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riyadh capitallaunched 1957 Ventures, with support from Riyadh Bank, to drive transformative growth in Saudi Arabia’s fintech sector and create opportunities for innovative fintech business models in the kingdom. .
Nadir Al Khoraya, CEO of Riyadh Bank, said: This fund builds on our track record of supporting cutting-edge efforts in this vital area. By empowering startups and entrepreneurs, we will drive economic growth and diversification in Saudi Arabia, in line with Vision 2030’s bold ambitions. ”
Riyadh Capital recorded assets under management of $24.3 billion in 2021. In June 2022, we announced a $1.7 billion investment jointly with Arabian Centers Company to develop two of the largest projects in Saudi Arabia: Jawharat Al Riyadh and Jawharat Jeddah. Launched two closed-end REITs. Riyadh Capital also has a dedicated venture capital fund, the Riyadh Taknia Fund, which has invested in companies such as Foodix, Beehive and Tracker.
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1957 Ventures Fund embodies a forward-thinking financial vision that aligns with Saudi Arabia’s ambitious digital transformation goals. It represents a strategic investment in the future of Saudi fintech. Dr. Abdullah Alshwar, CEO of Riyadh Capital, added that the institutional approach will unlock new levels of innovation, driving both sector growth and sustainable economic outcomes.
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“Riyadh Capital, backed by Riyadh Bank, launched 1957 Ventures to foster the transformative growth of Saudi Arabia’s fintech sector and create opportunities for innovative fintech business models within the Kingdom. raised. ”
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Source link: https://techmoran.com/2024/05/20/riyad-capital-launches-1957-ventures-fund-to-drive-saudi-arabias-fintech-innovation/
