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CHAMPION OF THE DAY
Emirati Mohamad Alabbar
acquires large stake in MEVP
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.
Reported by Derek Issacs
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May 22, 2017
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