(MENAFN) CEO of Saudi Telecom Company (STC) said that the company will invest its USD500 million venture capital fund in the region before going abroad.
Dr. Khaled Biyari said the STC is on the process of setting up the company 'STC Venture' in which will manage the fund for the mother company, he said during Telecoms World Middle East 2017 Conference in Dubai.
Biyari said, "It is a corporate venture capital fund and we expect to start providing money in the next few months. We will primarily invest in the region, mainly in Saudi Arabia, and then the fund will look into opportunities elsewhere in the region. We'll explore opportunities internationally too".
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