UAE self-storage company The Box gets $12.5M loan led by Shorooq
Dubai self-storage company The Box has borrowed $12.5 million from investment firm Shorooq, the company said on Thursday.
Expanding Self-Storage Services
New investment will help build a self-storage facility in Dubai, increasing The Box’s total borrowed funds to $31.5 million since 2014.
The Box provides flexible storage options, meeting the needs of the UAE’s large expat community. It offers self-storage units, moving services, and packing supplies for both individuals and businesses.
Founded in 2006 by Wadih Haddad, the company runs 30 storage sites, including a 140,000-square-foot main facility. Storage unit sizes range from small 25-square-foot lockers to large 1,000-square-foot rooms. The company serves over 2,000 clients in industries like quick commerce, event management, and logistics.
Haddad said that support from Shorooq will help The Box grow further. “We aim to raise the standard of self-storage in the region to match modern urban needs,” he stated.
Background on Shorooq
Shorooq began investing in the Middle East’s growing venture debt market in 2021 with its first credit fund, The Nahda Fund I. In 2023, it launched The Nahda Fund II, and in May 2024, it secured the first round of a $100 million credit fund.
Founded in 2017, Shorooq supports tech-focused startups across the MENA region. Its co-founders, Mahmoud Adi and Shane Shin, were recently named among Forbes Middle East’s top venture capitalists of 2024.
Growth of Venture Debt in the Middle East
The Middle East’s venture debt market has grown significantly since 2021, according to Wamda’s latest report.
- 2021: 8 deals worth $262.6 million
- 2022: 16 deals worth $496 million
- 2023: A sharp rise to $1.7 billion across 10 deals
- 2024: A decline to $331 million across 19 deals
This shows how venture debt funding in the region has fluctuated in recent years.
Published: 20th February 2025
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