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KACST launches new SME technology fund

Fund to invest in SME companies in the technology sector in Saudi Arabia

The fund will focus on building Saudi's technology sector.
The fund will focus on building Saudi's technology sector.

The King Abdulaziz City of Science and Technology (KACST) has announced a new fund to invest in small to medium sized companies in the technology sector, Arab News reports.

The fund has been set up as a co-operation between KACST's existing Badir Technology Incubator, and Investor Securities, with the aim of boosting technology in the Kingdom.

The agreement was signed by Prince Dr. Turki Bin Saud Bin Mohammad Al Saud, Vice- President of King Abdul Aziz City for Science and Technology (KACST)for Research Institutes, and Abdullah Al-Fowzan, chairman of Investor Securities.

The Badir program for technology incubation, which was established in 2006, is focused on supporting technology business opportunities and the development of technology entrepreneurship.