$240m investment vehicle eying Nasdaq IPO targets Saudi investors

$240m investment vehicle eying Nasdaq IPO targets Saudi investors

DUBAI: Arrow Capital, a Dubai-based investment advisory firm, has partnered with a Silicon Valley venture capital firm to set up a $240 million investment vehicle that aims to identify a potential technology partner to list on the Nasdaq New York. Arrow has teamed up with San Francisco-based Tribe Capital to partner on a special purpose acquisition company (SPAC) and, according to its press release it is looking to identify companies in the technology sector that are "showing inflection points in their growth trajectory" and are ready for an initial public offering (IPO). Often referred to as "blank check companies" in the industry, SPACs are seen as a quick and cheap route to a Nasdaq listing. The Arrow/Tribe SPAC follows in the footsteps of similar recent fundraising deals involving big regional names, such as Abu Dhabi's Mubadala Capital and Saudi Arabia's Public Investment Fund. Rohit Nanani, Arrow Capital's founder and CEO, told Arab News that he was targeting investors across the Middle East to take part in the SPAC, including those in the Kingdom. "We are excited to offer to Saudi investors the opportunity to access high quality, more diversified deal flow coming right from the heart of Silicon Valley." "We