Saudi IT entrenpreneurs now have even more options for support. Saudi Telecom Company (STC) Group recently announced its investment in a new venture capital fund that will support small and medium enterprises in the telecom and IT sectors, both in Saudi and international markets.
STC Group has invested an initial $50 million in the fund, which was created in agreement with Iris Capital. Plans include inviting other local and international companies into future rounds of investment.
Saud bin Majed Al Daweesh, STC Group CEO, noted that the goal of the fund is to develop Saudi expertise and talent in IT and telecom, while creating local jobs and encouraging innovation in order to build a knowledge-based economy in Saudi Arabia.
The fund is also part of STC Group's broader strategy to diversify into regional markets while being the first to access new telecommunications technologies coming out of Saudi, he revealed.
Hopefully the fund will provide budding telecom and IT entrepreneurs in Saudi not just with investment but also with the detailed expertise that they need to pioneer new technologies.
Who will be their first investment?