Gulf Capital, RDIA back Saudi technology sector via $100mln investment

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Riyadh – Gulf Capital signed an agreement with the Saudi Research Development and Innovation Authority (RDIA) to deploy more than $100 million into the Saudi technology and innovation sector over the next five years.

The two parties will team up to accelerate, support, and fund the growth of Saudi-based companies operating in key sectors, according to a press release.

These segments include technological innovation in healthcare, health tech, technology, fintech, energy, renewables, sustainability, and future economic sectors.

Gulf Capital has 18 years of experience in the Kingdom, during which it deployed more than SAR 2.20 billion in investments in Saudi companies with advanced technologies and leading market share.

Mohammed Alotaibi, General Supervisor at RDIA, said: “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.”

Karim El Solh, Co-Founder and CEO at Gulf Capital commented: “Saudi Arabia is an amazing global growth story and has been moving at remarkable speed to achieve its Vision 2030 and, as a result, all of its economic indicators have been on an upward trend.”

“In partnership with the RDIA, we look forward to increasing and accelerating our investments into high-growth companies in the Kingdom,” El Solh added.

Alvaro Abella, Managing Director at Gulf Capital, noted: “We will also support RDIA’s objectives of technology, innovation, and knowledge transfer into Saudi Arabia, by targeting and enticing international businesses to set up in and expand across the Kingdom.”