IslamicFinance.de

Saudi Telecom Company (STC) has decided to form a $500 million venture capital fund to develop digital innovation in the region. During a news conference in Riyadh, STC CEO Khaled Biyari said the huge growth of e-commerce in Saudi Arabia represents an additional value to the expected success of the new fund. He stressed that Saudi Arabia has ambitious youths who have entered the field of e-commerce and the digital sector and achieved success. STC Ventures CEO Abdulrahman Tarabzouni said that the first investments of the new fund will be launched in the first quarter of 2017.