Islamic bank Al Salam Bahrain to launch tech-focused VC fund with China’s MSA Capital

Shariah-compliant Al Salam Bank-Bahrain has partnered with China-based MSA Capital to launch a $50 mln venture capital fund.

MEC Ventures will target investment opportunities “that put innovative Chinese technologies and business models to work within the MENA region using Bahrain as a gateway,” said Al Salam in a bourse filing on Wednesday (Nov 20).

The fund will cover multiple sectors including e-commerce, fintech and sub-sectors in the tech ecosystem such as big data, artificial intelligence, cloud computing, logistics and networking systems, said Al Salam.

MSA Capital’s portfolio includes companies in healthcare big data, gene sequencing, electric vehicles, food delivery, ride hailing, micro mobility, and cross-border e-commerce. The companies include Uber, Mobike, B2B steel trading platform Zhaogang, and China’s Airbnb Tujia.

Al Salam said the fund is expected to be the first investment limited partnership to be established under Bahrain’s recently-introduced Investment Limited Partnerships Law.

This is the second Bahraini-Chinese investment fund announced this month.

Alternative investments manager Investcorp Holdings on Nov 7 said it was partnering with China Resources and Fung Strategic Holdings on a private equity platform targeting food brands in Asia, specifically China, Singapore and greater Southeast Asia. The platform aims to raise $500 million.

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