Abu Dhabi, United Arab Emirates – 24 March 2026: UAE-based venture capital firm Phoenix Venture Partners (PVP) has successfully completed the third closing of its inaugural fund, Phoenix Venture Partners Innovation Fund CEIC Limited (PVPIF), marking another milestone in the firm’s growth and strengthening investor confidence in the region’s venture capital ecosystem.
The third closing, effective 13 March 2026, attracted new investors from the United States, France, Saudi Arabia, Kuwait, and the United Arab Emirates, including institutional investors, single-family offices, and high-net-worth individuals. The latest commitments further expand PVP’s global investor base and reflect growing international interest in innovation-driven opportunities across the GCC and wider MENA region.
PVPIF focuses on early-stage, high-growth startups across key sectors including fintech, healthtech, edtech, mobility, agrifood, energy, and consumer technology. While the fund has a strong regional focus on MENA, it also aims to back companies with globally scalable business models and innovative technologies.
Commenting on the development, Steve Khayat, Founder and CEO of PVP, said the successful closing highlights strong investor confidence in the GCC’s innovation landscape.
“The timing of our closing is a testament not only to PVP’s commitment to the GCC region and the MENA as a whole, but also to that of our esteemed investors. Despite ongoing regional sensitivities that continue to influence global markets, our collective confidence reaffirms the resilience of the GCC’s venture capital landscape and the region’s broader financial ecosystem,” he said.
He added that the firm remains committed to supporting founders across the region and strengthening the venture capital ecosystem, particularly within Abu Dhabi Global Market (ADGM) and the wider GCC market.
The fund remains open for additional capital commitments ahead of its planned final close in October 2026, while PVP continues deploying capital into scalable, innovation-led startups across the region. The firm had previously completed the second close of its $50 million fund in March 2025, and the latest milestone reinforces its position as an active early-stage investor in the Middle East and North Africa.
With continued investments into high-potential startups and growing international participation, Phoenix Venture Partners is positioning itself as a key player in supporting the next generation of technology founders across the region.
