Shorooq Partners of Abu Dhabi is part of a technology investing firm has closed its second private credit fund at $100 million through the support of regional and South Korean investors. This further enhances bilateral cooperation between the United Arab Emirates and South Korea in the economy.
The fund follows SIM . *’s initial investment with a subsidiary of IMM Investment Corp. , which is a $6 billion Korean private equity and venture capital organization. This will be a new partnership in which IMM Investment Corp. shall own only a fraction of the partnership shares. Earlier, both firms dealt in Shorooq’s initial technology-driven private credit fund, which positively impacted an agriculture start-up firm Pure Harvest and Saudi’s fintech, Tamara.
Shorooq Partners pointed to an upward trend in the regional private credit market to rising need for the non-bank funding option by the local tech sector. A new fund is proposed to have a targeted sector/industry specialization and the proposed sectors/industries are; manufacturing, industrials, financial and software services.
This is in continuation with increasing economic cooperation between the South Korean and UAE economies. In the course of a state visit by the UAE leader, president Sheikh Mohammed bin Zayed Al Nahyan the UAE committed $30 billion for investment in South Korea energy and defense industries last year accordingly. The current UAE leader is also planning to make another trip to South Korea later in the month thus enhancing the bilateral cooperation in economic affairs even further.
