STC has announced the establishment of STV, a technology venture capital fund, with an investment of $500 million, making it the largest institutional venture capital fund in the Middle East. STV aims to achieve its strategic growth aspirations and to help realise Vision 2030’s technological ambitions by investing in new digital areas and by growing the digital innovation ecosystem in the region.
STV will have complete independence and will deploy independent governance and operational models that are designed in accordance with international best practices. It will leverage STC’s assets to enable its investments and the surrounding ecosystem to grow and scale.
"We are very proud of this historic step by STC, which will be a pivotal turning point for the region's technology ecosystem," said Dr. Khaled Biyari, CEO of STC. "Global telecoms have two choices - to either change and evolve into digital companies or to convert into a utility. We have elected to go down the first route. STC has the potential, resources and strategic assets to make a quantum leap in the technology and entrepreneurial sectors it is working on transforming,” Biyari added.
Abdulrahman Tarabzouni, chief executive officer of STV said:"We believe the region can create its own future and we will invest in the next generation growth engines that will make this happen. The centres of gravity for growth and value across the world’s economies and industries will undergo profound transformations due to technology disruptions, and we believe STV will create value for STC and the region amidst these transformations."