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UAE: $250 Million Fund to Invest in Emerging Tech

The United Arab Emirates flag flies in front of the Jumeirah Beach Residence in Dubai December, Reuters
The United Arab Emirates flag flies in front of the Jumeirah Beach Residence in Dubai December, Reuters
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UAE: $250 Million Fund to Invest in Emerging Tech

The United Arab Emirates flag flies in front of the Jumeirah Beach Residence in Dubai December, Reuters
The United Arab Emirates flag flies in front of the Jumeirah Beach Residence in Dubai December, Reuters

Emirati businessman Mohammad Alabbar urged Arab investors to invest in what he called “e-economy” in the Arab region due to its low percentage in the GDP especially amid pursuits by Arab governments, namely Saudi Arabia, UAE and Egypt, to adopt modern policies.

Alabbar’s statement was made on the sidelines of Middle East Venture Partners (MEVP) launching of a venture capital fund with a target size of $250 million. The fund will invest in innovative early-stage and growth-stage tech companies in the MENA region and Turkey. 

The launch of the new fund follows the announcement in May 2017 that Alabbar and MEVP have entered a strategic partnership to create one of the leading venture capital investment platforms in the region.

Alabbar said: “A new generation of tech-savvy young digital entrepreneurs is driving the growth of this region’s digital ecosystem. Their innovative ideas can bring transformational changes to the local economies. MEVP’s new fund will support emerging local tech companies with dedicated capital, specialized expertise, and operational support enabling them to reach their next level of growth.”

According to reports, venture capital investments in MENA was less than 0.03 percent of the GDP in 2016, significantly lower than 0.20 percent in India and 0.40 percent in the US. This lack in venture capital funding is in stark contrast to the tech savvy of consumers and businesses in MENA and Turkey and their growing demand for advanced and competitive technology products and services.

The target fund size of $250 million 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 drive led by MEVP’s strong management team that has a proven track record.

Walid Hanna, MEVP Founder and CEO, said: “We have a current investment portfolio in over 40 ventures, which has created more than 1,100 quality tech jobs for the region’s youth.”

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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."