Saudi Telecom supports SMEs with USD50m fund

22 Nov 2011

(MENAFN) Saudi Telecom Company (STC) Group pumped USD50 million in a nes venture capital fund aimed at helping start up small and medium sized companies (SME’s), Arabian Business reported.

Saud bin Majed Al Daweesh, STC Group CEO said the fund had been set up in an agreement with venture capital firm Iris Capital.

Al Daweesh explained that the telecoms giant plans to invest in smaller firms operating in the field of telecommunications and IT in the local market as well as other international markets.

He added that the fund was a logical step for STC, and would give the company first hand access in new technologies and modern services.

Al Daweesh also said that investing in small and medium sized businesses would help to create employment, encourage and develop innovation as well support the infrastructure for knowledge economy.

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