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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
2 hours ago
- Khaleej Times
UAE will attract more millionaires as Emirates remains safest country despite regional war
The UAE will continue to attract high net-worth individuals despite the regional Israel-Iran war as the Emirates is still the safest country to park money, according to international migration consultants and wealth managers. 'I have seen how UAE becomes always a stronger magnet in a time of crisis in the region and geopolitically around the world because of the infrastructure, the safety nets, the rule of law, the quality of life and low tax. I think that in case of any regional problems, the UAE will benefit as the best and safest hub,' said Armand Arton, CEO of leading immigration investment firm Arton Capital. In an interview with Khaleej Times, he stated that he expected the UAE to continue attracting even more millionaires than it had in the last five years. 'The Russia-Ukraine war was the last big wave of wealth that came in. After that, the taxation in the UK and the politics of Europe created a second wave of Europeans. We had the third wave of Americans after US President Donald Trump was elected, as a lot of Democrats and others moved to UAE. We see that very high profile of people coming in and asking for the Golden Visa,' he added. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Abu Dhabi and Dubai have consistently been rated among the safest cities in the world. The UAE has been a magnet for millionaires from around the world in the post-pandemic period. On Wednesday, the UBS Global Wealth Report 2025 stated that the UAE attracted approximately 13,000 new millionaires in 2024, representing a 5.8 per cent increase, and bringing the total number of high-net-worth individuals in the country to 240,343. The millionaires in the UAE command approximately $785 billion (2.88 trillion) in wealth. In April, property consultancy Knight Frank reported, citing data from Henley & Partners, that the UAE attracted 7,200 millionaires in 2022, a 53 per cent increase over the previous year, bringing the total number of high-net-worth individuals (HNWIs) in the country to 130,500. 'War always comes with a very high human cost, but a localised conflict like the current situation is likely to have a very limited macroeconomic effect. Unless there is a major escalation, we would not see this as significantly changing global macro trends, including migration,' said Paul Donovan, chief economist at UBS Global Wealth Management. Armand Arton said that the Iran-Israel war 'will create a new wave of people from the neighbouring country that will come to UAE who are still considering that this the safest place to park their money and family.' Arton Capital has placed the UAE passport as the strongest in the world, placing it in the first position in its 205 index. Armand added that the UAE's passport ranking has increased from 35 to number 1, and no other country in the world has achieved such rapid growth. 'This is because of having the leadership decision and the execution to sign as many visa-free as necessary in order to open the world to the Emirati citizens,' he added.
Al Etihad
2 hours ago
- Al Etihad
Abu Dhabi to host Games of the Future 2025 in December
22 June 2025 14:14 ABU DHABI (WAM)Abu Dhabi is set to host the upcoming edition of Games of the Future in December 2025, following its selection by Phygital International as the first city in the Middle East to stage this global event, and reinforcing the emirate's standing as a leading global hub for innovation in both sports and to the official website of Phygital International, Abu Dhabi was chosen due to its bold vision, cutting-edge infrastructure, and world-class sports venues, making it an ideal location for hosting premier international Abu Dhabi edition will take place over six days at the Abu Dhabi National Exhibition Center (ADNEC), bringing together top global athletes for dynamic competitions blending physical sports and technology-driven video games. Visitors can expect an engaging experience that merges electronic gaming with physical challenges and immersive fan event will be officially organised by Aspire, renowned for its successful track record in event delivery, in collaboration with Ethara, a leading Abu Dhabi-based company known for managing high-profile events with international Al Taher, Secretary-General of the UAE Esports Federation, stated that Abu Dhabi's hosting of this unique event demonstrates its leadership in embracing innovation, particularly in artificial intelligence and technology, placing the emirate at the forefront of global advancement in this added that the Federation is launching several new initiatives to bring the latest developments in esports to players and enthusiasts, including the adoption of the phygital system to enhance player interaction and offer a more holistic sports experience. He also revealed plans to introduce the concept of "phygital" to schools, aligning with the nation's broader digital education Hatt, CEO of Phygital International, said the selection of Abu Dhabi to host Games of the Future 2025 marks a major milestone for the event's global journey. He noted that the choice reflects the confidence placed in Abu Dhabi's capacity to deliver a large-scale, integrated event while further cementing its role as a center for sports and tech Timpano, CEO of Aspire - the innovation arm of the Advanced Technology Research Council in Abu Dhabi - affirmed the importance of supporting Games of the Future 2025 as a global platform where sport, technology and imagination converge. He underlined the growing relevance of this emerging category of competition that blends traditional sports with digital said hosting Games of the Future 2025 reflects the UAE's commitment to shaping the future of sports and technology, while elevating its global innovation inaugural edition of Games of the Future, held in Türkiye in 2024, attracted over 2,000 athletes from 100 countries and drew a crowd of more than 300,000 spectators from around the of the Future is a digital-physical (phygital) sporting event that combines real-world competition with virtual experiences. It features hybrid sports such as physical football and digital shooting, alongside interactive events that blend physical and virtual elements. The upcoming edition is expected to draw thousands of athletes and fans from across the globe for a comprehensive experience that unites athletic performance with advanced technology.
Al Etihad
2 hours ago
- Al Etihad
Khalifa University climbs 25 places to rank 177th globally in QS World University Rankings 2026
22 June 2025 13:12 ABU DHABI (ALETIHAD)Khalifa University of Science and Technology has climbed 25 places to be ranked 177th globally in the QS World University Rankings 2026, securing a spot among the world's top 200 eight consecutive years, Khalifa University has remained the top institution in the UAE, reinforcing its status as a national leader in higher education and the 2026 edition, the university leads across several key indicators including 11th in the world for International Faculty, top in UAE for International Students, Citations per Faculty, and Faculty Student Ratio and 37th globally for Academic Reputation, affirming its leadership in attracting global talent and producing high-impact scientific new QS rankings evaluated more than 8,467 universities from across 106 countries, with Khalifa University leading all 12 universities from the UAE, with a Graduate Employment Rate of an impressive 94 per Ebrahim Al Hajri, President, Khalifa University, said: 'As global academic and research landscape evolve, our consistent climb to reach the top 200 in the 2026 QS World University Rankings reinforces Khalifa University's status as a driving force in science and technology, particularly among researchers and students seeking world-class opportunities closer to home. "The 177th rank remains a testament to our faculty and students whose work continues to make a positive impact, while highlighting our global growing presence. Through our diverse academic community and our expanding international and regional industry collaborations, we are consistently contributing to meeting UAE's ambitions in knowledge economy leadership.' Source: Aletihad - Abu Dhabi
