Saudi Arabia
Gulf Capital has partnered with the Saudi Research Development and Innovation Authority (RDIA) to invest over $100 million in the Saudi tech sector over the next 5 years. The partnership aims to fund and support the growth of innovative Saudi companies.
Empowering Saudi Tech Innovation
Gulf Capital and RDIA signed an agreement to deploy capital into Saudi tech companies innovating in healthtech, fintech, renewables, and other future-focused sectors. They will also work to attract international tech firms to the Saudi market.
- Gulf Capital partnered with the Saudi Research Development and Innovation Authority (RDIA) to invest over $100 million in the Saudi tech sector over the next five years.
- The partnership aims to fund and support the growth of Saudi homegrown companies operating in tech innovation in fields such as healthtech, fintech, renewable energy, sustainability, and future economies.
- Gulf Capital and RDIA will also cooperate to attract and facilitate the entry of international innovation companies into the Saudi market.
- Gulf Capital has an 18-year track record of investing in Saudi Arabia and has deployed over SAR2.2 billion in investments in Saudi companies with cutting-edge technologies and leading market share.
Gulf Capital’s Track Record in Saudi Arabia
Founded in 2006, Gulf Capital has already invested SAR 2.2 billion in Saudi companies to date. It has an 18-year history of catalyzing the growth of private companies in the Kingdom.
Boosting the Saudi Startup Ecosystem
Saudi Arabia has become MENA’s top market for VC funding. Gulf Capital will allocate over $100M to help scale up leading Saudi tech startups, positioning them for regional and global expansion.
Supporting Saudi Economic Growth
The investment aligns with Saudi Vision 2030 and major economic reforms aimed at boosting the private sector. Saudi Arabia’s economy is projected to grow 4.4% this year.
Through this strategic partnership, Gulf Capital and RDIA aim to accelerate the growth of Saudi Arabia’s dynamic tech and innovation ecosystem. By providing funding and support, they seek to empower homegrown startups while also attracting global tech leaders to the Kingdom.
Alvaro Abella, Managing Director at Gulf Capital, said: “Saudi Arabia has a burgeoning tech startup ecosystem, which has positioned the country as MENA’s leading market for venture capital funding last year, according to Magnitt. Gulf Capital will work with RDIA to allocate over US$100 million to leading technology and innovation companies that are ready for scaling up into their next phase, helping them expand within the Kingdom as well as driving them to further grow regionally and globally.”
Gulf Capital
Gulf Capital is a leading, thematic-driven alternative investment firm with over fifteen years of investment experience in Growth Markets across Private Equity, Private Debt, Growth Capital, and Real Estate. The Firm partners with great entrepreneurs and management teams to provide them with growth capital, strategic advice, and operational expertise and helps them build market-leading global businesses.Gulf Capital has a long and proven track record of investing in Growth Markets, having closed 36 investments since inception. The Firm currently manages over $2.5 billion in assets across seven funds and investment vehicles. Gulf Capital is a thematic investor focused on resilient, forward-looking sectors such as Technology, Fintech, Healthcare, Business Services and Sustainability. Company 761 by crunchbase
The Firm’s mission is to build value with world-class governance, deep expertise, and leading industry best practices to generate sustainable and superior performance for its key stakeholders. Gulf Capital is a signatory of HRH Prince Charles’ sustainable finance charter, Terra Carta, as well as the United Nations Principles of Responsible Investments (UNPRI). Co-Founder and CEO Karim El Solh.
Karim El Solh
Dr. Karim El Solh: A visionary leader in the Middle East and North Africa investment landscape
In the dynamic world of investment banking and private equity in the Middle East and North Africa region, one name stands out: Dr. Karim El Solh. As co-founder and CEO of Gulf Capital and managing partner of its private equity division, Dr. El Solh has been instrumental in shaping the investment landscape in the region.
Dr. El Solh’s impressive career spans several decades and includes leadership positions at some of the most prestigious financial institutions. Prior to founding Gulf Capital, he served as CEO of The National Investor, a renowned UAE investment bank. His capital markets experience was honed during his tenure as head of capital markets at Donaldson, Lufkin and Jenrette (DLJ), now part of Credit Suisse, and as a senior banker at Citigroup.
Dr. El Solh’s contributions to the investment industry have not gone unnoticed. He has been named one of the top 100 Gulf CEOs by CEO Magazine and one of the 500 Most Influential Arabs by Arabian Business Magazine. These awards are a testament to his visionary leadership, innovative approach and unwavering commitment to excellence.
Saudi Research Development and Innovation Authority
RDIA is intended to be a catalyst for change in R&D in the region. Thanks to its independent financial and administrative status, as well as its direct link to the Prime Minister, the body is well positioned to exert lasting influence. By taking responsibility for encouraging and supporting the R&D sector, RDIA will play a critical role in shaping the future of innovation in the MENA region.
Coordination of efforts for maximum effect
One of the key functions of the RDVI is the coordination of the activities of institutions and research centers in the region. By bringing together the brightest minds and the most innovative organizations, authorities aim to create synergy and foster collaboration. This coordinated approach will ensure that resources are allocated efficiently and that research efforts are aligned with the region’s strategic goals.
April 23, 2024
This investment marks an important milestone in the Saudi tech landscape, demonstrating the growing confidence and interest of global investors in the region’s growing tech ecosystem. Gulf Capital’s $100 million investment in partnership with RDIA highlights the enormous potential and opportunities present in Saudi Arabia’s tech sector. Such strategic investments not only inject vital capital into the ecosystem, but also provide valuable expertise and networks to support the growth and innovation of local startups. This collaboration signals how to trust confidence in Saudi Arabia’s vision for a diversified economy driven by technology and innovation. This is a win-win scenario that promotes economic growth, while at the same time empowering entrepreneurs to realize their visions and contribute to the digital transformation of the country.