The Middle East Venture Partners (MEVP) announced that it is partnering with Mohamed Alabbar to launch the Middle East Venture Fund III (MEVFIII) targeting a worth of $250 million.

The fund is MEVP’s third in the Middle East, and will aim at investing in startup tech companies in the MENA and Turkey region.

It comes four months after a strategic partnership deal was reached between businessman and founder of online platform Noon.com, Mohamed Alabbar, to create the venture capital fund.

“A new generation of tech-savvy young digital entrepreneurs is driving the growth of this region’s digital ecosystem. Their innovative ideas can bring transformational changes to the local economies,” Alabbar, said.

“MEVP’s new fund will support emerging local tech companies with dedicated capital, specialized expertise, and operational support enabling them to reach their next level of growth,” he added.

According to a release issued by MEVP, long-term investors looking for tech exposure in the MENA and Turkey region will be offered a diversified investment vehicle led by MEVP’s strong management team that has a proven track record.

“MEVP is a pioneer in the venture capital investment industry in this region. Since 2010, we have been committed to supporting regional tech entrepreneurs to grow their businesses into market leaders,” Walid Hanna, MEVP Founder and CEO.

“We have a current investment portfolio in over 40 ventures, which has created more than 1,100 quality tech jobs for the region’s youth.”