Saudi Arabia’s interest in technology was highlighted when its sovereign wealth fund (Public Investment Fund) partnered with Japan’s Softbank Group to aid investments in sectors such as artificial intelligence. Together, the Public Investment Fund (PIF) and Softbank formed the world’s largest private equity fund, which announced a joint robotics initiative earlier this month. But it’s not just PIF that’s interested in promising tech startups. Argaam takes a look some Saudi-based companies that are investing in the tech sector.
Saudi Aramco
Saudi Aramco Energy Ventures – the oil firm’s corporate venture arm – invests in technologies in upstream and downstream oil and gas, petrochemicals, water, energy efficiency and renewables. The firm has more than 20 investments, with the latest in July when SAEV participated in $115 million Series D investment round by US-based Desktop Metal Inc. – which focuses on 3D metal printing technologies.
Aramco also has Wa’ed, its entrepreneurship wing established in 2011, to assist new businesses in establishing or expanding their ventures. The venture has backed rising firms such as online payment processing tool PayTabs and food delivery app OrderMe.
Mobily Ventures
Etihad Etisalat (Mobily) launched the venture capital fund in 2015, with the aim to invest in media, entertainment and IT start-ups. The fund began with two investments in mobile phone apps start-ups – Easy Taxi and Anghami – and later participated in the $11 million funding round by delivery-business and consumer technology app Fetchr. “I think they (Mobily) understood that we had a solution to a very real problem. And they saw the profitability in that solution,” Joy Ajlouny, co-founder of Fetchr, told Argaam in an earlier interview.
Al Tayyar Travel Group
In 2014, Al Tayyar Travel Group led $10 million investment round for Dubai-based ride-sharing app Careem, and also participated in the tech firm’s subsequent fund-raisers. CEO Abdullah bin Al-Dawood has called the investment in Careem as “one of the group’s best.” Al Tayyar has also invested in online shopping website Wadi.com and travel website Al Mosafer Saudi Co.
STC Ventures
An independently managed venture capital fund, with Saudi-listed Saudi Telecom Co. as the anchor investor, STC Ventures is focused on equity investments in information technology, telecommunications, and digital media/entertainment sectors. STC Ventures had participated in the Series A investment round by Careem, and also has investments in eight other firms.
Saudi Technology Development and Investment Co
Owned by PIF, TAQNIA was established in 2011 to invest in technology that contributes towards Saudi Arabia’s economic diversification. TAQNIA focuses on six sectors – energy, water, material science, security & defense, life science, and satellite & communications technology. Recently, TAQNIA and Riyad Capital’s Riyad Taqnia Fund participated in SAR 15 million ($4 million) investment round for Foodics.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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