RIYADH: Saudi Technology Ventures (STV), the venture capital arm of Saudi Telecom, took part in 30 percent of all start-up funding rounds in Saudi Arabia and 20 percent in the wider Middle East in recent years, its CEO said.
STV, founded in 2017, invested in 12 funding rounds in Saudi Arabia and the Middle East during the past nine months, compared with seven rounds during the previous two years, CEO Abdelrahman Tarabzouni told Asharq on Thursday.
The venture capital firm, which currently has a portfolio of $500 million, is considering launching a second fund to invest in the growth of emerging companies and lead advanced rounds in them, said Tarabzouni.
“Investments are now under study more than ever, and we are excited about the real estate sector,” he said.
There is an opportunity to create 4 or 5 unicorn companies in the real estate sector during the next year at about $8 billion, he said.
Studies conducted by STV showed that there is an opportunity to create 40 unicorn companies in the Middle East and North Africa (MENA) and Saudi Arabia will have the lion’s share of these companies.
