Gaurav Dhar, a tech investor and second-generation fintech entrepreneur based in Dubai, is closely observing the tech sector in Africa, predicting an influx of larger funds into the region and drawing key lessons from the Middle East.
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| Gaurav Dhar |
"THE CONTINENT OF AFRICA HAS ITS OWN PATH OF ADOPTION FOR TECHNOLOGY, INFRASTRUCTURE, AND DIFFERENT ECONOMIES… THERE IS HUGE POTENTIAL BUT THE UNLOCKING OF IT HAS TAKEN DIFFERENT TRAJECTORIES…”
At the Dubai Fintech Summit in May, Dhar, dressed in a dapper blue suit, stepped out of the lavish Madinat Jumeirah hotel into the afternoon sun. Warm and welcoming, he referenced a conversation from a few weeks prior.
As the Group CEO of Marshal Fintech Partners, Dhar frequents events focused on investments, fintech, startups, venture capital, entrepreneurship, and innovation in the vibrant city of Dubai.
Much like the dynamic and diverse city he was born and raised in, Dhar’s expertise spans a wide range. Despite being a third-generation expatriate, he takes pride in operating out of Dubai while conducting business globally, including in Africa.
"I consider myself an ambassador of the UAE. I have Indian roots, but for all intents and purposes, I consider myself an honorary Emirati. There is a pride in being part of the story of building this country in some way, shape, or form." Dhar’s grandfather moved to the UAE in the early 1970s as the General Manager of General Motors, during the formation of the seven emirates from the Trucial States.
Dubai was then a developing city centered around a port, generating profits from maritime activities. "The UAE was its own little paradise, and now it is a global powerhouse… Our business evolved along with the country," Dhar reflects on his family’s journey.
Following in his grandfather's footsteps, Dhar’s father, Anil, moved to the UAE in the late 1970s, working at Unilever and Texas Instruments before founding his own business. He transitioned an office furniture and supplies company into a technology-focused enterprise, incorporating typewriters, photocopiers, and fax machines as businesses in the region sought ways to formalize and store work.
"My father wanted to follow the next trend and control his own destiny," Dhar recalls. His company, Marshal Equipment and Trading LLC, started in the UAE and expanded across the Gulf Cooperation Council states and Africa. "It has been profit-generating for over 35 years and consistently growing," says Dhar from his office on Dubai’s ritzy Sheikh Zayed Road, home to the Burj Khalifa.
As a curious child, Dhar watched the business evolve. His answer to questions about the family business while studying at Doon School in India was always "payments technology." His mind was already on the job.
The business expanded internationally as interest in payments technology grew in Dubai. When Dhar, who studied law at the University of Exeter in the UK and considers himself "a second-generation fintech entrepreneur," first explored fintech, he had to convince his father of its potential.
"In 2015, when we discussed nonprofit generating companies based on valuation, my father, a businessman, initially thought it wouldn’t work. Spending money is easy; making money is hard."
Dhar spent time in San Francisco, Hong Kong, Vietnam, India, and other places to understand the venture capital space. About seven years ago, he began investing in fintech across the Middle East, Asia, Africa, Latin America, and the U.S. Three years ago, Marshal Fintech Partners was acquired by a Middle Eastern sovereign wealth fund.
With over 19 years of experience, Dhar is deeply invested in fintech ecosystems. "It’s exciting to be part of this evolution where the startup and investment ecosystem is maturing," he says.
"If I were to discuss payments technology with my father, he would be well-equipped because he was there as it was being developed and adopted in the Middle East," Dhar adds with a smile.
Business growth has been organic, built on codependency and reciprocal relationships across technology, business, and venture capital. Through these collaborations, Dhar has formed valuable networks and friendships with a genuine desire to drive economic growth and create jobs in the Middle East and Africa.
The Middle East has historical ties with Africa, and Dhar continues to build connections on the continent, often featuring African fintech and Web3 startup founders on his weekly podcast series. "Africa has its own path for adopting technology, infrastructure, and different economies… There is huge potential, but it has taken different trajectories to unlock it."
"The Middle East has significant sovereign wealth and has been investing internationally for decades, bringing access to knowledge and exposure," Dhar explains. "Africa has similar potential but hasn’t accelerated its timeline to benefit the whole continent."
However, Dhar sees massive opportunities and synergies between the regions. "Larger funds are coming to Africa, either from Europe or within the continent. Entrepreneurship needs funding."
"The most-friendly regulator and telco operator will gain massively, and governments need to support ecosystems to retain talent," Dhar notes, adding that the Middle East has excelled in government-private sector partnerships. "The UAE has written the playbook for this, driving venture capital and innovation."
As a board member of the MENA FinTech Association, Dhar plans a trip to Africa soon. When not on advisory boards or giving back to the entrepreneurial community, he indulges in other interests like F&B, collecting vintage cars, and hosting vintage car rallies in Dubai.
Published on Dubaitowa.