Saudi Arabia launching a $270 Million Venture Fund for Startups
One of the main reasons of very few Arab startups is the lack of capital.
Saudi Arabia is taking a big step in the right direction!
Saudi Arabia’s government and Riyad bank (through it's investment arm Riyad Capital) plan to start a venture capital fund of $270 million to invest in new technology companies.
Riyad Capital will manage the fund, and Saudi Technology Development and Investment Co., a Public Investment Fund, will provide seed capital.
The target is advanced materials, sustainable energy, and information, communication and technology industries.
Domestic investments will be focused on technologies developed by the King Abdulaziz City for Science and Technology in Riyadh
There will be investments in international companies that are relevant to Saudi.
But the fund also seams to be directed toward big companies like Saudi Basic Industries Corp. not only startups!