Alab­bar’s Ven­tures for Sum­mer 2017

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Alab­bar’s Ven­tures for Sum­mer 2017

Mo­hamed Alab­bar, Founder and Chair­man of Dubai’s Emaar, the de­vel­oper of the world’s tallest tower the Burj Khal­ifa, has been on an ac­qui­si­tion spree this year. In May, Dubai’s Emaar Malls ac­quired a 51% stake in e-com­merce fash­ion web­site Namshi from Global Fash­ion Group (GFG), a startup set up by Rocket In­ter­net, for $151,M as com­pe­ti­tion for tech­nol­ogy deals heats up in the Mid­dle East. Dur­ing the same month, Alab­bar also an­nounced that he had ac­c­quired a large stake in Mid­dle East Ven­ture Part­ners (MEVP) to cre­ate one of the lead­ing ven­ture cap­i­tal in­vest­ment plat­forms in the Mid­dle East and North Africa (MENA) re­gion. In Septem­ber, fol­low­ing the strate­gic part­ner­ship, MEVP and Alab­bar launched the Mid­dle East Ven­ture Fund III (MEVFIII) - with a tar­get size of $250M. MEVFIII will in­vest in in­no­va­tive early-stage and growth-stage tech com­pa­nies in the MENA and Turkey re­gion. The tar­get fund size of $250M makes it one of the few in­de­pen­dent re­gional ven­ture cap­i­tal funds ca­pa­ble of com­mit­ting large in­vest­ments to meet the growth re­quire­ments of tech com­pa­nies in MENA and Turkey. The fund will of­fer long-term in­vestors look­ing for tech ex­po­sure in the MENA and Turkey a di­ver­si­fied in­vest­ment ve­hi­cle led by MEVP’S strong man­age­ment team that has a proven track record. The in­ter­na­tional re­tail fran­chise op­er­a­tor M.H. Al­shaya Co. ac­quired a strate­gic stake in Noon, the re­gion’s new e-com­merce plat­form, in Septem­ber. Al­shaya also re­vealed that it will be­come a seller on Noon’s mar­ket­place plat­form, list­ing a port­fo­lio of in­ter­na­tional brands cov­er­ing the fash­ion, health & beauty and home & life­style cat­e­gories. At the time of print, Noon had launched in the UAE of­fer­ing an ex­ten­sive range of in­ter­na­tional brands, cov­er­ing cat­e­gories that are pop­u­lar among youth, fam­i­lies and chil­dren. It is set to launch in KSA in the com­ing weeks.

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