OBIO® Toronto-based venture capital firm iGan Partners has teamed up with Dubai-based investment professional and entrepreneur Faisal Belhoul to launch iGan Arabia, a new regional fund targeting the Middle East and North Africa (MENA).

Through iGan Arabia, iGan and Belhoul will pursue investment opportunities in artificial intelligence (AI) and cloud-enhanced medical devices and digital health solutions, towards the goal of driving medtech innovation across the MENA region. The group aims to raise $250 million USD for iGan Arabia from limited partners, and also hopes to facilitate an additional $250 million in co-investments.

The fund brings together iGan and Belhoul, who have combined experience investing in medtech and supporting healthcare entrepreneurs in Canada, the United States, and the Gulf Cooperation Council (GCC)—a regional, intergovernmental political and economic union that consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).