The tech industry in Riyadh is on the cusp of a transformative injection of funds with the announcement of a $100 million investment initiative. This substantial financial commitment stems from a pact between the esteemed private equity entity Gulf Capital and the Research Development and Innovation Authority (RDIA) of Saudi Arabia.
Allocated over a forthcoming five-year period, this investment is slated to catalyze significant growth within the sector. Details of the agreement emerged during the signing of a letter of intent in Riyadh by Rami Niazi, RDIA’s Vice Governor of Strategy, and Karim El-Solh, who is both a co-founder and the CEO of Gulf Capital.
The collaboration will focus on elevating and funding Saudi firms that are at the forefront of technological advances in various domains, including healthcare, financial tech, and sustainable energy solutions. The partnership also aims to entice and smooth the entrance of global innovation-driven companies into the Saudi marketplace.
“We are delighted to work with the RDIA on this ambitious investment program and to increase foreign direct investments into the Kingdom. Saudi Arabia is an amazing global growth story and has been moving at remarkable speed to achieve its Vision 2030 and, as a result, all of its economic indicators have been on an upward trend,” stated El-Solh.
El-Solh further explained that Gulf Capital’s leading role as an investor in Saudi Arabia and its function as a growth stimulator for private entities are in harmony with the nation’s Vision 2030. He expressed enthusiasm about intensifying and expediting investments into high-growth companies within the Kingdom.
With an 18-year history of investments in Saudi Arabia, Gulf Capital boasts an impressive legacy of funneling over SR2.2 billion ($586.59 million) into a broad array of companies, including notable investments like Geidea, a leader in payment services.
Mohammed Al-Otaibi, the general supervisor at the RDIA, commented on the strategic partnership, asserting that it aims to bolster the professional and technical development of local companies while also paving the way for international firms to establish a presence in the Kingdom, thereby positioning Saudi Arabia as a global hub for innovation.