RIYADH: Dubai-based fund manager Shuaa Capital has established the Gulf Cooperation Council’s largest venture debt fund with $250 million as it bids to beef up businesses across the region. The Shariah fund, to be listed in Abu Dhabi’s market, will focus on technology ventures “seeking alternative sources of capital,” the investment bank said in a statement. “We aim to support the growth of businesses, create jobs, lead further developments in innovation and technology, support economic diversification, and guide founders towards realizing their vision," said head of debt at Shuaa Capital, Natasha Hannoun. The move comes at a time when the Gulf is seeing a boom in venture capital transactions, having increased by 112 percent annually, with 281 deals worth $1.7 billion. Early-stage businesses are dominating investments with VC funding to the Middle East and North Africa startups soaring to $2.6 billion in 2021.