SAIC allocates SAR 5 mln for participation in venture investment funds

22/12/2021 Argaam

Saudi Advanced Industries Co.'s logo

Saudi Advanced Industries Co.'s (SAIC) board of directors approved the allocation of SAR 5 million, or 1% of the company's capital as a first stage, in order to participate in a number of Sharia-compliant venture investment funds, the company said in a statement to Tadawul.

 

These funds target start-up companies with a technical background that contributes to the growth of the digital economy.

 

These funds also target promising technological opportunities and investing in capital at an early stage in technology start-ups.

 

The company expects it to have a positive impact on the return on its capital investments, noting that this investment is compatible with one of the targeted sectors approved by the board of directors.

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