By Mohamed Alaa El-Din
Sawari Ventures is planning to launch a new investment fund with capital worth $50m, according to the company’s CEO and Co-Founder Ahmed El-Alfy.
In a statement to Daily News Egypt, El-Alfy said the company, which specialises in the management and investment of venture capitals in technology industries, is currently negotiating with over 20 foreign and domestic investors. It is hoped these investors will contribute to launching the new fund that will carry the name “Sawari Fund”.
It will be specialised in supporting and investing in emerging companies with innovative ideas in the field of communications and information technology. It forms part of the company’s steps towards the advancement of business pioneers and emerging companies.
Sawari Ventures works in three fields, most importantly investing in emerging companies and encouraging major ones in different fields, most prominently information technology, renewable energy and many other fields.
The fund has supported nearly 80 companies in Egypt throughout the past three years, and it is similar to the IT fund working on qualifying and developing the performance of companies in various fields.
Sawari Ventures announced that Wael Amin joined the company as a partner last February. Amin contributed to the founding of ITWorx when he was 18, and has contributed to the company’s growth since its founding until it became one of the biggest companies working in the field of IT as well as one of the most influential in the Middle East.
During the time Amin worked at ITworx, the company was known to be a breeding ground for creativity and entrepreneurship, resulting in the appearance of 200 business owners who launched many emerging business projects in Egypt.
