Al Salam Bank-Bahrain: driving MENA's digital transformation
To drive investment opportunities for the MENA tech industry, Al Salam Bank-Bahrain (ASBB) has partnered with MSA Capital (MSA).
Total venture capital fund: US$50mn
Under the kingdoms recent Investment Limited Partnership Law, the privately funded venture - known as MEC Venture - will target opportunities to implement innovative Chinese technologies into business models in the MENA region using Bahrain as a gateway.
The MEC Venture will invest in multiple sectors and technology including, ecommerce, fintech, logistics, big data, artificial intelligence, cloud computing and networking systems.
What does this mean for the MENA region?
The fund aims to drive capital, as well as technology flow and cooperation between MENA and China. By introducing this fresh approach of value creation and knowledge transfer the region will benefit from improved best practices that have been established in the Chinese tech-industry.
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In addition, the MENA region will gain access to ASBB’s market presence and MSA’s extensive portfolio which includes core sector leaders in healthcare big data, gene sequencing, electric vehicles, food delivery, ride hailing, micro mobility, and cross border e-commerce.
“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. We are proud to partner with Al Salam Bank-Bahrain to establish MEC Ventures, and see Bahrain as a hyper-efficient, user-friendly gateway to the MENA region, where we can collaborate with regulators, entrepreneurs, and strategic corporate partners to pilot new business models and serve as a hub for regional expansion,” said Ben Harburg, Managing Partner at MSA Capital.
For more information on business topics in the Middle East and Africa, please take a look at the latest edition of Business Chief MEA.