as legal counsel, Apex Fund Services Limited as fund administrator, and Crowe Mak as auditor.
MEDIA-
State-run Emirates News Agency (Wam) and global media network representing BRICS countries, TV BRICS, signed a media cooperation agreement to exchange daily news in different languages, Wam reports.
EMPLOYMENT-
EIF to push for Emiratisation in finance sector: Sharjah-based finance training services provider Emirates Institute of Finance (EIF) inked two MoUs with Sharjah’s human resources department, Columbia University, and Wiley Edge, aiming to boost Emiratisation rates within the UAE’s financial sector, Wam reports. The institute also signed a partnership agreement with Harvard Business Publishing Corporate Learning to introduce a training program on sustainable finance.
