The United Arab Emirates’ Global Ventures has joined forces with professional services company Accenture in the latter’s first partnership with a venture capital firm in the region.
The partnership signifies the Fortune Global 500 multinational’s interest in the Middle East and North Africa (MENA), according to a statement from Accenture.
Accenture also says it is eyeing up a number of new partnerships in the region following the announcement.
The company said on Thursday March 18 that it had returned to pre-pandemic growth levels after doubling down on investments in digital strategy. Many companies used its services to shift to using cloud technology as employees were forced to work from home.
Accenture, which has clients in various industries including health and financial services, acquired a number of cloud-focused ventures during the second quarter of 2020 as the pandemic was ramping up.
“[The partnership] will enable Accenture to further drive innovation in the region’s venture capital space through supporting entrepreneurs with the company’s in-depth insights and research and providing unmatched industry expertise and counsel,” said Alexis Lecanuet, regional managing director for Accenture in the Middle East.
Noor Sweid, founder and general partner of Global Ventures, added: “By combining our regional venture capital expertise and thought leadership with Accenture’s pioneering insights and global presence, we are confident we will grow the regional venture capital ecosystem together.”