Saudi Arabia’s Technology Sector to Receive $100 Million Investment
In a groundbreaking agreement between private equity firm Gulf Capital and the Kingdom’s Research Development and Innovation Authority, Saudi Arabia’s technology sector is poised to benefit from a substantial $100 million investment.
Boosting Industry Growth
Over the next five years, this significant amount will be deployed to fuel the growth of the technology industry, as outlined in a recent press release. The letter of intent was signed in Riyadh by Rami Niazi, vice governor of strategy at the RDIA, and Karim El-Solh, co-founder and CEO of Gulf Capital.
Supporting Technological Innovation
Gulf Capital will collaborate closely with the authority to enhance, support, and fund Saudi firms driving technological innovation in sectors such as healthcare, health tech, fintech, energy, and renewables. Additionally, both parties will work together to attract and facilitate the market entry of international innovation companies into the Saudi market.
Strategic Investment Program
El-Solh expressed his enthusiasm for the ambitious investment program, stating that Gulf Capital’s role as a leading investor in the Kingdom aligns with the vision of increasing foreign direct investments. With a track record of investing in Saudi Arabia for over 18 years, Gulf Capital has deployed significant investments in a diverse portfolio of companies, including Geidea, a prominent payment services provider.
Driving Professional and Technical Growth
Mohammed Al-Otaibi, the general supervisor at the RDIA, emphasized the strategic partnership’s goal of supporting and enhancing the professional and technical growth of local companies. The collaboration aims to establish international companies within the Kingdom, ultimately positioning Saudi Arabia as a global center for innovation in research, development, and technology.