Venture Capital Fund, the SME investment fund of Venture Capital Bank Bahrain, has invested in Dar Alwasmi Company, a Bahrain custom furniture manufacturer.
Dar Alwasmi Company provide high quality handmade furniture, such as bedrooms, dining rooms and office furniture. According to the firm, the Woodwork and Furniture Industry in the GCC, in size, rivals most international markets. Studies show that imports of furniture and décor are increasing every year.
Established in the Kingdom of Bahrain in 2005, VCBank operates under an Islamic investment banking licence from the Central Bank of Bahrain and has an authorized capital of $500 million.
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More details from their release follows
Venture Capital Fund Bahrain (VCFund Bahrain), the leading SME investment fund in the Kingdom of Bahrain, has successfully signed a partnership agreement with Dar Alwasmi Company, the Bahrain custom furniture manufacturer.
The signing ceremony was attended by Mr. Abdullatif Mohamed Janahi, Chairman of VCFund Bahrain, Dr. Ahmed Aljawhary, Member of the VCFund Bahrain's Board of Directors, and Mr. Ali Marzooq, the Entrepreneur behind Dar Alwasmi, Ms. Elham AL Koheji and Mr. Saeed Haji, VCFund Bahrain's investment management team.
Mr. Janahi commented by saying:
"This agreement confirms our faith in Bahraini talents and VCFund Bahrain's investment framework in SMEs. Despite the large and influential role SMEs play in any economy, most of these enterprises face difficulty in acquiring suitable and sufficient financing, thus hindering their growth and profitability potential. This is one obstacle the VCFund Bahrain is trying to eradicate, through investing in the ideas and energy of entrepreneurs to grow their operations from a local business to one with a regional reach."
Mr. Janahi added, "VCFund Bahrain invested in Dar Alwasmi after fulfilling the requirement of the VCFund Bahrain's criteria. The VCFund Bahrain Investment team has collaborated with the company owner in preparing the business plan and the investment case for Dar Alwasmi. The VCFund's management is in the process of evaluating more opportunities including family owned companies in different sectors and god willing we expect to start investing in them soon."
Dr. Aljawhary stated, "The Woodwork and Furniture Industry in the GCC, in size, rivals most international markets. Studies show that imports of furniture and décor are increasing every year. While the financial crisis may have negatively affected many sectors related to construction, many opportunities still exist."
He continued, "The VCFund's framework and methodology in studying and executing investments rely heavily on highlighting the success factors in these projects while mitigating the risks and challenges it faces. VCFund Bahrain aims first and foremost to help these companies that need the financing and expertise to manage and execute their future growth plans."
Commenting on the occasion, Mr. Marzooq said, "I thank VCFund Bahrain team for the support in securing this partnership. We are proud to be chosen as a solid investment choice. We are contributing effectively in raising the Bahraini level of workmanship as we provide high quality handmade furniture, such as bedrooms, dining rooms and office furniture."
"With over 10 years of experience in the field, I feel confident in saying that the Bahraini wood and furniture workmanship rivals that of the region in both price and quality. We have been able to produce works of art with the skilful hands of our exceptional craftmen. We look forward to do more of that with this new partnership, and make Bahrain proud of its industry," added Mr. Marzooq.
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