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It’s official: the SPAC bug has made its way into MENA’s system thanks to Arrow CapitalMENA

It’s official: the SPAC bug has made its way into MENA’s system thanks to Arrow Capital

Big news for all you SPAC-heads (yes, we’re coining this term) out in the Middle East — UAE-based Arrow Capital has co-sponsored a new tech SPAC called Tribe Capital Growth Corp I, which raised $240m in its Nasdaq IPO. Arrow Capital’s partner-in-SPAC is American venture capital firm Tribe Capital.

This deal is major for investors in the MENA region as it will give them greater and direct access to the Silicon Valley tech market. This will likely also encourage more companies to join in on the SPAC party one way or another.

why it matters
The blank check company frenzy first made its way to MENA last week when Anghami, aka the Middle East’s Spotify, announced it was going public in the US via a merger deal with a SPAC. It was only a matter of time until other players in the region's ecosystem got FOMO and jumped in on the trend.