Riyadh - Sharikat Mubasher: Saudi Arabia’s Research, Development, and Innovation Authority (RDIA) signed a letter of cooperation with Gulf Capital to invest $100 million in the Saudi tech and innovation sector over the upcoming five years, a recent press release stated.
The agreement was signed by Rami Niazy, Acting Vice-Governor for Strategy at RDIA, and Karim El Solh, Co-founder and CEO of Gulf Capital.
As per this agreement, RDIA and Gulf Capital will join hands to finance and enhance the growth of Saudi companies working in tech innovation fields across various sectors, including healthcare, healthtech, technology, fintech, energy, renewable energy, and sustainability.
Both parties will collaborate to attract global innovation companies to the Saudi market, leveraging Gulf Capital’s 18-year proven track record of investment in Saudi Arabia.
Mohammed Al-Otaibi, General Supervisor of RDIA, stated that the strategic partnership with Gulf Capital targets enhancing the growth of local companies and empowering them technically, in addition to attracting global companies to Saudi Arabia in line with the Kingdom’s aspirations to become a global innovation hub.
For his part, El Solh affirmed that the partnership will boost the company’s investments in high-growth companies in the Kingdom.
Meanwhile, Alvaro Abella, Managing Director of Gulf Capital, said that the collaboration with RDIA aims to empower leading tech companies to grow and expand regionally and globally.
He added that Gulf Capital targets backing RDIA’s goals of bringing global technology, innovation, and knowledge to the Kingdom by attracting global companies.
