Abu-Dhabi based asset management firm Gulf Capital is set to invest USD 100 mn in the Saudi technology and innovation sector over the next five years under a letter of intent agreement signed with the Research Development and Innovation Authority (RDIA), it said in a press release (pdf).

Gulf Capital has invested SAR 2.2 bn in Saudi Arabia, with leading payment services provider Geidea among the stars of its portfolio.

Target sectors: Gulf Capital will invest in local tech startups in the healthcare, healthtech, fintech, energy, renewables, and future economies sectors, along with enabling their expansion locally, regionally, and globally.

What they said: “We have an 18-year track record of investing in Saudi technology and innovation companies and helping them expand across Saudi Arabia and the broader region. In partnership with the RDIA, we look forward to increasing and accelerating our investments into high-growth companies in the Kingdom,” Gulf Capital Co-Founder and CEO Karim El Solh said.

What’s Gulf Capital? The asset management firm — which currently holds some USD 2.4 bn in assets under management — focuses primarily on late-stage control buy-outs, growth capital, private debt and real estate projects in the Middle East.

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