Dubai’s Alabbar acquires stake in Middle East Venture Partners

Dubai-based billionaire Mohamed Alabbar has acquired a stake in venture capital firm Middle East Venture Partners (MEVP), the company said in the statement on Thursday.

The firm did not disclose the size or the value of the stake.

MEVP is a Middle East-focused venture capital company, which has offices in Beirut, Dubai and the US. It has more than $120 million in assets under management, according to MEVP website.

The acquisition is part of Alabbar’s strategy to boost the region’s digital economy, the statement said.

“We are privileged to be building the future of the digital economy in a region that has all the fundamentals for success,” Alabbar said in the statement.

“The venture capital sector will take the lead in preparing the region’s businesses to evolve and remain relevant through this digital transformation,” he added.

Alabbar, who is the chairman of Dubai-listed Emaar Properties, has been investing in technology-related projects, including e-commerce platforms Noon.com and JadoPado.