Saudi Arabia has seen the launch of a new ICT venture worth 500 million riyals (US$133 million).
According to a report today from International Business Times the ‘Riyadh Taqnia Capital’ fund will be headquartered in the kingdom’s capital Riyadh but will operate its international unit from California in the US.
The partnership is between Taqnia, a Saudi firm investing in tech innovation, and investment bank Riyad Capital.
According to the website Deal Street Asia, the fund will also explore investments in energy, advanced materials and sustainability.
Quoting the Taqnia website International Business Times said that the new fund would be looking to make investments in Silicon Valley, Europe and Japan.
As the Taqnia website says, their new partnership “is directed at small and medium companies within the sectors of energy and sustainability, material science, and ICT locally and globally...The fund will be managed by a group of highly qualified venture capital experts”.