Saudi Arabia launched wide ranging economic plan last year and this venture capital fund is a part, to promote medium and small businesses or start-ups. To expand digital infrastructure for these enterprises via investment and industrial base is another objective behind. The fund is to be managed by STC solely.

Saudi Telecom Firm Set Up $500m Venture Capital Fund for Start-Ups

STC (Saudi Teleom Co) Chief Executive Officer Khaled al –Byari said, “The fund will invest globally in promising technologies and digital sectors, especially in areas where the company can tap into its assets and infrastructure and help it enable its investments to grow.”

The venture capital fund will be self-financed from STC sources with a purpose to invest in technology and digital sectors which are growing at face pace. It was declared in a notice sent to Saudi Stock Exchange.

STC planned to purchase 10% stake from Careem of worth $100 million during the last year in December. The company is the largest mainly because of the capitalization and the investments it keeps looking into.