Tuesday April 23rd, 2024
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UAE’s Gulf Capital Partners With RDIA to Deploy $100M in Saudi Tech

The collaboration is geared towards supporting the growth of Saudi homegrown companies focused on technological innovation.

Startup Scene

Gulf Capital, an investment firm based in the UAE, has forged a significant partnership with the Saudi Research Development and Innovation Authority (RDIA), committing to inject more than $100 million into the Saudi technology sector over the next five years.

This collaboration, cemented by a Letter of Intent signed in Riyadh, is geared towards supporting the growth of Saudi homegrown companies focused on technological innovation. Sectors targeted for funding include healthtech, fintech, renewable energy, sustainability, and future economies. Moreover, the partnership aims to facilitate the entry of international innovation companies into the Saudi market, fostering a robust ecosystem of tech innovation.

“Saudi Arabia has a burgeoning tech startup ecosystem, which has positioned the country as MENA’s leading market for venture capital funding last year, according to Magnitt,” Alvaro Abella, Managing Director at Gulf Capital, tells StartupScene. “Gulf Capital will work with RDIA to allocate over $100 million to leading technology and innovation companies that are ready for scaling up into their next phase, helping them expand within the Kingdom as well as driving them to further grow regionally and globally.”

Founded in 2006 by Hareb Al Darmaki and Karim El Solh, Gulf Capital has a mission to empower entrepreneurs within the GCC. Building on its 18-year track record of investing in Saudi Arabia, Gulf Capital has already deployed over SAR 2.2 billion into the Kingdom's companies with cutting-edge technologies and substantial market presence. The firm's portfolio includes investments in sectors such as healthcare, healthtech, technology, fintech, business services, food, education, water, wastewater, oil and gas, and real estate.

One of its notable investments is Geidea, Saudi Arabia's leading payment services provider, employing 900 individuals and playing a pivotal role in supporting SMEs, job creation, and enabling seamless payment transactions both online and offline.

In addition to funding Saudi-based tech ventures, Gulf Capital's partnership with RDIA signifies a broader commitment to the Kingdom's economic diversification and innovation goals.

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