Mena equity association opens at DIFC
Dubai, January 25, 2012
The Mena Private Equity Association, a platform for facilitating more investment by private equity and venture capital funds in the region, has officially launched its office at the Dubai International Finance Centre (DIFC).
Welcoming the association, Abdulla Mohammed Al Awar, the CEO of DIFC Authority said Mena’s venture capital industry had grown substantially in recent years, but remained relatively underdeveloped.
"We look forward to supporting the Association in its endeavors to unlock the great potential in this industry and consequently contribute to economic growth and job creation in the region.”
The association’s 25 members, including the largest private equity and venture capital fund managers in the Mena region, combined, have over $18 billion in assets under management.
As venture capital activity continues to grow in the region, the association is also active in facilitating entrepreneurship and venture capital activity in the region.
The focus on this growing trend has been marked with the association’s initiative to launch a VC Guide to raise awareness of the industry, as well as a free online directory of VC firms and business incubation services to help fill the information gap.
Skander Oueslati, senior partner at AfricInvest-Tuninvest, and member of the association steering committee said, "The launch comes at a critical time for Mena, as populations throughout the region push for better governance and economic prospects. Job creation and space for entrepreneurship will be fundamental to stability going forward."
"These social changes are complemented by ongoing shifts in the region’s young private equity industry, with fund managers increasingly investing in early stage businesses and growing SMEs," he added.
The association also works on key research reports and industry data, including the annual private equity and venture capital report, and the Mena venture capital report.
It has also held industry roundtables focused on in-depth discussions and knowledge sharing on topical issues with experts. These efforts will support investors and their business partners to overcome the current economic challenges in the region and identify future opportunities.
Imad Ghandour, founder and managing partner of CedarBridge Partners and a member of the association steering committee, said the association is proving to be pivotal for the progress of the private equity industry.
"It is combining the resources from its members to further the causes of investment and entrepreneurship in the region, and its impact has already been felt on many issues," he added.-TradeArabia News Service