Emirati businessman Mohamed Alabbar is set to launch a new technology fund in the Middle East and North Africa, aimed at growing the Arab tech-entrepreneurship scene, according to Al Arabiya.
Alabbar’s company Alabbar Enterprises is behind the fund, alongside many private investors from the region.
The fund aims to collect $1 billion worth of investments, making it the largest tech fund in the MENA region. It aims to create a sharing-economy business model and looks to explore opportunities in promising sectors including retail, transport and media.
The fund will be open to all Arab entrepreneurs.
Recently, Alabbar Enterprises and a group of Gulf investors purchased a combined 16.45 percent stake in Dubai-based courier Aramex, buying out founder Fadi Ghandour’s stake in the company.
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