Ali Mokhtar, CEO and Managing Director of Beltone Venture Capital, has secured the 6th overall spot on Forbes’ list of the Middle East’s top venture capitalists for 2024. This recognition highlights Mokhtar’s pivotal role in nurturing and expanding the startup ecosystem within the MENA region. In April 2024, Beltone signed a partnership agreement with CI Venture Capital to manage a $30 million fund to support fast-growing startups in the region.
Under Mokhtar’s leadership, Beltone Venture Capital has built a robust portfolio, which includes 14 leading startups such as WayUp Sports, Bosta, Trella, ariika, VelyVelo, Cathedis, Lychee, Khazna, and BirdNest. Egypt continues to solidify its position as a key player in MENA’s startup ecosystem, with four Egyptian venture capitalists featured on Forbes’ list.
Ali Mokhtar earns prestigious Forbes rank
In the first nine months of 2024, MENA startups raised $1.3 billion through 352 deals, slightly down from the previous year, according to MAGNiTT. However, investor confidence remains robust, with a 34 percent increase in unique investors, totaling 386 backers. Saudi Arabia has been a dominant force in the MENA startup scene, capturing 39 percent of the total funding.
Of the 30 entries on Forbes’ list, Saudi Arabia leads with 11, followed by the U.A.E. with 10, and Egypt, Jordan, and Kuwait with four, two, and one firms, respectively. Mokhtar’s recognition as one of the top venture capitalists in the region celebrates his significant contributions to the MENA startup ecosystem and his transformative leadership. His continued efforts are driving innovation and fostering the growth of startups toward sustainable success.
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