In a significant move to bolster the Saudi technology and innovation landscape, Gulf Capital announced a strategic partnership with the Saudi Research Development and Innovation Authority (RDIA).
The collaboration involves a commitment to invest over US$100 million into the Kingdom’s tech sector within the next five years.
The agreement, formalized through a Letter of Intent (LoI) in Riyadh, was signed by Dr. Rami Niazi, Vice Governor of Strategy at RDIA, and Dr. Karim El Solh, Co-Founder and CEO of Gulf Capital.
This ambitious investment program aims to nurture and support Saudi homegrown companies specializing in various sectors, including healthcare, healthtech, technology, fintech, energy, renewables, sustainability, and future economies.
The initiative also seeks to attract international innovation companies to the Saudi market, further positioning the Kingdom as a global innovation hub.
Gulf Capital, with an 18-year legacy of investments in Saudi Arabia, has already deployed over SAR2.2 billion into leading Saudi companies equipped with cutting-edge technologies.
Dr. Mohammed Alotaibi, General Supervisor at RDIA, emphasized the strategic partnership’s role in enhancing local companies’ professional and technical growth and establishing international firms within the Kingdom to meet national research, development, and innovation priorities.
Echoing this sentiment, Dr. Karim El Solh highlighted Saudi Arabia’s rapid progress towards achieving Vision 2030, noting significant improvements in the country’s global competitiveness and innovation indices.
“Saudi Arabia is an incredible global growth story, making strides to boost its economy and attract foreign investments,” stated El Solh.
This collaboration is poised to accelerate investments into high-growth companies and contribute to the Kingdom’s economic diversification and innovation goals.
Alvaro Abella, Managing Director at Gulf Capital, further pointed out Saudi Arabia’s emerging role as MENA’s premier destination for venture capital funding, as reported by Magnitt.
The partnership will focus on scaling technology and innovation companies, facilitating their expansion both within and outside the Kingdom.
Gulf Capital’s extensive portfolio includes major investments across various sectors in Saudi Arabia, such as Geidea, a leading payment services provider.
This initiative underscores Gulf Capital’s commitment to supporting SMEs, job creation, and the seamless facilitation of payment transactions, crucial for the Kingdom’s economic development and diversification efforts. – PEVCJournal.com