News

IFC puts $15m into Beco Capital startup funds

Dubai-based investment manager Beco Capital has secured a total of $15 million from International Finance Corporation (IFC), the asset management arm of the World Bank, to support venture capital funds that target Mena-based technology startups. The arrangement with IFC comprises a $5 million investment into Beco’s first $50 million startup fund, launched back in 2012, while $10 million will go into Beco’s latest venture capital fund which is looking to raise up to $100 million. Beco’s inaugural fund has to date invested in 16 tech companies in the region including Careem, Property Finder and Vezetta. The second fund is aiming to support 24 startups over the next five years. The IFC investment is designed to both provide follow on funding to the companies in the portfolio and also attract more funding from other large investors such as Saudi-based Rimco and Bahrain Development Bank’s Al Waha Fund of Funds, according to Belco. It is not the first time that IFC has invested in Mena-based venture capital funds having previously worked with Wamda Capital and Egypt-focused Algebra Ventures. ©2018 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.