Young Arab leaders and Daman Investments partner with Al Islami Foods and Ali Al Aidarous Legal Practice
DUBAI – United Arab Emirates: Alf Yad Limited LLC, a Dubai based venture capital fund today announced two venture capital investment deals.
Alf Yad is a joint venture between the UAE Chapter of the Young Arab Leaders and Daman Investments PSC – Daman Investments is also manager of the fund. The investments involve two major, locally owned and managed Dubai based firms, Al Islami Foods and Ali Al Aidarous Legal Practice LLP. Commenting on the investments, Mr. Tariq Baker, Chairman of the YAL UAE Chapter said: “We are very proud to announce our first two investments. Our goal is to empower young entrepreneurs who are destined to become the leaders of the future. In today’s increasingly challenging world, we stand as support to give those future leaders the opportunity to excel. So many of today’s youth have the talent of creativity that allows for so many great ideas, only those ideas need the funding and support to take them into the light of day and that’s what we’re here for.”
When asked about the selection of the specific projects, Mr. Shehab Gargash, CEO of Daman Investments, the Alf Yad fund manager said: “The two groups are well qualified and experienced in their specific area of expertise. Both have solid business plans that required development capital for rapid expansion, which is where Alf Yad plays its part with capital injection and advisory services. We are very pleased to welcome the innovative Al Islami Cart franchise operations as a perfect fit for our spirit of fostering entrepreneurial excellence and building local human capital. Ali Al Aidarous Legal Practice is known for its excellent, highly successful locally based practice. As they now want to expand operationally, we believe that they are the perfect model for other individually owned businesses seeking significant venture capital partner relationships.”
About Al Islami Foods – The Al Islami Cart
Speaking about the partnership, Al Islami Foods CEO Mr. Salah Abdullah Lootah said:
“We believe that we can offer a unique opportunity by this partnership. The vital venture capital to Al Islami Cart initiative would be a lifeline for the young Arab entrepreneurs in the region who are educated and ambitious and ready take off in the business world.”
Commenting further on the Al Islami Cart franchise operations, Mr. Lootah continued:
“For the first time in the UAE through Alf Yad, Al Islami has introduced the unique Al Islami Cart – ‘On-The-Go fresh delights every day’ franchise model. Moving with the modern lifestyle, the Cart is a unique business model for the region’s young entrepreneurs, which includes microwave oven, chiller for sandwiches, chair, hotdog grill, counter display chiller, cash-machine, where, sandwiches and hotdogs can be prepared and sold instantly. The Cart franchise business model benefits young entrepreneurs to earn steady monthly cash flow, thus our bid to strengthen local human capital, the private sector and the local economy in general.”
Mr. Lootah ended his comments with an affirmation of social responsibility being part of the business model: “Al Islami Foods and Alf Yad will pursue their commitment of social responsibility by establishing a strong business-base for young UAE entrepreneurs, offering franchise opportunities, encouraging them to get into the field of the halal food industry and initiating new ventures by introducing new types of food options. Al Islami’s drive to encourage the use of innovative franchise opportunities is the symbol of our genuine determination to instill self-reliance among the younger community. After the launch of Al Islami Cart in the UAE, Al Islami intends to introduce this innovative concept in Egypt and Malaysia and is planning to take this rich idea to the European markets as well.
About Ali Al Aidarous Legal Practice LLP
Commenting on their entry into the Alf Yad joint venture, Mr. Ali Al Aidarous, Founding Partner of Ali Al Aidarous Legal Practice said: “As a small, personally owned practice, expansion has always posed significant challenges faced by everyone in legal practice. As well, the UAE does not have well developed sources of financing for small and medium enterprises, and there is little tradition of venture capitalists for companies of this size. In such an environment my vision and expansion plans were in danger of becoming mere thoughts on paper, and I was eager to explore all legal avenues to realize my goals. Alf Yad was the perfect solution for my needs because they understood and shared my vision of the future, as good partners often do, and they were ready to enter into a strategic relationship with me by providing flexible financing options according to the needs of my expansion plan.”
When asked why use structured financing and not personal loans, Mr. Al Aidarous said: “Alf Yad not only provided me with the necessary financing to realize my vision, they also contributed technical business expertise on how to develop my business, and instituted a monitoring system which I use to obtain feedback on the performance of my organization.
Alf Yad’s participation in my firm is a great source of motivation for me, as now I can actually take my law firm to the higher level where it truly belongs, and I also have the opportunity to buy back my shares after a known rate of return is achieved, thus energizing me to excel as never before.”
ABOUT ALF YAD
Alf Yad, a joint venture between Daman Investments PSC and the UAE Chapter of the Young Arab Leaders, is the first venture capital management company of its kind to be launched in the Middle East. With a unique focus of utilizing Arab businesses as a platform to maximize investor returns, Alf Yad will not only profit from the new Arab Economy but contribute to it as well.
The Alf Yad initiative consists of 10 venture capital funds that will be launched in succession. Bringing investors and Arab businesses together, Alf Yad directly focuses on becoming part of the new Arab economy by directing its investments to the Arab World, which will result in returns for its limited partners while contributing to the overall Arab economy.
For further details, please contact: Ms. Soha Hamadi
Daman Investments PSC Tel: + 971 4 408 0419
Fax: + 971 4 332 6465
Yasser Fathy/ Walid El-Tigi
Arabia PR FZ LLC
Tel: + 971 4 391 12 00
Fax: + 9714 390 45 11