Saudi Arabia launches $133m ICT venture fund for startups

Saudi Arabia launches $133m ICT venture fund for startups

Satellite image of Riyadh,Saudi Arabia from space. Credit: NASA

Saudi Arabia has formally launched a new ICT (information, communication and technology) fund for startup ventures worth SAR500 million (~US$133 million), known as Riyadh Taqnia Capital.

The fund was unveiled at the ArabNet Riyadh 2015 tech conference in mid-December 2015, the funds partners include Riyadh Financial Capital, the General Pension Fund, General Investment Fund nad several other state-linked funds.

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