Gulf Capital partners with RDIA to deploy $100 million in Saudi tech sector

Gulf Capital partners with RDIA to deploy $100 million in Saudi tech sector

UAE-based investment firm Gulf Capital has partnered with the Saudi Research Development and Innovation Authority (RDIA) to deploy over $100 million into the Saudi tech sector over the next five years.

The new partnership aims to fund the growth of Saudi homegrown companies operating in tech innovation in fields such as healthtech, fintech, renewable energy, sustainability, and future economies.

Both parties will also cooperate to attract and facilitate the entry of international innovation companies into the Saudi market. 

Founded in 2006 by Hareb Al Darmaki and Karim El Solh, Gulf Capital is a  private equity firm aiming to empower entrepreneurs in the GCC.

Press release:

Gulf Capital announced today that it has signed an agreement with the Saudi Research Development and Innovation Authority (RDIA) to deploy over $100 million into the Saudi technology and innovation sector over the next five years.

The Letter of Intent (LoI) was signed in Riyadh by Dr Rami Niazi, Vice Governor of Strategy at the Saudi Research Development and Innovation Authority, and Dr Karim El Solh, co-founder and CEO of Gulf Capital.

Gulf Capital will work closely with RDIA to enhance, support, and fund the growth of Saudi homegrown companies operating in technological innovation in the healthcare, healthtech, technology, fintech, energy, renewables,