Shorooq, a multi-dimensional investment firm in the Middle East and North Africa officially announce a game-changing partnership with HANWHA LIFE CO., LTD., one of South Korea’s largest conglomerate and a financial powerhouse with $300B in AUM on the sidelines of Abu Dhabi’s marquee event ADFW.
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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).
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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.
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.”
About Shorooq
Shorooq is a multi-dimensional investment firm in the Middle East and North Africa. The firm is grounded on the fundamental principle: “Founders’ Partners, Company Builders and Value Investors.” The team bring years of entrepreneurship and professional investment experience in venture capital, venture debt and private equity in the United Arab Emirates, Saudi Arabia, United States and more.
Shorooq’s mission is to propel the technology startup innovation landscape in the region. The firm has a portfolio of 80+ startups across fintech, platform and software. Shorooq Partners have received the Investor of the Year Award three consecutive times and was recognized as the Fastest Growing VC in the region.
Shorooq was founded in 2017, headquartered in Abu Dhabi and is the first one to become licensed as a full fund manager in ADGM. It has presence and offices in Abu Dhabi, Dubai, Riyadh, Cairo and Korea.
About Hanwha Life
As the first life insurance company founded in Korea in 1946, Hanwha Life has consistently been at the forefront of the industry’s development, protecting its customers’ health and well-being.
Hanwha Life Insurance offers Whole Life Insurance and Critical Illness Insurance, as well as savings-type insurance, including annuities, and provides individual asset management services. Additionally, the company sells retirement pensions, accident and health insurance, and group insurance to corporate clients.
With a solid financial structure, boasting total assets exceeding USD 100 billion, Hanwha Life achieves the highest value in terms of asset soundness, operational competitiveness, and product competitiveness.
Furthermore, leveraging its competitive edge in digital technology, Hanwha Life is leading the future financial market in Asia. The company is actively expanding into the global financial market, with its headquarters in Seoul and overseas subsidiaries in the United States, Vietnam, Indonesia, China, and Japan.
