عربي English Türkçe اردو فارسى
Logo
Latest News
Business

New $213 Million Venture Capital Fund Launches in Saudi Arabia

The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
TT
TT

New $213 Million Venture Capital Fund Launches in Saudi Arabia

The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)

The full scale of Saudi Arabia’s potential as a global hub for financial technology came to the fore on day two of the first-ever 24 Fintech in Riyadh with the announcement of a SAR800 million (US$213 million) venture capital fund to build and launch fintech companies and innovative financial solutions in the Kingdom.
24 Fintech is an annual summit and exhibition hosted by the Financial Sector Development Program, Saudi Central Bank, the Capital Market Authority, and Insurance Authority, and co-organized by Fintech Saudi and Tahaluf.
It is set to become the flagship event for the Kingdom, cementing its status as a global fintech hub and shaping the future of the financial ecosystem.
At a panel discussion on the growth plan for Saudi Arabia’s fintech sector, Faisal Sharif, General Director of the Financial Sector Development Program, noted that Saudi Arabia is a major regional economy.
He outlined the Kingdom’s efforts to improve its financial system and boost both local and international investment in the sector.
Sharif revealed that key initiatives are in place to reach 525 tech companies by 2030. He noted that digital transactions, which previously accounted for 18%, surged to 70% last year, attributing this success to regulatory advancements.
Yazeed Al-Nafjan, deputy governor for Financial Innovation at the Saudi Central Bank, also known as SAMA, highlighted that the significant push toward fintech modernization in Saudi Arabia has been driven by strategic investments in financial infrastructure over the past decade.
These investments have enabled the Kingdom to adopt a more progressive stance on emerging financial technologies to enhance sector efficiency and modernization.
“We have invested in building a financial infrastructure that allows us to be more progressive and proactive,” said Al-Nafjan.
The official also revealed that more digital banks are expected to launch soon.
His comments emphasized the importance of partnering with innovators to harness the opportunities presented by fintech technologies, which are crucial in improving sectoral efficiency.

Most Viewed

 
 
Business

Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
TT
TT

Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.