Saudi Arabia has formally launched a new ICT (information, communication and technology) startup ventures fund worth SAR500 million, or about US$133 million.
Known as Riyadh Taqnia Capital, the fund was announced personally by Prince Dr. Turki bin Saud bin Muhammad of the King Abdulaziz City for Science and Technology (KACST). Partners will include Riyadh Financial Capital and several other Saudi holding companies such as the General Investment Fund, the General Pension Fund, and the Human Resources Development Fund.
The fund will maintain its headquarters in the Saudi capital but will open an international arm at 3000 Sand Hill Road in Menlo Park, California. Besides ICT, the fund will focus on energy, sustainability and advanced materials.