Arab Bank Signs Private Placement Memorandum with Oasis500 to Invest in Oasis Venture 1
31 Oct, 2011
Arab Bank recently signed a private placement memorandum with Oasis500, the MENA region’s premier early stage and seed investment company, to invest JD 250,000 in Oasis Venture 1 (OV1). OV1 aims to facilitate investment in information and communications technology (ICT) and digital media entrepreneurial projects in Jordan.
The signing of the memorandum is in line with His Majesty King Abdullah II’s directives to support entrepreneurship within Jordan’s ICT sector, and reflects Arab Bank’s commitment to achieving socio-economic development. Oasis500 aims to accomplish its goal of accelerating the launch of 500 start-up companies within the next five years, which will support the creation of job opportunities within the fastest growing sectors in the world.
“Our investment in OV1 corresponds with His Majesty King Abdullah II’s vision to build a knowledge based economy, and reflects Arab Bank’s commitment to becoming a key contributor towards achieving this vision. We are confident that this venture will be a catalyst for economic development in Jordan, and we are proud to be a part of this investment,” commented Mr. Abdel Hamid Shoman, Chairman of Arab Bank.
In turn, Dr. Usama Fayyad, Chairman of Oasis500 and former Executive VP and Chief Data Officer of Yahoo! Inc. stated, “We appreciate the continuous cooperation of Arab Bank, which reflects its deep-rooted understanding of the importance of creating investment opportunities and enabling environments that allow entrepreneurs to grow and succeed. This, without a doubt, will support economic development, which is a goal that we are striving to accomplish by combining the efforts of both public and private sector organizations.”
Ms. Dina Shoman, Executive Vice President of Branding at Arab Bank added, “Oasis500 is an important initiative for the country, and provides the full cycle of support to upcoming entrepreneurs that Jordan can be proud of.” Ms. Shoman further added, “Investing in OV1 is part of our commitment to facilitating economic growth in the Kingdom as a driving force behind social development and job creation.”
Oasis500 is the first development and investment company of its kind in the MENA region. It aims to support entrepreneurs by providing them with funding and training in an effort to accelerate the transformation of business ideas into start-up companies in ICT, mobile and digital media.
Arab Bank has participated in a number of Oasis500 initiatives including the 7th Start-Up Boot Camp which was organized by Oasis500 to help entrepreneurs in the early stages of their businesses.