NEWS
Gulf Capital to deploy $ 100 million into Saudi technology sector over five years
Gulf Capital announced that it has signed an agreement with the Saudi Research Development and Innovation Authority , RDIA to deploy over $ 100 million into the Saudi technology and innovation sector over the next five years . The Letter of Intent , LoI was signed in Riyadh by Dr Rami Niazi , Vice Governor of Strategy at the Saudi Research
Development and Innovation Authority and Dr Karim El Solh , Co-Founder and CEO of Gulf Capital .
Gulf Capital will work closely with RDIA to enhance , support , and fund the growth of Saudi homegrown companies operating in technological innovation in the healthcare , healthtech , technology , fintech , energy , renewables , sustainability , and future economies sectors .
Gulf Capital has a large portfolio of companies operating in Saudi Arabia in the healthcare , healthtech , technology and fintech , business services , food , education , water , wastewater , oil and gas , and real estate sectors .
The company has invested over SAR 2.2 billion to date in direct investments in the
Saudi Arabia . Among its largest investments is Geidea , the payment services provider in Saudi Arabia .
Employing 900 people in Saudi Arabia , Geidea plays a crucial role in supporting SMEs , aiding in job creation , and facilitating seamless payment transactions both offline and online .
Both parties will also cooperate to attract and facilitate the market entry of international innovation companies into the Saudi market . Gulf Capital has an 18-year history of investing in Saudi Arabia and has deployed to date over SAR2.2 billion in investments in Saudi companies with innovative technologies and market share .
Dr Mohammed Alotaibi , General Supervisor at the Saudi Research Development and Innovation Authority , said : “ Through this strategic partnership , we seek to support and enhance the professional and technical growth of local companies .”
Metro Brazil targets Saudi Arabia ’ s ecommerce market , expected to reach $ 55 billion by 2028
Metro Brazil , the retail and eCommerce company for Brazilian shapewear in the Middle East , expanded its operations into the
Saudi Arabia with its commitment to enhance the growing retail sector .
Alaa Kara Ali
Projections indicate a substantial expansion of the Saudi Arabia retail market , anticipated to reach US $ 55 billion by 2028 . Metro Brazil is poised to leverage this growth with its state-of-the-art eCommerce platform , and best in class products , addressing the evolving demands of the fashion retail market . The growth of the market is attributed to several factors such as rising consumer spending power and economic diversification under Vision 2030 , aiming to boost productivity and become one of the largest economies in the world , especially in line with their plans for Riyadh Expo 2030 .
Alaa Kara Ali , CEO of Metro Brazil , commented : “ Our expansion into the Saudi Arabia market marks a pivotal milestone in our journey . This strategic step reaffirms our unwavering commitment to innovation , customer-centricity , and global growth .”
Additionally , the company ’ s plans include collaborations with local finance and investment organisations , such as Growth Venture Capital , Investment Pools , and Angel Investors , as well as access to emerging markets and incentives for technological advancements . Metro Brazil ’ s strategic plans will set new industry benchmarks , placing a strong emphasis on unparalleled customer experience , improved security , and dynamic user engagement .
Metro Brazil ’ s research is centred on customising online shopping experience to successfully meet the expectations of Saudi Arabia customers by considering the cultural nuances and fashion trends as well as incorporating local payment methods .
Furthermore , to capture a considerable size of the Saudi Arabia shapewear and stocking market which is projected to reach a market size of more than US $ 7 million by 2028 , the company will officially open physical showrooms in Riyadh and Jeddah .
www . intelligentcio . com INTELLIGENTCIO MIDDLE EAST 11