Middle East Venture Partners (MEVP) has announced the launch of its third Mena venture capital fund, the Middle East Venture Fund III (MEVFIII) with a target size of $250 million.

MEVFIII will invest in innovative, early-stage and growth-stage tech companies in the Mena and Turkey region, reported Wam, the Emirates official news agency.

 The launch of the new fund follows the announcement in May that Mohamed Alabbar, chairman of Emaar Properties, and MEVP have entered into a strategic partnership to create one of the leading venture capital investment platforms in the region.

"A new generation of tech-savvy young digital entrepreneurs is driving the growth of this region’s digital ecosystem. Their innovative ideas can bring transformational changes to the local economies. MEVP’s new fund will support emerging local tech companies with dedicated capital, specialised expertise, and operational support enabling them to reach their next level of growth," Alabbar said.

According to reports, venture capital investments in Mena were less than 0.03 per cent of the GDP in 2016, significantly lower than 0.20 per cent in India and 0.40 per cent in the US. This lack of venture capital funding is in stark contrast to the tech savviness of consumers and businesses in Mena and Turkey and their growing demand for advanced and competitive technology products and services.

The target fund size of $250 million makes it one of the few independent regional venture capital funds capable of committing large investments to meet the growth requirements of tech companies in Mena and Turkey. The fund will offer long-term investors looking for tech exposure in the regions, a diversified investment vehicle led by MEVP’s strong management team that has a proven track record.

Walid Hanna, founder and CEO of MEVP, said, "MEVP is a pioneer in the venture capital investment industry in this region. Since 2010, we have been committed to supporting regional tech entrepreneurs to grow their businesses into market leaders. We have a current investment portfolio in over 40 ventures, which has created more than 1,100 quality tech jobs for the region’s youth."