Saudi Arabia's Merak Capital has set up a private equity fund tailored for the fashion sector that aims to bring local industry and talent to the global stage.
The 300 million Saudi riyal ($80 million) Fashion Fund, managed by Merak – with the kingdom's Cultural Development Fund as an anchor investor – will invest across the fashion value chain, the Riyadh-based private investment firm said at the first Cultural Investment Conference in Riyadh on Tuesday.
It will focus on growth-stage companies and Saudi brands, as well as projects that use new technology and business models across apparel, accessories, supply chain enablers, e-commerce and beauty, it added.
The fund aims to position Saudi Arabia as a hub for talent and innovation, "enabling Saudi brands to expand regionally and globally, in line with the ambitions of Vision 2030", said Abdullah Altamami, founder and chief executive of Merak Capital.
The establishment of the Fashion Fund is also aimed at building a sustainable and competitive Saudi fashion industry, said Majed Alhugail, chief executive of the Cultural Development Fund.
"Through our strategic partnerships with the private sector, we are laying the foundations for growth, innovation and global market access, while empowering enterprises and fashion entrepreneurs to maximise their economic and social impact."
Saudi Arabia continues to diversify its economy beyond oil, tapping into numerous sectors that align with its Vision 2030 economic programme.
Fashion is a growing sector in the country, with the Arab world's largest economy establishing the Fashion Commission under the Ministry of Culture to support and promote the industry.
Overall, the kingdom is poised for significant growth in the fashion and luxury market, which is expected to hit $42 billion by 2028, from $30 billion in 2023, data from industry tracker Fashion Futures indicates.
"We are confident that this fund will be a powerful enabler for Saudi talent and a platform for showcasing cultural identity," Mr Altamami said.
"Its impact will extend across the ecosystem – from beauty and e-commerce to innovative design – opening new opportunities for entrepreneurs and reinforcing the kingdom’s position as a global centre for creative industries.”
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
