Dubai Cultiv8 Investments Limited (Dubai Cultiv8), a full subsidiary of Mohammed Bin Rashid Fund for SME (an integrated division of the Department of Economic Development “DED”), has announced a multi-million dollar investment in Wahed Invest (“Wahed”) through its USD 100 million Technology Fund.
The New York headquartered Shariah-compliant digital investment advisor, allowing 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 it is imperative that we adopt a culture of innovation. Partnering with disruptive FinTech startups like Wahed Invest, which is driving technological innovation in the FinTech sector, will open the door to 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 United Arab Emirates, Wahed said: “Technology is redefining financial services, bringing new and innovative financial prospects to the largely underserved and marginalized populace. In line with H.H Sheikh Mohamed Bin Rashid Al Maktoum’s vision 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 sharia compliant asset management company regulated by the Dubai Financial Services Authority (DFSA) to manage a collective investment fund and advise on financial products.
Source: MSL Group