Venture capital fund has been an essential part of building the business hub in many uprising economies. With Tech being a very key player in the future of entrepreneurship across the globe, the Middle East Venture Partners (MEVP) and Mohamed Alabbar have collaborated to unveil the Middle East Venture Fund III (MEVFIII) which is geared towards providing investment staged up to $250m as a support scheme for Tech startups within the MENA Region and Turkey. With this announcement, there is a high expectation for innovative outcomes within the region’s Tech enterprise hub. The partnership announcement was also accompanied by the reveal of Noon.com, a 1$b venture e-commerce platform which in itself has received an investment from Alyshaya Group and supported by Saudi Arabia’s Public Investment Fund and a number of GCC investors.
The expectations of the WEVFIII is not limited to the thoughts of the larger ecosystem key players but also the driving force behind the MEVFIII. The founder of MEVP, Mohamed Alabbar, highlighted the global rise in Social Media’s value and thus, a keen interest for the Middle East to have a stronghold in the global trend. The new development will inject a new level of energy within the Tech enterprise community within the region which most likely will result in innovation within the sector. Additionally, Rashad Alabbar, a shareholder of MEVP and the founder of Sivvi.com reiterated the thoughts of Mohamed Alabbar. He mentioned the need for Techpreneurs within the MENA region and Turkey to immerse themselves and adapt to the fast growing needs and demands of the Tech space. He advised the entrepreneurs to focus on building a strong team to work with. He highlighted the relevance of inspiring team members in an enterprise.