Intel establishes USD50 million venture fund for Middle East and Turkey

The announcement of the fund by Intel Chairman Craig Barrett in Jeddah comes on the heels of a broad range of Intel activities in the Middle East and Turkey, highlighted by a week-long tour of the region by the Intel executive.

"The $50 million Intel Capital Middle East and Turkey Fund will help stimulate technological innovation and the continued growth of the IT industry in this emerging region,"

said Arvind Sodhani, President of Intel Capital, Intel's venture investment program. "We will invest in companies to accelerate technology adoption locally and foster development of unique and innovative technologies and content with potential for regional distribution.

"Intel Capital has been working in the region for some time and sees a strong demand for technology in broadband and mobile services, enterprise solutions, digital health, and consumer technologies," said Sodhani. "That demand, combined with a measurable increase in entrepreneurial activity and some of the world's fastest growing economies, indicates that the time is right to begin investing in the region."

The fund will seek to invest in companies that complement Intel's technology and platform initiatives, and seeks to further build out the IT and Internet infrastructure in the region. With this fund, Intel Capital will focus on opportunities to invest in hardware, services (including broadband infrastructure and mobile wireless solutions using WiMAX technology), local content developers/providers, digital health solutions, IT service providers and software solutions.