A groundbreaking $100 million investment, to be implemented over the next five years, is poised to revolutionize Saudi Arabia’s technology sector.

This agreement was formalized in Riyadh through a letter of intent signed by Rami Niazi, the vice governor of strategy at the kingdom’s Research Development and Innovation Authority (RDIA), and Karim El-Solh, co-founder and CEO of Gulf Capital.

They aim to bolster the development and expansion of local firms pioneering technological innovation in healthcare, health tech, fintech, and energy and renewables. Additionally, they seek to facilitate the entry of global innovators into the Saudi market.

“We are delighted to work with the RDIA on this ambitious investment program and to increase foreign direct investments into the kingdom. Saudi Arabia is an amazing global growth story and has been moving at remarkable speed to achieve its Vision 2030 and, as a result, all of its economic indicators have been on an upward trend,” said El-Solh.

“In partnership with the RDIA, we look forward to increasing and accelerating our investments into high-growth companies in the Kingdom,” he added.

Mohammed Al-Otaibi, the general supervisor at the RDIA, said: “Through this strategic partnership, we seek to support and enhance the professional and technical growth of local companies and to facilitate the establishment of international companies within the Kingdom to achieve national priorities for the research, development, and innovation sector and for the Kingdom to become a global center for innovation.”