Forbes Middle East has revealed its annual list of the Top Venture Capitalists for 2024, recognizing influential leaders who have been key players in driving innovation and growth within the MENA region’s dynamic startup ecosystem.
Among the 30 honorees, four Egyptians have been celebrated for their contributions, highlighting the nation’s growing influence in venture capital.
Saudi Arabia leads the rankings with 11 entries, followed by the United Arab Emirates (UAE) with 10. Two venture capital firms are dual headquartered in Saudi Arabia and the UAE.
Egypt follows with four entries, while Jordan and Kuwait have two and one firm each, respectively. This representation underscores the critical role of these countries’ venture capitalists in nurturing startups across key sectors such as fintech, e-commerce, and renewable energy.
Ali Mokhtar, CEO and Managing Partner of Beltone Venture Capital, ranks sixth on the list of the region’s top leaders. Since the inception of Beltone Venture Capital in April 2023, as a subsidiary of Beltone Holding, Mokhtar has been pivotal in positioning the company as a major player in the venture capital space.
Under his leadership, the firm has established a solid portfolio of 14 startups, including WayUp Sports, Bosta, Trella, ariika, VelyVelo, Cathedis, Lychee, Khazna, and BirdNest, among others.
In 2024, Beltone Venture Capital achieved remarkable growth, making six major investments and expanding its portfolio to over USD 40 million (EGP 2.04 billion).
A key highlight of the year was the collaboration with CI Venture Capital to manage Citadel International Holdings’ USD 30 million (EGP 1.53 billion) fund, aimed at supporting fast-growing startups across the region. This partnership exemplifies Mokhtar’s strategic vision to promote innovation and advance the growth of tech-enabled startups with regional ambitions.
Mokhtar’s recognition by Forbes emphasizes his impactful leadership in one of the region’s most active VC (venture capitalist) firms.
Flat6Labs’ cofounders, Ahmed El Alfi and Hany Al-Sonbaty, ranked fourth overall, making them the top Egyptian venture capitalists on the list. Flat6Labs also emerged as the most active investor in the MENA region in 2024, closing 37 deals.
A15’s Managing Partner, Karim Beshara, secured the 18th spot. Since its inception in 2014, A15 has been instrumental in scaling tech-enabled businesses across MENA. Meanwhile, Algebra Ventures’ leadership team, including Karim Hussein, Laila Hassan, Tarek Assaad, and Omar Khashaba, secured the 19th position, solidifying the firm’s reputation as a leader in fostering high-growth startups.
The recognition of these leaders spotlights the transformative impact of Egyptian venture capitalists on the region’s startup ecosystem.
Their strategic investments and innovative approaches continue to position Egypt as a vital player in MENA’s entrepreneurial success story.
