Saudi Arabia's Innovation Sector Gets Major Boost with Gulf Capital's US$100 Million Pledge
Gulf Capital, announced an agreement with the Saudi Research Development and Innovation Authority to infuse more than US$100 million into the technology and innovation sector of Saudi Arabia over the forthcoming five years.
The signing of the Letter of Intent took place in Riyadh, facilitated by Dr. Rami Niazi, Vice Governor of Strategy at RDIA, and Dr. Karim El Solh, Co-Founder and CEO of Gulf Capital.
Under this alliance, Gulf Capital pledges to collaborate closely with RDIA to support, and finance the expansion of local Saudi companies engaged in technological innovation across various sectors including healthcare, health-tech, technology, fintech, energy, renewables, sustainability, and future economies. Additionally, both entities will work in tandem to attract and facilitate the entry of international innovation companies into the Saudi market.
Expressing his views on the partnership, Dr. Mohammed Alotaibi, General Supervisor at RDIA, emphasised, “Through this strategic partnership, we seek to support and enhance the professional and technical growth of local companies and to facilitate the establishment of international companies within the Kingdom to achieve national priorities for the research, development, and innovation sector and for the Kingdom to become a global centre for innovation.”
Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, remarked, “We are delighted to work with RDIA on this ambitious investment programme and to increase foreign direct investments into the Kingdom. Saudi Arabia is an amazing global growth story and has been moving at remarkable speed to achieve its Vision 2030."
Gulf Capital has a history of investment in Saudi Arabia, having already deployed over SAR 2.2 billion in technologies and leading market share companies in the region. Through this collaboration with RDIA, Gulf Capital aims to further intensify its investments in high-growth companies within the Kingdom, aligning with the nation's Vision 2030 objectives.
Alvaro Abella, Managing Director at Gulf Capital, highlighted, “Saudi Arabia has a burgeoning tech startup ecosystem which has positioned the country as MENA’s leading market for venture capital funding last year, according to Magnitt."
Gulf Capital’s portfolio in Saudi Arabia spans across various sectors including healthcare, technology, fintech, business services, food, education, water, wastewater, oil and gas, and real estate. Notable among its investments is Geidea, the payment services provider in Saudi Arabia, which plays an important role in supporting SMEs and facilitating seamless payment transactions.
The agreement between Gulf Capital and RDIA signifies a stride towards enhancing Saudi Arabia's position as a global hub for innovation and technological advancement, while boosting economic growth and diversification in the region.
