Saudi Telecom to invest USD500mn | MENAFN.COM

Sunday, 05 February 2023 12:41 GMT

Saudi Telecom to invest USD500mn


(MENAFN) CEO of the Saudi Telecom Company (STC) said that it will invest half a billion dollar venture capital fund locally and then look for investments abroad.Dr. Khaled Biyari said during a Telecoms World Middle East conference in Dubai that the STC is setting up the company (STC Venture) which will manage the fund for the parent company.

He added "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, and We'll explore opportunities internationally too".

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