Bahraini bank Al Salam has teamed up with China’s MSA capital to launch a new venture capital fund centered on China’s technology market.
The Al Salam-MSA Bahrain Fund I, also known as MEC Ventures, will launch with $50 million in starting capital and is hoping to bring the practices developed at Chinese technology firms into the Middle East.
“Al Salam Bank-Bahrain is uniquely positioned to provide regional access to capital and investment opportunities in the ever-growing Mena market complementing MSA’s deep industry expertise,” said Rafik Nayed, the bank’s chief executive.
“We believe that the Mena region is nearing an inflection point that can be accelerated through the adoption of Chinese-inspired mobile-first business models,” added Ben Harburg, MSA Capital’s managing partner.
The forthcoming fund launch comes just weeks after the announcement of a similar tie up between Bahrain-based alternative investor Investcorp and Hong Kong-based fund manager China Everbright to launch a fund offering exposure to China’s tech sector.
Meanwhile Bahrain’s sovereign wealth fund, Mumtalakat, recently announced plans to invest in a $250 million venture capital fund run by MSA Capital focused on the Mena region.
©2019 funds global mena