FINANCIAL NEWS

Saudi KACST allocates USD119.8m to finance ICT schemes

25 Dec 2015

(MENAFN) An USD119.8 million venture capital fund has been initiated by Saudi King Abdulaziz City for Science and Technology (KACST) to finance promising entrepreneurial digital initiatives and schemes in the Kingdom.

Accordingly, the fund is an outcome of more than three years of continuous efforts, talks and negotiations that led to the strategic elaboration of a number of business behemoths in the Kingdom to create this fund.

Basically, it will work to locate investment opportunities in information and communications technology that show economic viability that have diversification potential under ambitious administrative teams.

“This fund is one of many measures KACST has taken to promote entrepreneurship and innovation on the march to achieve Custodian of the Two Holy Mosques King Salman’s vision,” said the city’s president.

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