IF YOU BUILD IT
Leading investors are right in step with the government in spurring entrepreneurship at a young age among Kuwait's talented youth.
BIOGRAPHY
Prior to Faith Capital, Mohammed Nabil Jaffar owned Talabat.com, an online food delivery platform acquired in 2010. Under his leadership, the company became a market leader throughout the GCC and was successfully sold in 2015 to Rocket Internet, the German internet giant. This deal remains one of the largest internet technology transactions in the Arab world, and Talabat and Jaffar are recognized as pioneers and key innovators of the e-commerce space in the region. Through Faith Capital, Jaffar is now promoting and funding a new generation of technology businesses such as Just Clean, Kuwait’s first marketplace laundry. His goal is to promote local entrepreneurs to compete successfully both regionally and on a global stage. He completed his BSc in economics from the University of Surrey.What key factors are making Faith Capital such a successful and unique company?
Faith Capital was established in early 2017 to focus on investing in the technology space, predominantly by supporting Arab individuals who work in the technology sector. It has invested in six companies to date, and there will also be further investments in 2019, God willing. Furthermore, we are creating a new marketing team that will establish a solid and highly strategic plan to drive our business growth in 2019 and subsequent years. What makes us different from other VCs is our active participation in the companies we invest in. At the end of the day, we are entrepreneurs investing in and supporting other entrepreneurs by constantly advising and nurturing them. This includes HR, operational, and technical assistance, or simply by brainstorming ideas. In addition, we seek sharia-compliant businesses, as we want to put an emphasis on advancing business in an ethical way. We believe that religion can lead to successful and fulfilling businesses—a powerful lesson I learned from my grandfather's success. It was this that encouraged me in 2008 to initiate my own entrepreneurial journey. A decade later, our activities are flourishing, and my everyday challenge is to keep applying these principles in order to ensure continued success in business. On top of it all, we are blessed to be surrounded by believers, achievers, and people who share the belief that a business has to be equally beneficial for every party involved by applying logical Islamic values.
What key changes in the market has Faith Capital had to consider when making investments?
In this part of the world, we are behind the Europeans and Americans when it comes to investing in the tech space. However, over the last three years, this sector has attracted a lot of money from within the GCC. An increasing number of investors from the region are investing in technology because they truly believe in its potential. The trend is moving forward in the right direction. As a result, Faith Capital is not working alone, as other players enter this space and start to gather more confidence in the industry. Of course, this is not without its risks and requires patience. At present, investors in this part of the world are starting to understand how the game is played when it comes to tech companies, and the sector is, therefore, evolving at a fast pace. Governments are also taking positive steps to create initiatives to invest in both tech and non-tech start-ups and to improve entrepreneurship among Kuwaitis. Even though this is recognized as a long-term process, we have noticed a consistent and positive evolution that makes us very hopeful for the future.
Have you seen any initiatives from the private or public sector to incentivize entrepreneurship in Kuwait?
We have the Kuwait National Fund for SME Development where I was a board member for a year. The National Fund is continuously evolving and constantly improving. The government's aim with this fund is to encourage entrepreneurship and develop the broader SME ecosystem. Since the economy is shifting away from oil revenues, it is of paramount importance for Kuwait to expand and diversify the rest of the economy by investing in Kuwaitis and encouraging them to do business.
IF YOU BUILD IT
TABLE OF CONTENTS
Interview
Adel Abdul Wahab Al-Majed , Chairman, Kuwait Banking Association (KBA)
Through a broad array of information, specialized committees, staff expertise, and other resources, KBA supports Kuwait's banks as they perform their critical role in energizing the economy and helping communities thrive.
read articleInterview
Sheikh Dr. Meshaal Jaber Al-Ahmed Al-Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
KDIPA adopts a proactive approach to attract value-added direct investments supported by an integrated promotional strategy serving Kuwait's developmental goals in line with its National Vision 2035.
read articleCommuniqué
Legal Reform and Infrastructure Projects Spell Opportunity for Foreign Investors
Along with the introduction and modernization of new laws and regulations, the vision of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to transform Kuwait into an international center for commerce and industry by 2035 is already being implemented through Kuwait's National Development Plan. Coupled with the promulgation of progressive FDI regulations, these new opportunities spell positive news for foreign companies looking to conduct business in Kuwait.
read articleFocus: Developing connectivity
Connecting the Dots
Today, connectivity is hardly indispensible for individuals and the companies where they work. Kuwait's smart cities, considered elsewhere in the book, will thrive on it, and meanwhile the nation continues to register notable business deals from the informatics sector.
read articleInterview
Khalid Abbas , Country Manager-Kuwait, Unilever
Contributing to the improved health and wellbeing of communities and reducing environmental footprint are key priorities for Unilever, which is committed to improving the health and wellbeing of up to 1 billion people globally by 2020.
read articleInterview
Mohammed Yousif Soud Al-Sabah , Board Chairman & Director, Public Authority of Agriculture Affairs and Fish Resources (PAAAFR)
PAAAFR has adapted a package of policies to face challenges inherent to deserts, hot climate, and water scarcity, bringing Kuwait closer to achieving national food security, one step at a time.
read articleInterview
Yang Chunsen, Vice President/ Chief Representative, China State Construction Engineering Corporation Middle East (CSCME) Kuwait
CSCME is a technology-driven company that leverages its R&D and long-standing partnership with the government to increase its participation in the future development of Kuwait.
read article