Mohamed Alabbar, founder and chairman of Dubai-based Emaar Properties, has acquired a non-controlling stake in Middle East Venture Partners (MEVP), a leading venture capital firm in the region.

The move is aimed at creating one of the leading venture capital investment platforms in the Middle East and North Africa (Mena) region.

This investment is part of Alabbar’s strategy to boost the region’s digital economy and follows a series of innovative tech initiatives led by him, said a statement from MEVP.

One of the largest venture capital firms in the region with an established track-record by co-founders Walid Hanna, Walid Mansour and Rabih Khoury, MEVP along with Alabbar, will partner with emerging local champions to help them grow into enduring regional businesses.

MEVP currently manages four regional information and communication technology-focused venture capital funds with over $120 million in assets under management and $60 million in co-investments.

On the stake deal, Alabbar said: "I am delighted to acquire a stake in MEVP and to partner with its established VC investment team on this long-term journey of discovering the region’s future innovators and tech entrepreneurs."

"While preserving MEVP management’s operational independence, we will extend support to young and emerging digital entrepreneurs with growth capital, strategic advice, and operational support, and help them grow into sector leaders, regionally and beyond. We are privileged to be building the future of the digital economy in a region that has all the fundamentals for success," stated the Emaar chief.

"The venture capital sector will take the lead in preparing the region’s businesses to evolve and remain relevant through this digital transformation," he added.  

Walid Hanna, MEVP founder and managing partner, said: "We are honoured to be part of Alabbar’s wider plans for the region’s digital sector, as his venture capital technology investment partner."

"This is an exciting day for MEVP and is a testament to our unique ability and proven track-record in identifying and funding Mena market leaders," stated Hanna.

"This investment reiterates MEVP’s reputation as the VC regional leader. By combining Alabbar’s vision with our team’s VC experience, we will offer regional startups greater opportunities to benefit from inevitable digital disruptions," he added.-TradeArabia News Service