Boris unveils £100m Islamic startup fund
BORIS Johnson unveiled plans for a £100m Islamic entrepreneur fund in his speech at the World Islamic Economic Forum yesterday. The fund, still under discussion, would involve contributions from the UK and foreign governments, and would encourage tech startups from the Islamic world to expand into the UK.
Jeremy Green of Quantum Capital Partners, who has been involved in the discussions, told City PM that “we want to give startups from the Islamic world the opportunity to use the UK as a launch pad for internationalisation.”Bilateral talks have already begun, and it is understood that the fund could be launched within a year if these discussions are successful.
“Britain is a global hub for the tech industry, while the Islamic world has young entrepreneurs with ambitious ideas,” Johnson said in his speech. Taken as a whole, 60 per cent of the population in the Islamic world is now under 30.