Mubasher: Mohamed Alabbar has purchased a “large” stake in Middle East Venture Partners (MEVP) to create a “leading” venture capital investment platform in the MENA region, according to a statement.

Venture capital fund MEVP, along with Alabbar, will partner with emerging local champions to help grow them into enduring regional businesses.

This step comes as part of Alabbar’s strategy, and will be followed by a series of innovative tech initiatives led by him.

“By combining Alabbar’s vision with our team’s VC experience, we will offer regional startups greater opportunities to benefit from inevitable digital disruptions,” according to Walid Hanna, MEVP founder and managing partner.