UAE-based Mohamed Hilal Group has signed an investment agreement with Spanish Startup VirtuE R&D, through the newly-launched Sharjah Angel Investors Network (SAIN), operated by The Sharjah Research, Technology, and Innovation Park (SRTI Park). The deal marks the first investment to be made directly through the newly launched Sharjah initiative and also the first for MHG in the technology sector.
VirtuE, specialised in the development of AI applications for psychology, joined the STRI Park back in June 2020.
“We aspire that the value of the Spanish company, with which our group has signed a four-year investment agreement, to reach Dh3 billion to Dh4 billion and to go global through Sharjah,” said Mohamed Hilal, CEO of Mohamed Hilal Group.
“Our new investment clearly reflects our commitment to attracting quality investments, especially in future sectors, owing to the importance of the healthcare and psychology in maintaining the solidness of our community and economy, especially after the Covid-19 pandemic has shown us the importance of harnessing modern technology to maintain our physical and mental health, while the startups have proven to be the spearhead in technical investments that support the economy and humanity,” Hilal added.
As per the agreement, MHG will expand VituE’s operational presence to include other markets besides the UAE. Additionally, both parties will collaborate on launching an AI-based scientific research hub that focuses on Equine‐assisted therapy and developing game-based digital programs to enhance mental and psychological health and to promote a more self-conscious society.
“We are pleased to see such kind of strategic partnerships under the umbrella of Sharjah Angel Investors Network (SAIN) between one of SRTI Park-headquartered large investment groups, Mohamed Hilal Group, and the Spanish company VirtuE R&D which is also operating in the SRTI Park,” said Hussain Al Mahmoudi, CEO of SRTI Park.
SAIN was launched last December, with an aim to convert high-net-worth individuals into angel investors and help them execute the angel investment process.
From its side, SRTI Park will provide the angel investors with a training programme to educate them on the key elements of angel investment, how to diversify risks, negotiate deal terms and ways to pursue deals and support emerging companies.