In this special live recording of the Shaping Philanthropy podcast, Nafez Dakkak,  shares the story behind launching Anara Impact Capital, a groundbreaking US$50 million fund to support startups across MENA focused on learning, climate, and well-being. 

Anchored by Alfanar Venture Philanthropy, Anara is the first regionally-backed impact investment fund of its kind.

The episode opens with a personal reflection on growing up in occupied Palestine and Dakkak’s decision to pivot from neuroscience to economics at Yale. “I realised that if I became a neurosurgeon, I'd be saving one person at a time, but if I could do something at a societal level, it would be a lot more important.”

Speaking to an audience of practitioners, advisors, entrepreneurs, foundation staff, and humanitarians at the Sharjah Research Technology and Innovation Park (SRTI), Dakkak outlined Anara’s investment strategy and the importance of working closely with founders to help them scale regionally and beyond. “The best way to predict the future is to create it,” he said.

While acknowledging the growth of the region’s venture capital scene, he highlighted that only 5 percent of funding currently goes to learning, climate, and well-being—compared to 20 percent globally. 

Drawing on his experience at the Queen Rania Foundation, where he led the creation of the Edraak learning platform, Dakkak spoke passionately about the need to raise literacy standards and move beyond flashy tech solutions. “We learn to read, but then we read to learn—and if our kids can't read to learn, then what?”

Funders include Dara Holdings, the family office of Saudi businesswoman Lubna Olayan, several other family offices, and a European development bank providing first-loss capital. Dakkak acknowledged the challenges of securing regional backers, citing cultural hesitations around publicly discussing impact. “We're trying to create a movement and start something new—and that doesn't happen unless we can share these stories.”

He also addressed the recent withdrawal of USAID funding, describing it as painful in the short term but potentially beneficial in the long run. “I hope it’s going to create more sustainable and locally-based solutions that are culturally attuned.”

Finally, Dakkak emphasised that impact investing is not a panacea. “There will always be a need for philanthropy. I'm not asking an entrepreneur to come and figure out the capitalist market-based solution to famine in Sudan—that needs direct humanitarian aid.”

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Circle is a partnership between Philanthropy Age and the Pearl Initiative. It is supported by the Gates Foundation.