The Middle East is seeing a rapid increase in the number of angels and their networks. Angels are individuals of high net worth looking to invest in private companies and ventures at an early development stage. The Arab Business Angel Network (ABAN), funded by Dubai International Capital, has been actively encouraging the creation of business angel networks across the region. Walid Hanna, the CEO of ABAN, stated that the concept of a business angel investment and a business angel network is based around the idea of “smart money.” Unlike venture capital firms that invest other people’s money, angels invest their own money in the venture proposed, replacing the traditional methods of accruing seed capital: FFF (friends, fools and family). Business angel networks are created to gather angels together and to help them find propositions that they can put seed capital towards. The aim of these networks, Hanna states, is to,
