UAE mogul to set up $1bln investment fund to advance region’s technology
Al Arabiya News Channel has learned that Mohammed al-Abbar aims to raise $1bln to advance technology in the Arab region
Alabbar Entreprises, led by Emirati businessman Mohammed al-Abbar, along with a number of private investors from the region, is set to launch the Middle East and North Africa (MENA)'s largest technology fund, Al Arabiya News Channel has learned.
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.
According to what Al Arabiya News Channel has learned, the fund will search for opportunities in acquiring technological projects operating in high-growth sectors, such as retail, fashion, transportation, media and others.
Arab entrepreneurs are being called to help invest and help the fund's growth. According to current estimates, tech start-ups’ funding in the MENA region was valued at over $750mln in 450 projects between 2013 and 2015.
The move comes amid other investment measures, which Abbar recently adopted, including acquiring 16% of Aramex to help establish the biggest platform for e-commerce in the Arab world. In addition, the establishment of the first comprehensive electronic platform for payments is in the works regionally.
Abbar had previously led the Adeptio group and succeeded in acquiring Kharafi’s share in Americana (Kuwait Food Company) for $2.36 billion.
This article is also available in Arabic on AlArabiya.net.