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UAE-based investment firm Gulf Capital has teamed up 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 key sectors such as healthtech, fintech, renewable energy, sustainability, and future economies.

  • Signing of MoU: 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.
  • Gulf Capital Background: 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.
  • Objective: Mohammed Alotaibi, General Supervisor at the Saudi Research Development and Innovation Authority, expressed the partnership’s goal to boost local companies’ growth and attract international businesses to help Saudi Arabia become a global innovation hub.
  • Support for Tech Startups: Alvaro Abella, Managing Director at Gulf Capital, highlighted Saudi Arabia’s growing tech startup ecosystem, positioning the country as MENA’s leading market for venture capital funding last year. Gulf Capital aims to allocate over $100 million to leading technology and innovation companies, supporting their scaling up within the Kingdom and further growth regionally and globally.

The partnership will also support RDIA’s objectives of technology, innovation, and knowledge transfer into Saudi Arabia, targeting and enticing international businesses to set up and expand across the Kingdom.

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