MENA venture capital industry to grow 5-fold in next 3 years

The Venture Capital industry in the Middle East and North Africa region is set to grow five-fold in the next three years, according to Dany Farha, CEO of BECO Capital, a regional Venture Capital firm focused on technology investments in the MENA region. Farha said this boom will be propelled by the UAE and Saudi Arabia. Tech VC activity in the region is still on the rise across all functions, from fund raising and deal flow, to closing transactions. Almost 60 percent of the companies that BECO saw were revenue-generating and more 20 percent were close to break-even. BECO Capital is targeting investments in the whole of the GCC region, with a special focus on start-ups in Kuwait, Saudi Arabia and the UAE, Egypt, Jordan and Lebanon.