Weekly Digest: Emirati Venture Fund, UK Investment Leadership, and Charino Acquisition 🧐✨

Hereditary Prince of Dubai to Launch a $100-Million Venture Fund 

Mohammed bin Rashid Al Maktoum announced the launch of his own fund for this June. It is aimed at encouraging small and middle sized startups and will operate for the next 8 years.

This will allow building 8,000 new workplaces in Dubai and attracting investors/founders from all over the world.

According to Arabian Business, the fund’s volume will be roughly $100 million allocated for startups support. Bedsides, new workplaces will enhance Dubai’s positions as a regional centre of entrepreneurship, FinTech, innovations, and venture capital.

"We’ve approved the launch to lead economic diversification and boost the sustainable growth of our economy. We seek to create a striking business environment and provide all opportunities for promoting the best practices," — Mohammed noted.

London FinTech Companies Raised Maximum of Foreign Investments 💰

The capital of Great Britain has remained its investment attractiveness even after Brexit.

As the City’s report says, London enterprises have raised nearly $765 million investment for 114 projects engaged in financial and professional services. This helped London outpace Dubai, Singapore, New York, and Paris in terms of investment appeal.

Overall, the UK has raised around $1,4 billion for 186 companies and is placed second after the US in global fundraising. London remains the chief financial center across the globe.

The number of fintech and professional service providers involved in the UK was increased by 8% in 2021. Fintech companies were the major investment source in Great Britain and accounted for a third of the overall amount. These are payment organizations Klarna and Airwallex as well as Portfy’s financial solutions.

The Gold-Mining Company Kinross Gold Sells 90% of its Ghanaian Asset ⭐️

To acquire the Kinross-owned gold mine Chirano, Asante Gold will pay $115 million in cash and $50 million more in shares. Eventually, Kinross will become a 9,9% stockholder of Asante.

Additionally, it will provide a deferred $60-million remuneration a half of which is supposed to be paid a year after the deal closing.

The parties plan to close the deal by the end of May. As a result, Kinross will forfeit any assets or shared in Ghana.

Kinross is among the top ten gold-mining companies in the world owning projects in Brazil, Chile, Mauritania, Russia, and the US.

Based on the data for 2021, Chirano’s production was nearly 155,000 ounces at a sales cost of around $1360 per ounce. The reserves are valued at 890,000 ounces of gold. The Ghanaian government owns the rest 10% of Chirano.