Asset securitisation, a $14 trillion business in the United States, seems to be finally gaining ground in the Gulf.     Last week the UAE lender Deem Finance sealed a $400 million asset securitisation deal with JP Morgan. Emirates NBD of Dubai and Rasmal Ventures in Qatar have also co-invested $7.6 million in the Turkish startup TeamSec, whose technology makes it potentially less costly and quicker for companies to securitise their assets. Securitising assets frees up capital for so-called originators, usually banks and other financial services companies, enabling them to expand more rapidly and support the region’s economic diversification efforts, while also offering regional institutional and wealthy investors another asset to trade. However securitisation is still “in its infancy” in the Gulf, said Chris Taylor, CEO of Deem Finance, with just “a handful” of deals completed so far. Any company with regular receivables, such as loans, leases or payments owed, can securitise their assets. To do so the company establishes a special purpose vehicle (SPV), which legally takes ownership of the assets. The company then sells securities, often in the form of notes or bonds, which represent a claim on the cash flows generated by the SPV assets. Immediate payment As a result, the company receives an immediate payment, typically at a discount to the receivables’ face value. Investors, in turn, earn returns as the underlying receivables are paid, with the SPV distributing these payments to them. UAE and Saudi market regulators see asset securitisation as an important step forward, according to Taylor. Their governments’ ambitions to expand their economies outstrips the ability of local banks to absorb such growth into their capital and balance sheets, he said. In mid-2023, the UAE Securities and Commodities Authority issued asset securitisation regulations. These clarified that securitisation was the “true sale” of the securitised assets, not a financing transaction, according to a note by the law firm Baker McKenzie in Dubai. Another important specification is that securitised assets are separate from the originator and so would be unaffected were the originator to go bankrupt or insolvent. These rules give prospective buyers much greater confidence to invest, said Mazen Boustany, a partner at Baker McKenzie. UAE capital markets are well placed for a stellar year PIF to anchor Goldman Sach’s new GCC-focused funds  Saudi Arabia embraces mortgage-backed securities However, Saudi Arabia still lacks regulations on securitisation, the law firm White & Case, which has an office in the Dubai International Finance Centre, has written in a note, although the Riyadh-based buy-now-pay-later company Tamara raised $400 million in debt last year that used some of the company’s receivables as collateral. The growing presence of international hedge funds in the Abu Dhabi and Dubai financial free zones augurs well for asset securitisation, said Taylor. “Those guys have got firepower and they’re going to want to deploy into assets, so it’s unimaginable to me that this won’t now take off,” he said. The assets that Deem Finance sold to JP Morgan consisted of approximately two thirds consumer debt – credit cards and loans – and one third loans to small and medium-sized businesses. JP Morgan may re-sell the securitised assets.  ​​“What we’re keen to do is to bring some of this debt into the local market,” Taylor said.   The securitisation does not change the terms and conditions for the original borrowers, with Deem managing its customers as before. Importantly, Deem retains ownership of a portion of each receivable.  “We’re not getting rid of the risk,” Taylor said.

Sidra Medicine and Rasmal Ventures Partner to Drive Digital Health Innovation in Qatar Advancing Healthcare Through E-health Innovation and Startup Integration 25 February 2025, Doha, Qatar - Sidra Medicine, a member of Qatar Foundation, has signed a Memorandum of Understanding (MOU) with Rasmal Ventures, Qatar’s first venture capital firm. The strategic partnership, announced at the Web Summit Qatar 2025, marks a significant step in the hospital’s role in supporting and advancing digital health innovation in Qatar and beyond. Rasmal Ventures, with its extensive portfolio of global technology companies, will introduce Sidra Medicine to high-potential e-health startups and provide strategic support to incorporate innovative solutions into Sidra Medicine’s operations. In return, Sidra Medicine will contribute its clinical and research expertise to evaluate and refine the startups’ healthcare technologies, ensuring they are effective, scalable, and patient-focused. Moreover, the two organizations will develop entrepreneurship programs that encourage the development and growth of a Health-Tech sector for Qatar. Prof. Khalid Fakhro, Chief Research Officer at Sidra Medicine said: “This partnership highlights our commitment to establishing Sidra Medicine as a leading healthcare innovation hub in Qatar, in alignment with the Qatar National Vision 2030. By collaborating with Rasmal Ventures, we are building upon our current strengths in clinical care, genomics and cell and gene therapy, and taking a proactive approach to adopting innovative technologies and transforming Sidra Medicine into a living lab for entrepreneurial ventures from across Qatar and the world.” The MOU establishes a collaborative framework between the two entities to facilitate the exchange of expertise and best practices in e-health innovations. Through this partnership, Sidra Medicine and Rasmal Ventures aim to drive advancements in innovation, focusing on digital healthcare solutions such as patient-centric artificial intelligence (AI) technologies, telemedicine platforms, and wearable devices. Alexander Wiedmer, Co-Managing Partner at Rasmal Ventures said: “At Rasmal Ventures, we believe that innovation is key to transforming healthcare. Our partnership with Sidra Medicine represents a unique opportunity to bring the latest digital health technologies to the forefront, empowering Qatar’s healthcare system to deliver smarter, more efficient, and patient-centered care.” As part of the agreement, the two entities will host joint workshops, pilot studies, and discussions to validate the efficacy of emerging technologies and foster an open environment for innovation. This partnership positions Sidra Medicine as a driving force in healthcare innovation, creating valuable opportunities for biotech and healthtech leaders. It also underscores Sidra Medicine’s role as a premier destination for medical education and research, attracting innovators and nurturing the development of next-generation healthcare solutions. -Ends-   About Sidra Medicine Innovating Care. Transforming Lives From the heart of Qatar, Sidra Medicine, is a private, not-for-profit academic healthcare and research institution for women, children, and young people. Established by the Qatar Foundation for Education, Science, and Community Development, Sidra Medicine is committed to delivering exceptional patient and family-focused care, conducting innovative biomedical and clinical research, and providing a personalized journey of care and cure and precision medicine specifically for rare and genetic diseases. To access our specialized healthcare or international patient services, including pediatric care, women's health, and rare disease treatment or to book a consultation at one of our private clinics, please call +974 40033333 or visit our website at http://www.sidra.org. For more information, follow us on Facebook, Instagram, X and LinkedIn   About Rasmal Ventures Rasmal Ventures is Qatar’s first independent venture capital fund, with a regional presence across the MENA region. The firm invests in high-potential technology startups and supports top entrepreneurs, including international companies expanding into the MENA market. Focused primarily on Series A and Series B stage startups, Rasmal Ventures also selectively invests in Pre-Series A and later-stage ventures. While sector-agnostic, the firm has particular expertise in healthtech, fintech, B2B SaaS, supply chain logistics, and Artificial Intelligence (AI). Rasmal Ventures thrives on embracing the fast pace of technological evolution and is committed to learning and exploring new sectors alongside visionary entrepreneurs. For more information, visit our website at https://www.rasmalventures.com/en

Qatar Development Bank (QDB) has signed a co-operation agreement with Rasmal Ventures on the sidelines of Web Summit Qatar 2025 to bolster Qatar’s entrepreneurial ecosystem by supporting innovation, attracting global talent, and fostering local and regional growth opportunities for startups. Through the collaboration, both parties seek to strengthen Qatar’s position as a global entrepreneurship hub, which will contribute to attracting top talent and empowering startups to access new regional and global markets. The partnership focuses on supporting entrepreneurs and fostering innovation in Qatar by leveraging QDB’s Talent Community Programme with Rasmal Ventures joining as an official partner of the programme, which was designed to nurture a dynamic and diverse entrepreneurial ecosystem. The partnership will enhance Qatar’s ability to attract global talent and innovators, offering a supportive environment for the growth of high-growth companies. The two organisations will also collaborate to exchange information on promising investment opportunities and foster cooperation in joint investment initiatives to enable startups to access the necessary resources and networks for their global expansion, particularly in the Middle East and North Africa region. The two parties will also work to strengthen cooperation within the framework of the Startup Qatar investment initiative by exploring joint investment opportunities and boosting the contribution of Rasmal Ventures to the programme, as well as expanding the scope of beneficiaries. QDB VP Enterprise Development Khalid Abdulla al-Mana said the partnership reflects the bank’s ongoing commitment to developing an advanced investment landscape in line with the highest global standards to empower startups and contribute to their sustainable growth. “Through our collaboration with Rasmal Ventures, we aim to enhance investment flows and help entrepreneurs build extensive networks, enabling them to connect with regional and global investors.” Dr Shaikha al-Jabir and Alexander Wiedmer, co-managing partners at Rasmal Ventures, emphasised that the work QDB and Startup Qatar are doing is immensely important for the economy and the innovation ecosystem. They added: “It is an enabler for VC funds as we are. We are delighted to partner with QDB to support the startups in the programme as they seek to grow.” QDB’s latest partnership reflects its vision to foster an environment that supports the growth of entrepreneurial ventures, contributing to the development of the business ecosystem and boosting the competitiveness of startups both regionally and internationally. It also equips startups with the necessary tools to succeed, reinforcing Qatar’s position as a regional hub for innovation and investment in the region. This aligns with Qatar National Vision 2030, which aims to achieve economic diversification by empowering entrepreneurs and startups to thrive and grow.

Doha, February 5, 2025 – We at Rasmal Ventures, Qatar’s first independent VC firm, are proud to announce that we have secured strategic funding from the Qatar Investment Authority (QIA) as part of its $1 billion Fund of Funds program. This investment strengthens our ambition to drive technological innovation and economic diversification across the MENA region. A Transformational Milestone in MENA’s Venture Capital Scene Our flagship Rasmal Innovation Fund I LLC, launched in June 2024, is at the forefront of investing in high-growth startups across fintech, B2B SaaS, HealthTech, supply chain logistics, and artificial intelligence (AI). As the first fund to join QIA’s $1 billion program, we have already secured commitments from institutional investors, corporates, family offices, and high-net-worth individuals, with the goal of reaching $100 million in total investment commitments. “This funding marks a pivotal moment for Qatar’s venture capital ecosystem,” said Alexander Wiedmer, Co-Managing Partner at Rasmal Ventures. “As the first private VC fund based in Doha, we are leveraging our deep-rooted partnerships with leading Qatari institutions to nurture disruptive startups that can redefine industries. We are still in the early stages of capital deployment, but our first investments in proprietary technology startups are already demonstrating high potential.” Backing the Next Generation of Tech Titans At Rasmal Ventures, we are proud to have a seasoned team of VC experts with a track record of over 100 venture capital deals and successful exits. Our fund is designed to support pre-Series A, Series A, and Series B companies, ensuring that the most promising startups get the funding and strategic guidance needed to scale globally. Beyond financial investment, we are deeply committed to hands-on engagement with our portfolio companies, providing operational expertise, market access, and business development support to help them scale rapidly. Strategic Alignment with Qatar’s Vision for Innovation The launch of Rasmal Innovation Fund I LLC aligns seamlessly with Qatar’s Third National Development Strategy (NDS3), which emphasizes economic diversification and the creation of a robust technology ecosystem. Our Fund aims to foster an innovation-driven environment where entrepreneurs can access capital, mentorship, and international networks. QIA’s Fund of Funds: A Catalyst for Regional Growth The QIA Fund of Funds program, launched in February 2024, is a game-changer for the startup and venture capital ecosystem in Qatar and beyond. With a dual mandate to generate strong financial returns while accelerating regional entrepreneurship, the program prioritizes technology and healthcare investments. By securing QIA’s backing, we are further cementing our position as a leading player in MENA’s venture capital scene, poised to scale innovative startups that can redefine industries on a global scale. Looking Ahead: A New Era for MENA’s Startup Ecosystem With a clear investment thesis focused on high-potential technology sectors, we are set to play a critical role in shaping the future of entrepreneurship in Qatar and the MENA region. As we continue to raise additional commitments, we remain steadfast in our mission to identify, support, and scale the next generation of transformative startups. With a selective investment approach and deep industry expertise, we are not just deploying capital—we are building the foundation for a thriving innovation ecosystem in MENA.