Hong Kong-based Tsangs Group announced on Tuesday that it would partner with Dubai-based HBK Department of Projects (HBK), founded by Sheikh Hamad Bin Khalifa bin Mohammed Al Nahyan, to launch a joint Tech and Innovation fund for start-ups involved in Industry 4.0 and other disruptive emerging technologies.
The company said the primary focus regions for the fund would be the Middle East, Central Asia, the Sub Continent and Africa.
"We are incredibly pleased to join hands with Tsangs Group for this historical Tech and Innovation fund and very excited to see Patrick and Tsangs Group's passion and dedication in investing and partnering with us for the development of truly disruptive tech startups," said Sheikh Hamad Bin Khalifa bin Mohammed Al Nahyan, Chairman and Founder of HBK.
Anwar Hussein, Group CEO of HBK added the proposed fund is the first of its kind and sector agnostic.
Patrick Tsang, Chairman of Tsangs Group said the HBK agreement is the group's first collaboration in the Middle East.
"We strongly believe that co-investment and partnership with our strengths, global network, expertise shall create value and change to make the world a better place," he said.
Tsangs Group is a China-Focused Single-Family Office headquartered in Hong Kong with offices in London, Beijing and Shenzhen, according to the statement.
(Writing by SA Kader; Editing by Anoop Menon)
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