BVC and Citadel Partner to Launch $30M MENA Project

Beltone Holding (“Beltone”), a leading financial institution, announced that its venture capital arm, Beltone Venture Capital (“BVC”), has entered into a partnership agreement with CI Venture Capital, a subsidiary of prominent UAE-based investment management firm Citadel International Holdings. The partnership establishes a $30 million fund to support high-growth startups in the MENA region.

The fund has already begun deploying capital, finalizing investments with several promising startups across various sectors. BVC will leverage its expertise in identifying and supporting early-stage companies, while CI Venture Capital contributes its financial resources and regional reach.

Fady Dahlan, Managing Partner of CI Venture Capital: “We are excited to partner with Beltone Venture Capital to foster the growth of high-potential technology companies in the MENA region. This investment will significantly contribute to the development of the region’s early-stage innovation ecosystem.”

Ali Mokhtar, CEO of Beltone Venture Capital: “The fund represents a continuation of BVC’s core strategy since its inception in 2023. We act as value investors and partners to founders, helping them scale their businesses and achieve their full potential. This partnership allows us to expand our regional presence while focusing on high-margin sectors primed for exponential growth through technology.”

The fund will primarily target pre-seed and seed funding rounds. BVC will provide continued support to high-performing portfolio companies through follow-on investments. Additionally, the fund remains open to attractive opportunities at different funding stages.

Legal Representation

Mostafa Al Azab: Beltone Chief Legal Officer (pictured)

Shawn Fagan: Citadel Enterprise Chief Legal Officer (pictured)