Dubai's Alabbar to Weigh Buying Into Venture Capital Firms - Bloomberg

Dubai's Alabbar to Weigh Buying Into Venture Capital Firms - Bloomberg:

"Dubai-based business-tycoon Mohamed Alabbar is weighing buying in to venture capital firms in the Middle East to help kick start his $1 billion technology fund, according to people familiar with the matter. Representatives for Alabbar held talks with several regional companies, including Middle East Venture Partners and BECO Capital, about either buying them entirely, joining as a co-investor or making a significant investment in the firms, the people said, asking not to be identified as talks are private. Final agreements haven’t been reached with any party and discussions may not result in a deal, they said. Alabbar, who is also chairman of the Middle East’s largest listed developer -- Emaar Properties PJSC -- is increasingly focusing on technology investments and set up the technology investment fund with other regional investors. Separately, he raised $1 billion from investors including Saudi Arabia’s sovereign wealth fund to create e-commerce firm Noon. Emaar’s mall unit missed out to Amazon.com Inc. last month when it bid for online retailer Souq.com for $800 million."



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