EQIQ’s Mohamed Al-Hakim On Doubling Iraq Startup Fund

Abu Dhabi-based venture capital firm and venture builder EQIQ is on its way to double its Iraq-focused fund's size from US$15 million to US$30 million, reinforcing its commitment to building and backing technology startups in what is one of the MENA region’s most underpenetrated markets. 

Founded by Mohamed Al-Hakim and Said Rahmani in the UAE in 2022 and registered in the Abu Dhabi Global Market (ADGM), EQIQ focuses on greenfield and brownfield investments across e-commerce, fintech, logistics, and other tech-driven verticals. The firm’s strategy centers on creating a network of portfolio companies that can share infrastructure and customer bases to drive capital efficiency and scale faster. 

Since completing its first close in January 2023 with US$15 million from local and regional backers, EQIQ has deployed US$8.5 million into five startups across logistics, edtech, fintech, and social commerce, three of which were co-built from scratch by the firm. 

"The Iraqi market is full of untapped potential but is hindered by several critical inefficiencies," Al-Hakim told Inc. Arabia in an interview. "The market remains deeply fragmented, with no one-stop-shop platforms to serve consumers a wide range of products and services and proven experiences. EQIQ is focused on backing or creating tech champions that fill this gap, ventures built on reliable logistics, digital payments, and e-commerce infrastructure, with selection, value, reliability, speed, and care as core value propositions." 

Al-Hakim has long believed in Iraq’s potential to support thriving digital businesses. After launching his first startup at 15 and exiting it before turning 20, Al-Hakim then studied at University College London and worked at Goldman Sachs in London. He returned to Iraq in 2014 and went on to lead Careem’s operations in Iraq and Jordan, laying the groundwork for what would become a decade-long commitment to building Iraq’s digital infrastructure. 

Beyond the fragmentation in Iraq, Al-Hakim pointed to technological limitations and subpar user experiences that hinder consumer trust in the country. “Access to scalable, proprietary technology is another major challenge," he shared. "Many local players rely on outdated or third-party tools with limited customization, which restricts innovation. Iraq, however, has the opportunity to leapfrog traditional tech development in the region. EQIQ addresses this by deploying next-generation platforms developed by world-class expertise and a local perspective that caters to the needs of the Iraqi market.” He also noted that, through its venture builder, EQIQ is looking to improve the customer experience. “Customer experiences are inconsistent and unsatisfactory, with broken booking, delivery, and after-sales experiences, leading to a lack of trust and credibility," Al-Hakim pointed out. "EQIQ focuses on going the extra mile to create delightful, reliable experiences." 

For global and regional investors, Iraq may still be perceived as a high-risk environment, but Al-Hakim believes the data tells a different story. “The perceived risk is higher than the actual risk in Iraq; the country suffers from a perception problem," he explained. "It is one of the fastest-growing economies in the region with solid fundamentals. We believe Iraq is the last untapped major economy in the world, and market inefficiencies have driven a wedge between supply and demand of capital, driving potential returns even higher.” 

While EQIQ’s operations are focused on Iraq, its decision to domicile in ADGM was a deliberate one. “Operating under ADGM’s internationally recognized legal and financial framework enhances investor trust by signaling a strong commitment to compliance, transparency, and governance, all of which are essential when operating in emerging markets,” Al-Hakim noted. “At the same time, we preserve our local relevance and operational agility through a dedicated entity in Iraq. This allows us to navigate the local market dynamics, support our portfolio companies on the ground, and build trusted relationships within the ecosystem.”

He added that EQIQ’s base in ADGM helps counter Iraq’s perception problem, offering investors an extra layer of confidence through regulatory credibility. “EQIQ’s ADGM base reassures investors about compliance, financial transparency, and cross-border governance. The fund also employs a rigorous investment approach through active board representation with value-added and reserved matters, exhaustive evaluation of targets, and fund-level technical support.” 

Al-Hakim told us that the dual structure “not just strategic—it’s necessary,” pointing out that “Iraq currently lacks a dedicated regulatory framework for funds, and its commercial law remains simplistic with limited governance mechanisms. By leveraging ADGM’s robust ecosystem while maintaining operational depth in Iraq, we ensure that EQIQ is both globally credible and locally effective.” 

EQIQ’s team draws on extensive experience in high-risk, high-growth environments. “EQIQ’s founding partners have a solid track record in navigating the MENA's political instability and economic swings, having deployed more than $500 million in investments and generated 3.3X return over their careers," Al-Hakim explained. "They have proven successful in dealing with regional capital controls and establishing digital ecosystems, while adapting to the cultural and legal landscape.” 

As the fund now doubles in size, Al-Hakim emphasized that EQIQ’s experience deploying capital in Iraq has sharpened its investment approach. “Successful ventures thrive because their founders possess deep, on-ground experience in Iraqi markets," he said. "EQIQ prioritizes local context over generic market assumptions. Ventures achieve product-market fit rapidly by embracing iteration and adapting to on-the-ground realities, not waiting for regulatory perfection or ideal conditions. We love to launch quickly, fail fast, learn from our mistakes, and pivot.” 

“We build every product from the ground up, customized to Iraq’s unique market needs," Al-Hakim continued. "Our tech-enabled portfolio does not rely on third-party solutions. Owning our stack lets us move fast, adapt quickly, and design around real user behavior. It’s about building long-term, scalable value in a market that demands local understanding and technical depth.” 

When evaluating founders, EQIQ looks for more than pitch decks and projections. “EQIQ backs founders with world-class expertise who demonstrate deep local market knowledge and a relentless drive and aspiration to build something,” Al-Hakim explained. “We look for real problem solvers with tech innovation at the core of their business, who build with purpose and consumer satisfaction in mind. We also seek resilience and adaptability in navigating Iraq’s volatile regulatory and infrastructural landscape.” 

For entrepreneurs hoping to get EQIQ’s attention, Al-Hakim's message is direct. “I suggest entrepreneurs focus on building solutions aligned with their purpose and passion—this alignment fuels resilience when challenges inevitably arise," he said. "We look for founders who are problem-solvers, willing to work hard, make sacrifices, and learn from failure. We value deep local insight, execution fluency, humility, and the ability to adapt quickly. Our ventures are tech-enabled and built in-house to meet the unique needs of the Iraqi market, and we expect the same from founders. If you're mission-driven, coachable, and committed to solving real problems, you're already on the right path.”  

Pictured in the lead image is EQIQ co-founder Mohamed Al-Hakim. Image courtesy EQIQ.