Alabbar to Set Up $1bln Tech Investment Fund – MENA’S Largest to Date
Al-abbar Entreprises, along with a number of private investors from the region, is set to launch the MENA’S largest technology fund. Led by Emarati businessman Mohamed Al-abbar, the fund aims to collect investments worth $1 billion to drive Arab tech-entrepreneurship and create a “sharing economy” business model that will be considered the first in the region. The fund will search for opportunities to acquire technological projects operating in high-growth sectors, such as retail, fashion, transportation, media, and others. According to Arabnet, current estimates value the funding of tech startups in the MENA region at over $750 million in 450 projects between 2013 and 2015.