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
0

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.”


Saudi students to visit Huawei HQ in China

Huawei recently held a special ceremony for students participating in the program at the CITC headquarters in Riyadh. (Photo/Supplied)
Updated 17 November 2018
0

Saudi students to visit Huawei HQ in China

The Communications and Information Technology Commission (CITC) is collaborating with Huawei, a global provider of information and communications technology (ICT) infrastructure and smart devices, to launch Huawei’s fourth edition of the “Seeds for the Future” program. 

This year the Seeds for the Future program is expected to attract numerous projects from a wide range of universities in Riyadh, each with the potential to be selected for incubation. The initiative aims to develop ICT talent among Saudi students who will become tomorrow’s leaders. They will also receive focused mentoring from top Huawei executives and a chance to travel to Huawei’s global headquarters in Shenzhen, China, to gain exposure to the ICT solutions provider.

The company recently held a special ceremony for students participating in the program at the CITC headquarters in the Saudi capital. The event was attended on behalf of the CITC governor by Ahmed Al-Jarboo, vice president of corporate communications; Zhou Xinglong, counselor at the Chinese Embassy in Saudi Arabia; and Dennis Zhang, CEO of Huawei Tech Investment Saudi Arabia Ltd. 

CITC has been collaborating with Huawei since 2015 on Seeds for the Future. A total of 51 students have directly benefited as a result of the program, including through their visit to Huawei HQ in Shenzhen.

Al-Jarboo thanked Huawei for its efforts in “serving the community and its keenness on upgrading the Kingdom’s ICT sector.” He also urged students to benefit from the experience in expanding their knowledge.

Xinglong said: “This is another example of the close relationship we have with Saudi Arabia. I am proud of Huawei’s commitment to social responsibility and the important role played by this prestigious company in the development of Saudi youth.”

CEO Zhang said: “We are pleased to announce that we will continue to partner with the CITC for the Seeds for the Future in 2018. Saudi Arabia has a huge segment of young people and we are proud to announce our solidarity to empower these young people and give them the opportunity to sharpen their skills and help them become the leaders of tomorrow in the field of information and communication technology.”

He added: “Huawei is seeking to collaborate with government partners to develop an ecosystem for the ICT sector, and the key to this is to guide and support outstanding young talents in the field of ICT not only in Saudi Arabia, but to provide them with access to institutions to develop technologies that will help the Kingdom achieve its goals in its Vision 2030.”