IslamicFinance.de

The King Abdullah University of Science and Technology (KAUST) and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), in collaboration with Anfaal Capital agreed to establish a Saudi Arabia-focused venture capital fund.
The joint initiative aims to promote and foster the development of the domestic venture capital market in Saudi Arabia. The initiative leverages KAUST's expertise in new technologies, as well as the ICD SME Program's experience in the development and management of investment vehicles.
The Fund will provide venture capital (VC) funding for high-tech start-ups located in Saudi Arabia and lead early-stage financing rounds attracting local investors and international venture capitalists. Furthermore, it will invest in sectors that are strategic for the region and nurture entrepreneurship and technological innovation, stimulating the creation of high-value jobs. The Fund will search for unique and innovative venture capital opportunities and provide the "smart and hands-on capital" needed to start and then sustain these companies. The investment philosophy of the Fund revolves around investing in strong teams and superior products/technologies. It will partner with entrepreneurs who possess experience, vision and integrity, and will strive to attract the best human resources to the portfolio companies.