Middle East Venture Partners (MEVP) announced May 18 that Mohamed Alabbar, acquired a large stake in the company to create one of the leading venture capital investment platforms in the Middle East and North Africa (MENA) region. 

Alabbar is an Emirati billionaire and the founder and the chairman of Emaar Properties, one of the largest real estate development companies in the world.

MEVP is one of the largest VC firms in the MENA region with an established track record by cofounders Walid Hanna, Walid Mansour and Rabih Khoury. It currently manages four regional ICT-focused VC funds with more than $120 million in assets under management and $60 million in co-investments.

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.

Together with Alabbar, MEVP will partner with emerging local champions to help grow them into enduring regional businesses.

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.”

He added: “We are privileged to be building the future of the digital economy in a region that has all the fundamentals for success. The VC sector will take the lead in preparing the region’s businesses to evolve and remain relevant through this digital transformation.”

Walid Hanna, MEVP founder and managing partner, said: “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.”