Saudi Advanced Industries Company (SAIC) Announces the allocation of an amount of (5 million Riyals) and participation in a Number of Venture Investment Funds
- Date : 2021-12-22
| ELEMENT LIST | EXPLANATION |
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| Announcement Detail | Saudi Advanced Industries Company (SAIC) announces the approval of the Board of Directors to allocate an amount of 5 million riyals which represents 1% of the company’s capital as a first stage, in order to participate in a number of funds (compliant with Islamic Sharia) for investment with venture investment funds.
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These funds target start-up companies with a technological background that contributes to the growth of the digital economy. These funds also target promising technological opportunities and investing in capital at an early stage in technological start-ups. Which is expected to have a positive impact on the return on the company’s capital investments. Note that this investment is compatible with one of the targeted sectors approved by the Board of Directors. |