Al Salam Bank and China’s MSA Capital partner to launch venture capital fund

The Bahrain World Trade Center in Manama; MEC Ventures will be based in Bahrain. (File photo: Reuters)

Al Salam Bank-Bahrain (ASBB) and China-based MSA Capital announced on Wednesday a $50 million venture capital fund targeted at investment opportunities for Chinese technologies and business model implementation in the MENA region.

Al Salam-MSA Bahrain Fund I (MEC Ventures) will be based in Bahrain and is the first privately funded venture focused on unifying Chinese and Middle Eastern capital and technology markets.

“The combination of high mobile penetration, high ARPU [average revenue per user], and a large youth population, coupled with substantial market white space, evidenced by factors such as low ecommerce penetration levels and large unbanked populations, offer an ideal opportunity for investment,” said Ben Harburg, managing director at MSA Capital.

Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53