Dubai Cultiv8 Investments Limited, Dubai Cultiv8, a subsidiary of the Mohammed Bin Rashid Fund for SME (an integrated division of the Department of Economic Development), announced a multi-million dollar investment in Wahed Invest (Wahed) through its US$100 million Technology Fund. The 100 million USD Technology Fund according to Cultiv8 website is a close ended fund with a tenure of five years extendable to an additional two year. This fund as the website states will invest in several projects such as FIntech, Artificial Intelligence and Blockchain etc…
Recently Dubai Cultiv8 invested in Wahed Invest, the first Halal Robo advisor that started in the USA and is now available in 130 countries include MENA region. The New York-headquartered Shariah-compliant digital investment advisor allows savers from all income brackets to invest in a globally diversified portfolio of ethically responsible stocks and Islamic bonds. As a long-term partner, Dubai Cultiv8 will offer growth and expansion capital, sector knowledge, and its regional expertise.
Arif Al Alawi, CEO of Dubai Cultiv8, said, “The demand for Shariah-compliant financial solutions is increasing and we must adopt a culture of innovation. Partnering with disruptive FinTech start-ups such as Wahed Invest, which are driving technological innovation in the FinTech sector will open the door to the best-in-class products that promote financial inclusion, literacy and, most importantly, access to ethical investment opportunities to savers from all backgrounds.”
Dubai Cultiv8 joins a strong Wahed investor base of top PE funds, Sovereign entities, and prominent Family Offices globally. Junaid Wahedna, CEO at Wahed, said, “Wahed Invest continues to strengthen its shareholder base with value-added strategic investors in line with Wahed’s ambitious global mission.”
Wahed’s global growth had helped it become the first Fintech in the region to get a $100 million-plus valuation last year.
Rashed Al Muhtadi, Head of UAE, Wahed, said, “Technology is redefining financial services, bringing new and innovative financial prospects to the largely underserved and marginalised populace. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the global Islamic economy hub, we welcome Dubai Cultiv8 as a strategic investor. Wahed’s strategic agenda is to promote ethical investment and financial inclusion in the UAE and beyond. The patronage of Dubai is a testament to the growing potential for ethical investment and recognition of Wahed Invest as a disruptive force in Islamic financial services.”
Dubai Cultiv8 is a Shariah-compliant asset management company regulated by the Dubai Financial Services Authority to manage a collective investment fund and offer advice on financial products.