Abu Dhabi's Gulf Capital has acquired a strategic stake in Saudi Geidea, a Saudi Arabia-based provider of electronic payment solutions and financial technologies, for over SAR 1 billion, it said in a statement on Monday.
The transaction comes just days after the launch of an initiative by the Saudi Arabian Monetary Authority, the Kingdom's central bank, aiming to promote financial technology and transform the country into a destination for Fintech innovation.
Established in 2008, Geidea has branches in Jeddah, Dammam, Abha and Tabouk in addition to 35 maintenance centers in different areas of the Kingdom.
At present, Gulf Capital manages over AED 14.7 billion ($4 billion) of assets across 10 funds and investment vehicles.
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