Public-owned Saudi Aramco and Saudi Information Technology Company have started a vehicle to back growth-stage information and communication technology businesses.
Oil and gas supplier Saudi Aramco and IT services provider Saudi Information Technology Company have teamed up to form a corporate venturing vehicle that will back emerging information and communication technologies.
The as-yet-unnamed fund will look at promising growth-stage IT and communications businesses and will primarily invest in Saudi Arabia as well as other Middle Eastern countries in the Gulf Cooperation Council. It has not disclosed a fund size.
Saad Alaboodi, Saudi Information Technology Company’s CEO, said: “We are exploring…
