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STC Forms $500 million VC Fund to Invest in Digital Services Startups

STC Forms $500 million VC Fund to Invest in Digital Services Startups Image Credit: STC

Saudi Arabia's largest telecommunications firm, STC announced the establishment of STV, a technology venture capital fund with an initial capital of $500 million, making it the largest institutional technology venture capital fund in the Middle East.

The VC fund which will be run by ex-Google executive Abdulrahman Tarabzouni will invest in areas like artificial intelligence and virtual reality.

STC said STV will have complete independence and will be managed by a leading team of top regional and international talent in this field.  It 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.

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 the space.

Dr Khaled Biyari, CEO 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.

Abdulrahman Tarabzouni, CEO 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.

Author

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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