Watheeq Financial Services Launches Shariah-Compliant SAR 100 Million Property Technology VC Fund in MENA Region 

Saudi Arabia-based investment management and financial advisory company Watheeq Financial Services (Watheeq) is launching a Shariah-compliant SAR 100 million (USD 26.7 million) closed-ended venture capital (VC) fund that will invest in property technology (PropTech) start-ups in Saudi Arabia and the Middle East and North Africa (MENA) region.

Why it Matters?

Following the COVID-19 pandemic, real estate companies have been forced to digitise to ensure business continuity, which has led to increased investment in PropTech by venture capitalists. The Watheeq PropTech VC Fund, which is the first of its kind in the region, is aimed at supporting tech-enabled startups that solve pain points in the real estate sector, while meeting Shariah-compliant investm...