Saudi Arabia to launch SR1bn venture fund

June 3, 2014 1:32 am

The Saudi government and one of the kingdom’s largest banks plan to start a venture capital fund of as much as SR1bn ($270m) to invest in new technology companies, Bloomberg has reported. Riyad Capital, the investment banking arm of Riyad Bank, will manage the fund, while Saudi Technology Development and Investment Co, a subsidiary of the Public Investment Fund, will provide seed capital, said head of asset management at Riyad Capital, Adel Al Ateeq. 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.