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.”



UAE, Palestine Sign Agreement to Boost Anti-Money Laundering Efforts, Strengthen Regulatory Systems

Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)
Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)
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UAE, Palestine Sign Agreement to Boost Anti-Money Laundering Efforts, Strengthen Regulatory Systems

Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)
Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the Anti-Money Laundering Committee, during a meeting with officials. (WAM)

The United Arab Emirates and the Palestinian Authority signed on Friday a cooperation agreement aimed at strengthening joint efforts to combat money laundering and enhance economic and regulatory frameworks.

The agreement was reached during a bilateral meeting between Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, and Yehya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the National Anti-Money Laundering Committee.

Held at the Ministry of Economy’s headquarters in Dubai, the meeting explored ways to deepen cooperation and exchange expertise in supervisory and regulatory policies. Discussions also covered global trends in financial crime and their impact on the stability of economic systems.

According to the Emirates News Agency (WAM), both sides stressed the importance of aligning with international best practices and launching joint training initiatives to build specialized capacity. The goal is to enhance institutional readiness to address evolving financial crime threats and to reinforce investor confidence and financial integrity.

Al Marri highlighted the UAE’s strides in modernizing its legal and regulatory architecture to meet international anti-money laundering standards.

He pointed to the country’s recent achievements, including its removal from the Financial Action Task Force (FATF) grey list and the European Parliament’s list of high-risk jurisdictions.

The minister reaffirmed the UAE’s commitment to sharing its experience with the Palestinian Authority to help bolster its economic security and advance its financial oversight systems.

The meeting also showcased the UAE’s National Economic Register project, known as “Namo,” which provides a unified, reliable digital database of all commercial licenses across the country.

Officials discussed efforts to standardize procedures for identifying beneficial ownership and to boost oversight of designated non-financial businesses and professions, including real estate brokers, precious metals dealers, accountants, and corporate service providers.

Both parties agreed to continue coordination and knowledge-sharing in this critical sector, emphasizing the importance of building sustainable economic systems and fostering stronger bilateral cooperation in transparency, governance, and financial integration.