Emirati Mohamad Alabbar
acquires large stake in MEVP

Non-controlling share

is less than 50 percent

Emirati Mohamad Alabbar, founder of Emaar Properties, has acquired a stake in Middle East Venture Partners (MEVP). Alabbar’s acquisition is just under 50 percent.

“Alabbar had been looking for a VC partner who knows the technology ecosystem and approached us,” the company said.

The VC firm has $120 million in assets spread over four funds, two locally, and two regionally.

MEVP and AlAbbar plan to invest in a new fund that will be launched here and regionally later this year.

The firm will be looking to partner with emerging local startups to help grow them into regional businesses.