• Hazem Ben-Gacem, former co-CEO of Investcorp, is establishing BlueFive Capital, a USD 1 billion fund focused on investing in financial services firms in the Global South, with initial targets in Southeast Asia and GCC countries.
• During the Gateway Gulf Forum 2024, Bahrain’s Minister of Industry and Commerce, Abdullah bin Adel Fakhro, also announced a USD 265 million SME Development Fund and a National Industrial Development Fund to support small and medium enterprises and promote advanced manufacturing and green technologies.
• James Zenni revealed a USD 1 billion allocation from a USD 2 billion fund to support medium and small enterprises in Saudi Arabia, highlighting significant investment opportunities within the kingdom.

New Fund for GCC Startup Ecosystem

With new funding initiatives emerging for the GCC startup ecosystem, Hazem Ben-Gacem, former co-CEO of Investcorp, is launching a USD 1 billion permanent capital fund named BlueFive Capital.

This fund will concentrate on investing in financial services firms across the Global South.

Following his resignation in September, efforts to engage investors from the US, Asia, Europe, and the Middle East are being made.

Moreover, the fund, based in Abu Dhabi, will target sectors such as insurance, wealth management, and brokerage services.

Initial investments will be made in Southeast Asia and GCC countries, with plans for expansion into Latin America. The goal is to grow BlueFive into a USD 25 billion entity within five years.

Investment Initiatives in Bahrain

In a related development, during the Gateway Gulf Forum 2024, several initiatives aimed at fostering investment and innovation in Bahrain were unveiled by the Minister of Industry and Commerce, Abdullah bin Adel Fakhro.

A USD 265 million SME Development Fund was announced to support small and medium enterprises.

Additionally, a National Industrial Development Fund was introduced to promote advanced manufacturing and green technologies, aligning with Bahrain’s Industrial Sector Strategy (2022-2026).

So far, the infrastructure for the first phase of the US Trade Zone has been completed, and plans for an Aluminium Downstream Industries Zone, valued at BD 18 million, are underway. 

By 2025, a new credit rating system will be implemented to enhance SME access to finance, along with a modernized commercial registration system.

ZCG’s Investment Strategy

In another update, James Zenni, Founder, President, and CEO of ZCG, disclosed the allocation of USD 1 billion from a total USD 2 billion fund to finance medium and small enterprises in Saudi Arabia.

In an interview with Al Arabiya Business website at the Future Investment Initiative conference last week, significant opportunities within the kingdom were highlighted.

In addition, Zenni mentioned that the investor base comprises entirely institutional and high-net-worth individuals, with capital placement agents positioned globally.

The appointment of Mohammed Aldekmary as CEO of ZCG Arabia was also confirmed, following extensive research and collaboration with advisors to prepare the platform.