STC establishes ME’s largest venture capital fund

STV has been approved with a size of $500 million, making it the largest institutional technology venture capital fund in the Middle East.
Updated 29 May 2017
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STC establishes ME’s largest venture capital fund

STC has announced the establishment of a technology venture capital fund — STV. It aims to achieve its strategic growth aspirations and help realize Vision 2030’s technological ambitions by investing in new digital areas and by growing the digital innovation ecosystem in the region.
STC believes the Middle East is witnessing a digital transformation that is full of opportunities in the digital economy and digital industries, and that the future involves drastic changes that will disrupt businesses across sectors.
The company has intentions to be a serious world-class player in this space.
STV has been approved with a size of $500 million, making it the largest institutional technology venture capital fund in the Middle East. STV will have complete independence and will deploy independent governance and operational models that are designed in accordance with international best practices allowing it to leverage STC’s assets to enable its investments and the surrounding ecosystem to grow and scale. STV will be managed by a team of top regional and international talent in this field.
“We are very proud of this historic step by STC, which will be a pivotal turning point for the region’s technology ecosystem,” said Khaled Biyari, chief executive officer of STC.
“Global telecoms have two choices — to either change and evolve into digital companies or to convert into a utility. We have elected to go down the first route. STC has the potential, resources and strategic assets to make a quantum leap in the technology and entrepreneurial sectors it is working on transforming,” Biyari added.
“We believe the region can create its own future and we will invest in the next generation growth engines that will make this happen,” said Abdulrahman Tarabzouni, chief executive officer of STV. “The centers of gravity for growth and value across the world’s economies and industries will undergo profound transformations due to technology disruptions, and we believe STV will create value for STC and the region amidst these transformations.”


Pharmaceutical giant Allergan to train KSU pharmacy students

Updated 23 April 2019
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Pharmaceutical giant Allergan to train KSU pharmacy students

Global biopharmaceutical company Allergan has signed a memorandum of understanding (MoU) with King Saud University (KSU) that focuses on developing a robust student-exchange program by facilitating training opportunities for Saudi nationals.

The agreement was signed by Ramsey Morad, Allergan’s vice president for India, Middle East and Africa, and Dr. Aws Al-Shamsan, dean of the College of Pharmacy at the university. The MoU is in line with the Kingdom’s overall efforts to drive more cooperation levels between the public and private sectors, with the underlying objective to integrate Saudi nationals into various fields within the health-care sector.

Under the agreement, Allergan will provide training courses on an annual basis for students at the College of Pharmacy as well as programs to develop their scientific and medical knowledge and align them to international industry best practices. Students will be assessed according to set parameters, and the top performers will earn an internship opportunity with the company

In addition, Allergan will run courses for faculty members at the College of Pharmacy with a focus on leadership skills.

Morad said: “We have used practical methods to express our commitment toward the Kingdom and toward the realization of Vision 2030. We are placing a very high emphasis on developing the local capabilities of Saudi nationals within the health-care sector, and this partnership with a leading university in the region is one of the steps we are taking. Saudi Arabia is at the heart of our operations in the region, and this MoU represents a key milestone in our efforts to attract the young minds of tomorrow and integrate them as core members of our Allergan team.” 

Al-Shamsan said: “We are proud to partner with Allergan to implement internationally recognized knowledge-based programs for the development of our students. With this MoU, we are focusing on the enhancement and development of the pharmaceutical sector across the Kingdom. We are guided by the mission to provide students experiences to learn from international best practices and, at the same time, work toward the improvement of the quality of the pharmaceutical sector in the Kingdom.”

Allergan said it is committed to a wide range of programs with health-care professionals, patients and national entities across the Kingdom. The company’s investments through its joint venture, Allergan Saudi Arabia, include the development of medical training centers focused on training health-care professionals in medical aesthetics.