Saudi Telecom Company Group establishes investment fund to enrich innovation and creativity in IT and technology
- Saudi Arabia: Monday, November 21 - 2011 at 16:50
- PRESS RELEASE
Saudi Telecom Company (STC) Group announced its investment in the Venture Capital Fund which specializes in start up, small, and medium sized companies operating in the field of telecommunications and IT in the Saudi market as well as other international markets.
Following the signing of the agreement, Eng Saud bin Majed Al Daweesh, STC Group CEO explained "This Fund targets the local market and invests in local Saudi expertise, talent, and venture capital ideas in the field of IT and telecommunications in addition to other markets in the Middle East, North Africa, Europe, and the United States with a purpose to reduce investment risks in the Fund."
Al Daweesh added, "The establishment of this Fund comes as part of the Kingdom's strategic direction and its drive to transform to a knowledge-based economy by enriching the spirit of both initiative and innovation being a fund that invests in start-ups and small and medium businesses which develop products and services in the field of telecommunications and information technology. In return this creates a market and key investment opportunities by being the first to have access to technologies and modern services as well as enter into new partnerships. Doing so will create new job opportunities, encourage and develop innovation and creativity and continuous development as well support the infrastructure for knowledge economy."
STC Group CEO highlighted that an agreement has been made with one of the leading venture capital companies in the world which is Iris Capital following a series of evaluations targeting global venture capital companies that have expressed their interest to enter the Saudi market. Iris came on top the of the list.
He added that this investment is an affirmation of the Group's belief in the various opportunities available in this field as well as being a logical step for the Group to have first hand access in new technologies and modern services and enter into new partnerships to diversify its revenue base in regional markets.
Doing so will maintain its market leadership in the telecommunications sector regionally.
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