Alabbar mulls buying venture capital firms

dubai — Dubai-based businesstycoon, Mohamed Alabbar, is weighing buying into venture capital firms in the Middle East to help kick start his $1 billion technology fund, according to people familiar with the matter.

Representatives for Alabbar held talks with several regional companies, including Middle East Venture Partners and Beco Capital, about either buying them entirely, joining as a coinvestor or making a significant investment in the firms, the people said, asking not to be identified as talks are private. Final agreements haven’t been reached with any party and discussions may not result in a deal, they said. Alabbar has held talks with several regional venture capital firms and all options are on the table, his spokesman said. A representative for Beco said it hasn’t held discussions with Alabbar about a takeover of the company, and declined to comment on further talks. MEVP declined to comment.

Alabbar, who is also chairman of the Middle East’s largest listed developer, Emaar Properties, is increasingly focusing on technology investments and set up the technology investment fund with other regional investors. Separately, he raised $1 billion from investors including Saudi Arabia’s sovereign wealth fund to create e-commerce firm Noon. — Bloomberg