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Gulf Capital will invest over USD 100 mn in Saudi startups over the next five years in a partnership with the Saudi Research Development and Innovation Authority (RDIA), a Gulf Capital press release reads.
The details: The partnership will invest in Saudi tech startups in the healthcare, healthtech, technology, fintech, energy, renewables, sustainability, and future economies sectors, and help them expand across the Kingdom and further their regional and global expansion, the statement said. The asset manager will also help facilitate the entry of global innovators into the Saudi market, according to the statement.
What they said: “We have an 18-year track record of investing in Saudi technology and innovation companies and helping them expand across Saudi Arabia and the broader region. In partnership with the RDIA, we look forward to increasing and accelerating our investments into high growth companies in the Kingdom,” Gulf Capital Co-Founder and CEO Karim El Solh said.
More on Gulf Capital: The asset management firm — which currently holds some USD 2.4 bn in assets under management — focuses primarily on late-stage control buy-outs, growth capital, private debt and real estate projects in the Middle East region. To date, Gulf Capital has poured SAR 2.2 bn ( cc. USD 586.6) in investments into the Kingdom, with Saudi Arabia’s top payment services provider Geidea standing as one of its major investments.
