China-Bahrain venture fund targets Middle East tech market
Thursday, 11 21 2019, Category: Technology, Country: Bahrain
China's MSA Capital and Al Salam Bank-Bahrain launched a $50 million venture capital fund on Wednesday, using Bahrain as a hub to invest in sectors such as e-commerce and financial technology in the Middle East.
As part of efforts to tackle its deficit and diversify the economy, Bahrain has been trying to re-establish itself as a regional finance centre after losing ground to Dubai, and has been marketing itself as a financial technology hub for the Middle East and North Africa (MENA).
The fund is the first venture capital project between Chinese and Gulf money, MSA and Al Salam said. It is also the first formed under Bahrain's Investment Limited Partnerships Law launched in 2017, a structure commonly used globally for such funds.