Al Waha Fund of Funds
US$100 million fund of funds in Manama, Bahrain, that invests in venture capital funds focused on MENA technology. Established in 2018, with Bahrain Development Bank as investment manager.
Industry: Venture capital fund of funds | Location: Manama, Bahrain | Founded: 2018
About Al Waha Fund of Funds
Al Waha Fund of Funds is a US$100 million venture capital fund of funds based in Manama, Bahrain. Its website says it invests in venture capital funds that invest directly in the MENA region, or have a strategic interest there, at seed, early and growth stages, with a technology focus. It describes its purpose as driving the creation of a venture capital community in the region and presents itself as a strategic partner that shares insight and networks among funds, companies, governments and the wider technology community.
The fund was established in 2018. Its website says the investment period ran for five years from the close on 30 April 2018 and ended on 30 April 2023, and that the fund term is ten years with two possible one-year extensions. Bahrain Development Bank is the appointed investment manager, and investment decisions are made by the Al Waha Limited Advisory Board, whose members include Mumtalakat, Osool, National Bank of Bahrain, Batelco and Tamkeen. The site does not name individual executives. In September 2022 Gulf News identified Areije Al Shakar as director and fund manager of Al Waha.
The website lists criteria for selecting the fund managers it backs: contribution to the MENA startup sector and to Bahrain, mentorship and knowledge transfer for Bahrain-based startups, team strength and a strong track record.
The fund's news page records its commitments to other funds. Headlines there cover an investment in the US$250 million fund of Beijing-based MSA Capital in October 2019, an investment in Lumia Capital Fund II in March 2020 and a substantial investment in UAE-based Shorooq in July 2020. A May 2019 headline reports that the fund had invested half of its US$100 million in BECO, MEVP, 500 Startups and others within its first year.
In September 2022 Al Waha and Hambro Perks, now Salica Investments, announced HP Spring Studios, a fintech venture studio in Manama that later became Spring. In August 2026 TechScoop reported that Spring, which lists Al Waha among its backers, made a pre-seed investment in the Bahraini insurtech Soor.
Leadership
- Areije Al Shakar, Director and Fund Manager