Saudi Arabia’s government and one of the country’s biggest banks plan to start a venture capital fund of as much as 1 billion riyals ($270 million) to invest in new technology companies.
Riyad Capital, the investment banking arm of Riyad Bank (RIBL), will manage the fund, while Saudi Technology Development and Investment Co., a subsidiary of the Public Investment Fund, will provide seed capital, according to Adel Al Ateeq, head of asset management at Riyad Capital. The venture, which may make its first investment before the end of the year, will target the advanced materials, sustainable energy, and information, communication and technology industries, Al Ateeq said in an interview in Dubai on June 1.
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To read the original article: Saudi Arabia Plans $270 Million Venture Fund for Startups - Bloomberg
