Gulf Capital, RDIA partner to invest $100M in Saudi tech
The partnership aims to support the growth of Saudi tech companies in sectors like healthtech, fintech, renewable energy, sustainability, and future economies.
Gulf Capital, a UAE-based investment firm, has partnered with Saudi Arabia's RDIA to invest over $100 million in the Saudi tech sector over the next five years.
The partnership aims to support the growth of Saudi tech companies in sectors like healthtech, fintech, renewable energy, sustainability, and future economies.
The memorandum of understanding (MoU) was signed in Riyadh by Rami Niazi, Deputy Director-General for Strategic Affairs at the Saudi Authority for Research, Development and Innovation, and Karim ElSolh, Founder and CEO of Gulf Capital.
“Through this strategic partnership, we seek to support and enhance the professional and technical growth of local companies and to facilitate the establishment of international companies within the Kingdom to achieve national priorities for the research, development, and innovation sector and for the Kingdom to become a global centre for innovation,” said Mohammed Alotaibi, General Supervisor at the Saudi Research Development and Innovation Authority.
Founded in 2006 by Hareb Al Darmaki and Karim El Solh, Gulf Capital is a private equity firm dedicated to empowering entrepreneurs in the GCC. It has invested over SAR 2.2 billion ($0.58 billion) in direct investments with a large portfolio of companies in Saudi Arabia.
“Saudi Arabia has a burgeoning tech startup ecosystem, which has positioned the country as MENA’s leading market for venture capital funding last year, according to Magnitt. Gulf Capital will work with RDIA to allocate over $100 million to leading technology and innovation companies that are ready for scaling up into their next phase, helping them expand within the Kingdom as well as driving them to further grow regionally and globally," said Alvaro Abella, Managing Director at Gulf Capital.
"We will also support RDIA’s objectives of technology, innovation, and knowledge transfer into Saudi Arabia, by targeting and enticing international businesses to set up and expand across the Kingdom,” he added.
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Edited by Kanishk Singh