JEDDAH, 6 June 2008 — The Saudi Arabian General Investment Authority (SAGIA) has agreed to assist in the promotion of KTIC Jasper Asia Gulf Horizons Fund technology center planned in Saudi Arabia.
Besides, SAGIA will also be responsible for facilitating local investor support to the Fund’s operations within the Kingdom.
The expansion of the SR1.1 billion Asia-centric technology fund is the largest private equity initiative to be launched in the GCC with the aim of driving technology development and commercialization from Asia to the GCC region. The fund will allow approximately 10-15 Asian and European technology companies establishing research, commercial and development operations in the Kingdom over the next three years. The focus of the companies will be in information and communication technology, energy, transportation, health and life sciences and education sectors, which are considered essential to Saudi Arabia’s long-term technology development plan.
“SAGIA considers the KTIC Jasper Asia Gulf Horizons Fund to fully compliment the mission of SAGIA to promote the development of core industry sectors in the Kingdom. It is the most innovative and realistic private equity approach to regional technology expansion we have ever seen in the Gulf,” Abdullah Taha, SAGIA investment development director said.
“KTIC’s history of successfully growing hundreds of venture and mezzanine-stage technology companies will be vital for achieving our objectives in such projects as the King Abdullah Economic City and Riyadh’s growth as a business hub.”
The architect behind the design and establishment of the fund is an asset management and corporate finance company, UK-based Jasper Capital Limited.
The fund will be managed by Korea Technology Investment Corporation (KTIC), a Seoul-based veteran private equity management company with 22 years of experience in managing over 100 initial public offerings in Asian technology companies.
Jasper Fund Distribution Manager Latifa Lahouaoui, speaking about the agreement told Arab News: “We are honored SAGIA has agreed to sponsor our fund and we are confident that our initiative will help set the stage for achieving SAGIA’s long-term mission to support the development of ambitious, profitable technology companies in the Kingdom.”
Explaining the reason behind choosing the Kingdom as the location for the Fund, Lahouaoui added: “The overall size of Saudi market is quite large. Besides, there were significant synergies between the technology companies being considered for the investment and the stated needs of SAGIA’s technology strategy.”
The Kingdom has adopted a long-term economic vision that shifts its focus to develop a knowledge-based economy, meet the demands of the knowledge-based industries, and enhance the research environment.
“SAGIA is seeking to play a central role in its strategy through the development of King Abdullah Economic city and other initiatives. This policy is fully aligned with the KTIC Jasper Asia Gulf Horizon’s Fund’s objectives and the decision was quite clear,” she said.
She continued by saying that Jasper is proud to have Malaz Group inside the Kingdom to coach them in the launching of the Technology Center with the ultimate goal of creating viable and financially attractive investment opportunities.