UAE - Mubasher: Arrow Capital, a financial and investment advisory company with offices in the Dubai International Financial Centre (DIFC) and Mauritius, has co-sponsored the listing of the $240m technology SPAC, Tribe Capital Growth Corp I, on the Nasdaq Capital Market.

The SPAC was backed by Arrow Capital, in partnership with Silicon Valley's venture capital firm Tribe Capital, according to a press release on Monday.

Tribe Capital Growth Corp I will target the technology sector by exploring merger and acquisition opportunities with top private technology companies, while enabling Gulf investors to have access to various investment opportunities.

The deal marks a first for Arrow Capital, which joins a group of Middle East investment firms, including Abu Dhabi’s Mubadala Capital and Saudi Arabia’s Public Investment Fund.

Tribe Capital has benefitted from the expertise of data scientists, engineers, and entrepreneurs from leading technology companies, such as Facebook, Yahoo!, and Slack, and Arrow Capital to facilitate a successful initial public offering (IPO) for the SPAC.

Tribe Co-Founder and Partner, Arjun Sethi, will serve as the SPAC’s Chairman and CEO, while Arrow Capital’s Managing Director, Sumit Mehta, will serve as Vice President of the SPAC.

Arrow Capital’s CEO and Founder, Rohit Nanani, said: "In Tribe, we have a trusted partner right at the heart of Silicon Valley’s innovative technology ecosystem. We are very excited to be able to extend their expertise and insights to our network of investors in the region, delivering greater access to fast growing companies and much-needed diversification."

Meanwhile, Sethi remarked: "Expanding our network into the Gulf has been on our radar for quite some time, and we are honoured to be collaborating with Arrow to enable this."