UAE – Mubasher: Abu Dhabi-based Smpl Holdings has established a $10 million venture capital fund under the name Smpl Fund I.

The new fund will invest in technology and AI companies in the Middle East, North Africa, and beyond, according to a press release.

Mohammad Abu Sheikh, Founding Partner at Smpl, said: "The UAE has emerged as a global hub for startups and innovation. The country's progressive policies, tax-free environment, highly developed tech and civil infrastructure, and strategic location make it an attractive destination for startups and the world’s top talents.''

"Moreover, the UAE's workplace ethics, which prioritize respect, integrity, and social responsibility, are attracting global AI and Tech companies. These ethics and the country's commitment to creating a tech-friendly ecosystem position the UAE as a global leader in AI adoption,” Abu Sheikh added.

In 2023, the UAE drew over $2 billion in venture funding for startups, registering significant growth over the past periods.