Latest news with #MohamedAlHakim
The National
06-07-2025
- Business
- The National
Dubai Land Department teams up with Crypto.com on digital real estate investment plan
Dubai Land Department has signed an agreement with to develop procedures that support digital real estate transactions, enabling investors to buy and sell property using digital currencies. The collaboration, which seeks to create a digital ecosystem that enables investor verification, custody, settlement and real estate tokenisation, supports the Dubai Real Estate Strategy 2033 and its Dh1 trillion ($272 billion) transaction target. The agreement was signed by Omar BuShahab, director general of the Dubai Land Department, and Mohamed Al Hakim, the authorised signatory for in the presence of officials from both sides, the Dubai Media Office said on Sunday. 'By embracing advanced technologies, Dubai is strengthening its attractiveness for high-quality investments and accelerating its progress towards its Dh1 trillion real estate transactions target for 2033,' the media office said. The partnership aims to develop mechanisms that support digital real estate transactions by ' leveraging blockchain technologies and virtual assets ', it added. 'The initiative seeks to enhance market liquidity and align with modern trends in smart investment. The partnership also aspires to build an integrated digital ecosystem that enables real estate asset trading, investor verification, and the execution of digital custody and settlement processes within a secure and advanced framework,' the media office said. Dubai has been accelerating the adoption of digital currencies as it looks to regulate the sector. In October last year, officials unveiled a strategy hoping to make 90 per cent of all transactions cashless by 2026. Sunday's move follows the announcement in May of plans to enable the payment of government fees using digital currencies in support of the Dubai Cashless Strategy. It plans to introduce a new digital payment channel across its official platforms. In an April interview with The National, Eric Trump, executive vice president of the Trump Organisation, said that the $1 billion Trump International Hotel and Tower project in Dubai would accept crypo investments. The project 'is going to be the first truly large-scale project that accepts Bitcoin, that accepts cryptocurrency to purchase units … I believe in cryptocurrency', he said at the time. 'It's the financial mechanism of the future … it's still in its infancy, but the growth has been explosive,' he added. Real estate and cryptocurrencies are 'credible hedges for one another', he said. The partnership between the Dubai Land Department and seeks to create digital ecosystem that enables investor verification, custody, settlement and real estate tokenisation. In March, Dubai launched the pilot phase of its real estate tokenisation project, aimed at converting real estate assets into digital tokens recorded on blockchain technology. Dubai is also launching a scheme to support first-time investors to enter the emirate's property market by teaming up with developers and banks, the department said earlier this month. As part of the alliance, the department will explore the potential use of platforms and technological solutions proposed by in areas such as real estate tokenisation and the trading of digital assets, the media office statement said. The department will also provide the administrative and logistical support on joint projects. Meanwhile, will propose technological solutions so that digital currencies can be used in the real estate sector, provide technical support and advisory services, as well as deliver analytical tools and reports for digital projects. The Singapore-based cryptocurrency exchange will supply all required technical and legal documentation and obtain the necessary approvals from the relevant authorities.
The National
04-06-2025
- Business
- The National
Why Abu Dhabi-based VC fund EQIQ is betting big on Iraq's tech start-ups
When Mohamed Al Hakim walked into his boss's office in London in the summer of 2014 to submit his resignation, the TV was playing live coverage of ISIS fighters conquering major cities in Iraq 's north and west. His boss's eyes darted between Mr Al Hakim and the screen, struggling to make sense of what he was hearing. 'Are you sure you want to go to Iraq?' Mr Al Hakim recalls his boss's astonished question. Yes. 'Are you sure you're not going to join the fight – on either side?', the boss continued. A firm no. Three months later, Mr Al Hakim left the stability of a real estate career in London to return to his native Iraq – a country spiralling into chaos at that time – to start his own business from scratch. It was not a hasty move; he had contemplated it for two years. Eleven years on, that leap of faith has paid off. Today, Mr Al Hakim is the co-founder of the Abu Dhabi-based EQIQ, an Iraq-focused venture capital fund and venture builder, that is playing a major role in the country's burgeoning entrepreneurship scene. From FinTech and e-commerce to logistics, Iraqi tech-savvy entrepreneurs are reshaping how people shop, pay and do business. They are helping drive Iraq's digital transformation as the country emerges from decades of war and instability. Specific data on the size of the entrepreneurship sector in Iraq and how much it contributes to the local economy are not available. However, according to global start-up research platform StartupBlink, Iraq's entrepreneurship scene has improved with the country moving up one spot on its global ranking for 2025 to 118. It currently holds the 11th position in the Middle East. Baghdad is also among the top 1,000 cities in the world in the Global Startup Ecosystem Index 2025, with annual growth of 64.3 per cent, StartupBlink said. I returned to Iraq to make a difference in the private sector and build something meaningful Mohamed Al Hakim, co-founder of Abu Dhabi-based EQIQ 'Iraq is a promising market and fertile ground that needs many services and projects,' Mr Al Hakim, 36, tells The National at his office in one of Baghdad's newly built high-rise commercial buildings. In 1998, his family left Iraq to move to Sweden, where his father had settled two years earlier. They joined a tide of migrants who fled Saddam Hussein 's dictatorial regime and harsh UN-imposed economic sanctions that followed his invasion on Kuwait. In 2008, he moved to the UK. Mr Al Hakim launched his first venture in the tech space at 15, followed by two other ventures, at ages 17 and 19, before graduating from university. With a bachelor's degree in Economics, he started a career in investment banking with Goldman Sachs in 2010 and also worked with GreenOak Real Estate before transitioning to entrepreneurship. In Iraq, he cofounded several ventures, including Ideal Financial Services, which created a digital wallet for the country's largest money transfer company and Zain Iraq Islamic Bank, focused on financial inclusion through digital banking. In 2018, he set up and led Careem's operations in Iraq and later also served as the chief executive for its company's operations in Jordan and Iraq, until he left to establish EQIQ. In January 2023, EQIQ completed its first close, raising $15 million from a consortium of local and regional investors. To date, the fund has deployed $8.5 million in five tech-focused ventures, including social commerce start-up, Fedshi, logistics app Boxy, e-commerce platform Wayl and edtech company Corrsy. The fifth is a digital bank that is not yet operational. EQIQ has committed to lead the funding round and take a 20 per cent stake in it. Now, EQIQ is doubling its fund size from $15 million to $30 million to deepen its investments in Iraq's digital economy. It aims to close the fund raise by the end of this year. 'The first $15 million was a market test,' Mr Al Hakim says. 'We saw very positive results, so we are expanding the fund's size to explore even greater opportunities in Iraq,' he added, saying that they are in talks with local and foreign investors. 'Today is best time in the 11 years I've spent in Iraq in terms in security and political stability which has positively impacted the entrepreneurship environment,' he said. He aims to increase the financial returns to investors by 10 folds in the next five years. Iraq is one of the most oil-dependent countries in the world. Oil revenue have accounted for more than 90 per cent of the government's budget. Successive governments have been struggling with overcoming the high unemployment rate and diversifying economic growth. The country has a rapidly growing population, with the youth accounting for at least half of its nearly 45 million people. The unprecedented political and security stability in the country over the past few years has encouraged authorities to launch a series of infrastructure projects and introduce reforms to improve the business environment. However, red tape, corruption and lack of modern laws still pose significant obstacles. 'In general, the country has changed over the past two years,' he said. However, several challenges are still there, including that there is no law for establishing ventures in Iraq and that's the reason for setting EQIQ up in Abu Dhabi's ADGM, he added. Others are the lack of data, mainly on the economy, and a limitation foreign company share in any Iraqi company that must not exceed 49 per cent. "I returned to Iraq to make a difference in the private sector and build something meaningful," he said. "Today, we have the opportunity to start where others left off. We can adopt latest technologies and updates, and begin at an advanced stage."
Zawya
22-05-2025
- Business
- Zawya
EQIQ doubles down on Iraq's digital economy, plans to double fund to $30mln after backing 5 tech startups
Abu Dhabi, UAE – Abu Dhabi, UAE – EQIQ, a venture capital fund and venture builder led by founding partners with a track record of investing over $500 million in technology startups and generating more than 3.3x return, is expanding its fund size from $15M to $30M. Domiciled in Abu Dhabi Global Market (ADGM), EQIQ is pursuing both greenfield (seeding new ventures) and brownfield (scaling established startups) investments in technology startups in Iraq. By aligning synergies across verticals in e-commerce, logistics, and fintech, the fund aims to create holistic, digital solutions that address real challenges and serve millions of users with delightful experiences. EQIQ was founded by serial entrepreneur Mohamed Al-Hakim, who launched his first startup at the age of 15 and exited his first startup at the age of 19. After growing up in Europe, studying at University College London, and working in investment banking at Goldman Sachs in London, Mohamed decided to move back to Iraq in 2014 to help build the tech ecosystem. From launching one of the first fintech companies in the country to being the CEO of Careem in Iraq and Jordan, Al-Hakim has been at the forefront of the technology ecosystem in Iraq since his reverse migration. Far from being a smooth journey, the last 10 years have seen a remarkable shift in the outlook for the Iraqi economy. Al-Hakim believes the country will experience a transformational shift over the next 10 years. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve. The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know li
Wamda
21-05-2025
- Business
- Wamda
EQIQ doubles fund to $30 million to accelerate Iraq's digital economy
Abu Dhabi-based EQIQ, a venture capital fund and venture builder focused on Iraq, is doubling its fund size from $15 million to $30 million to deepen its investments in Iraq's digital economy. The fund targets greenfield and brownfield ventures across e-commerce, logistics, and fintech, aiming to create a synergistic ecosystem of tech-enabled businesses that provide millions of Iraqis with localised digital solutions. Founded by Mohamed Al-Hakim and Said Rahmani, EQIQ has already deployed $8.5 million across five startups, three of which it co-built with founding teams from its network. Having completed its first close in January 2023, EQIQ is now raising an additional $15 million to scale its impact, backed by local and regional investors. Press release: EQIQ, a venture capital fund and venture builder led by founding partners with a track record of investing over $500 million in technology startups and generating more than 3.3x return, is expanding its fund size from $15 million to $30 million. Domiciled in Abu Dhabi Global Market (ADGM), EQIQ is pursuing both greenfield (seeding new ventures) and brownfield (scaling established startups) investments in technology startups in Iraq. By aligning synergies across verticals in e-commerce, logistics, and fintech, the fund aims to create holistic, digital solutions that address real challenges and serve millions of users with delightful experiences. EQIQ was founded by serial entrepreneur Mohamed Al-Hakim, who launched his first startup at the age of 15 and exited his first startup at the age of 19. After growing up in Europe, studying at University College London, and working in investment banking at Goldman Sachs in London, Mohamed decided to move back to Iraq in 2014 to help build the tech ecosystem. From launching one of the first fintech companies in the country to being the CEO of Careem in Iraq and Jordan, Al-Hakim has been at the forefront of the technology ecosystem in Iraq since his reverse migration. Far from being a smooth journey, the last 10 years have seen a remarkable shift in the outlook for the Iraqi economy. Al-Hakim believes the country will experience a transformational shift over the next 10 years. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve. The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know lile about. We founded EQIQ as a platform to bridge the gap between capital and opportunity. There is plenty of both, but there is also a mismatch that keeps them apart due to market inefficiencies. The emerging tech ecosystem provides an opportunity for Iraq to catch up with the rest of the world quickly. Our mission is to support building Iraqi tech champions that will create significant value for Iraq, its population, and our investors.' EQIQ completed its first close in January 2023, raising $15 million from a consortium of local and regional investors. To date, the fund has deployed $8.5M in five investments across social commerce, logistics, fintech, and edtech. Three of its investment targets were co-built by EQIQ together with founding teams from its network. EQIQ's strategy is focused on allocating 80% of its capital towards building an ecosystem of ventures in online commerce, logistics, and fintech, where each venture may leverage the services and clients of the other ventures in the ecosystem to scale. Said Rahmani, a global serial entrepreneur and founding partner at EQIQ, has had first-hand experience of building digital ecosystems before: 'We see Iraq's strong fundamentals, rapid growth, and stabilising outlook as a signal that the country is primed for innovation. The emergence of relentless entrepreneurs who are working hard to build great businesses makes it only a matter of time. Our goal is to help founders build meaningful solutions and resilient tech companies that will serve as cornerstones of the regional economy for decades to come, backed by our global network and expert guidance. With our target of raising $30 million, we are confident we can drive an even greater impact in Iraq, paving the way for the next tech champions in the region.'
