The Clap
STC (7010) revealed the allocation of $300 million, in addition to $500 million, for STV, the largest independent technology investment fund in the MENA region.
The Deets
In a recent report, the STV Fund indicated that the MENA region is preparing to create 45 unicorns by 2030.
Unicorns are start-up companies whose capital exceeds $1 billion.
This presents a $100 billion opportunity, to be made available through local IPOs.
The fund intends to acquire a significant portion of the accelerated unicorn creation process, on the back of its investments in leading companies across rapidly growing sectors.
STV
Since its launch in 2018, STV has invested in a group of tech companies in a number of sectors in the MENA region, with a focus on opportunities in digital supply and demand.
Why this Matters
The allocation of funds will help consolidate STC’s position as the most active investor in the region, leading nearly 60% of venture capital opportunities in Saudi Arabia.
The investment portfolio has created thousands of direct jobs and nearly 3 million indirect jobs.
