Key Highlights:

  • Strategic Partnership: Hanwha Life joins Shorooq as a trusted backer, furthering its expansion in the MENA region.
  • Cross-Regional Expertise: Shorooq leverages its extensive network and expertise in the MENA and Asia corridor, backed by 10 SWFs, including UAE, Saudi and Korean funds.
  • Investment Focus: The partnership will aim to deepen the already existent investment thesis that the firm has focus on critical sectors such as fintech, platforms, software and deep tech.
  • Impactful Alliance: This collaboration aims to foster regional innovation, support startup growth, and strengthen the alternative investment landscape across MENA and Asia.
  • ADGM and ADFW Critical Role: Partnership between the companies happened at the region’s largest finance conference, Abu Dhabi Finance Week., worth noting that Shorooq is ADGM domiciled.

Abu Dhabi, UAE– Shorooq, a pioneering multi-dimensional investment firm in the Middle East and North Africa (MENA), announced a landmark partnership with South Korea’s Hanwha Life. A leading Korean life insurance company, Hanwha Life has been at the forefront of developing both the insurance industry and South Korea’s economic growth for 78 years. As part of that growth, the financial group has expanded into several overseas markets, including Vietnam and Indonesia, with its latest market being the U.S. This partnership marks a pivotal step in Shorooq’s mission to bridge the investment corridors between Asia and the Middle East, fueled by support from prestigious global investors and sovereign wealth funds, including South Korea's Korea Venture Investment Corporation (KVIC).

With Hanwha Life’s proven track record as a major investor in global financial giants like Blackstone and BlackRock, their choice to partner with Shorooq signals a strategic entry into the MENA market. This alliance will empower Shorooq to enhance its financial services offerings while maintaining its core focus on high-impact investments in fintech, platforms, software and deep tech. As a trusted leader in cross-border investments, Shorooq has previously orchestrated significant collaborations, including a $160 million startup fund between Saudi Arabia and South Korea, underpinned by the support of 10 sovereign wealth funds (SWFs) from the region.

Minsik Shin, Chief Investment Officer of Hanwha Life said: "Our partnership with Shorooq is a strategic step forward in Hanwha Life's commitment to expanding our global presence in high-growth regions like the Middle East, which we see as a major force in the future of financial innovation and alternative investments. We were drawn to Shorooq’s impressive track record in financial services, where they have demonstrated a unique ability to build and scale impactful, value-driven solutions. This collaboration will not only build on Shorooq's existing success but also amplify it, creating new avenues for scaling financial services across the MENA region. Together, we aim to unlock opportunities for entrepreneurs and strengthen the region's role as a pivotal player in the global financial ecosystem."

Mahmoud Adi, Founding Partner at Shorooq, expressed his excitement about the partnership: “Our collaboration with Hanwha Life is a testament to Shorooq’s strength as a multi-dimensional investment firm. With Hanwha Life’s support, we are set to deepen our impact across MENA and Asia. This partnership aligns with our vision of transforming the investment landscape by backing innovative companies that will shape the future of key industries in the region.”

Shane Shin, Founding Partner at Shorooq, added: “Shorooq has always sought to bridge the gap between MENA and Asia, fostering an investment corridor that unlocks opportunities and supports growth. This partnership with Hanwha Life fortifies our ability to scale, innovate, and support emerging businesses in critical sectors, including AI and fintech. Together, we are poised to catalyze a new wave of growth and innovation.”

As MENA’s startup and investment ecosystems rapidly evolve, Shorooq’s commitment to creating cross-border synergies and fostering innovation gains even more significance. With the backing of Hanwha Life and 10 sovereign wealth funds, Shorooq is uniquely positioned to elevate the region’s alternative investment landscape, aligning with regulatory shifts and regional goals for sustainable growth.

About Shorooq

Founded in 2017, Shorooq is a multi-dimensional investment firm. Our venture capital and credit practice invests in the most innovative technology companies across the MENA region and beyond. We have built deep sectoral expertise in fintech, platforms, software, and deep tech. Shorooq has backed category leaders such as Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo. 

Shorooq was built on the values of building with founders and identifying attractive returns for investors. We pride ourselves on a local presence across the UAE, Saudi Arabia, Egypt and Korea.

Shorooq refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004 as a category 3C Fund Manager) is a member.