MIS, Saudi Fransi Cap agree on measures to launch venture capital fund

06/04/2022 Argaam

Logo of MIS

Al Moammar Information Systems (MIS) reached an agreement with Saudi Fransi Capital to take the necessary measures for the launch of a private fund that will invest in venture capital opportunities in the Saudi technology sector.

 

The two parties agreed to complete the necessary steps within a maximum of two months, to allow sufficient time for completing the establishment of the fund and its launch by the end of the second quarter and the beginning of the third quarter of 2022, MIS said in a statement to Tadawul.

 

The company will disclose any material developments later on.

 

In August 2021, MIS signed a memorandum of understanding (MoU) with Saudi Fransi Capital at a total value of SAR 150 million to set up a private investment fund with an initial target size of SAR 150 million, Argaam reported.

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