Saudi Mobily launches venture capital fund for technology start-ups

Etihad Etisalat (Mobily), the second-biggest mobile phone company in Saudi Arabia, has launched a venture capital fund to invest in media, entertainment and IT star-ups in return for a share in these companies, it said.

Mobily Ventures is focused mainly on e-commerce, retail innovation, mobile financial services and payment, digital advertising, digital content, entertainment, IT and cloud services, the company said.

The fund ’s first two investments in mobile apps start-ups – are Easy Taxi and Anghami. Mobily is an affiliate of the United Arab Emirates’ Etisalat.