New venture capital firm to stimulate Saudi Arabia's tech industry
The venture capital fund is a joint project between the King Abdullah University of Science and Technology (KAUST) and the Islamic Corporation for the Development of the Private Sector (ICD), which is the private sector investment arm of the Islamic Development Bank Group.
The unique joint initiative will combine ICD’s deep regional financial industry knowledge with KAUST's expertise in new technologies. The goal is to help grow Saudi Arabia’s homegrown tech industry while bringing new opportunities to the nation’s burgeoning financial sector.
Providing venture capital funding for new Saudi tech start-ups will help attract local and international investors to fledgling companies. Fund managers expect those investments to generate new jobs and nurture a culture of entrepreneurship and innovation in the Kingdom.
ICD CEO Khaled Al Aboodi said the new venture capital partnership with KAUST will be a boon to the Saudi economy.
"This agreement will greatly enhance the development of the alternative investment market in Saudi Arabia and facilitate the economic development of a robust private sector,” Al Aboodi said. “As such, it perfectly suits the long-term goals of the ICD, and we are happy to be working with such an illustrious institution towards the achievement of this worthy cause."