- Malaysian startup inks partnership with Taibah Valley a Medina based VC
- Relocation is part of efforts to support the Kingdom’s Vision 2030 program
Taibah Valley, the Saudi Arabian based investment arm of Taibah University in Medina, has announced its partnership with TheNoor, a Malaysian leader in technology and Islamic lifestyle that involves moving TheNoor’s headquarters to Medina, marking a significant strategic shift for the startup that launched in Kuala Lumpur last year with ambitions to be the go to app for Muslims who want to live their lives based on Islamic principles.
Popular Malaysian influencer Noor Neelofa is a co-founder as well.
According to TheNoor the move provides it with a technologically vibrant and innovative environment, alongside a deep spiritual dimension that Medina, the city of the Prophet Mohammad ﷺoffers.
DNA has learnt that no investment amount has been agreed upon by the two parties yet with Taibah Valley giving TheNoor facilities like offices, labs, and wages for its C-level executives. It will also introduce TheNoor to regional Middle East investors.
While TheNoor will start with around a dozen executives in Medina, with its senior executives flying into Saudi Arabia in the early stages, the relocation of its HQ to Saudi Arabia will sting the Malaysian Government which is making a strong effort to strengthen the startup ecosystem in the country and has a stated ambition of helping build five unicorns by 2025 through its MYStartup initiative.
While still early in its startup journey, TheNoor is one of the startups seen as having potential to eventually grow into a unicorn.
Dr Jaber Almutairi, CEO of Taibah Valley highlighted that the collaboration with TheNoor is part of Saudi national efforts to support technology companies within the Kingdom’s Vision 2030 program to enhance the digital economy. Jaber added that Taibah Valley is committed to supporting TheNoor in expanding its services and assisting them in connecting with investors and innovators in the region.
Mohammad Izairi Yamin, CEO and founder of TheNoor, said the move to Medina is not just a strategic business decision, but also a recognition of their roots and values. He emphasized that Medina provides the ideal environment for the growth of TheNoor, both as a company and as a beacon of Islamic lifestyle, adding that the partnership with Taibah Valley represents a shared vision for innovation and empowering the global Muslim community.
The expansion of TheNoor, supported by Taibah Valley’s expertise in emerging technologies such as artificial intelligence, blockchain, and the Internet of Things, paves the way for advanced Islamic lifestyle services. This partnership will also lead initiatives in sustainable development and startup incubation.
