Financial services firm Al Salam Bank-Bahrain is partnering China-based venture capital firm MSA Capital on a $50m venture capital fund called MEC Ventures, Reuters reported yesterday.
The Bahrain-headquartered vehicle will make investments in Middle East and North Africa (MENA)-based startups operating in the financial technology and e-commerce sectors, in addition to those developing technologies in areas such as artificial intelligence, big data, cloud computing, networking and logistics.
MEC Ventures is being launched two years after Bahrain introduced the Investment Limited Partnerships Law, which allows limited partnerships to conduct financial services activities and make investments.
In addition to Al Salam and MSA, the fund raised capital from Chinese entrepreneurs and China-based institutional investors as well as family offices located in the Gulf Cooperation Council region.
Rafik Nayed, chief executive of Al Salam, said in a statement: “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.
“Bahrain is a natural fit for this pioneering partnership having served as a commercial bridge linking East and West for thousands of years. MEC Ventures will be an active participant in the regional venture capital landscape which only stands to grow by leveraging on cutting edge China-based technologies and expertise.”
