STC's tech VC fund expects to close first deal this year

Focus on AI, VR, banking services, logistics and digital health
500 MILLION fund, First deal of STV, STC, STV, Technology venture capital, Venture fund


STC's  new $500 million venture capital fund, STV expects to complete its first transaction by the fourth quarter of this year, the fund's chief executive has said, according to a reports by Reuters. Abdulrahman Tarabzouni said that initial investments are currently being studied and areas under consideration include artificial intelligence, virtual reality, banking services, logistics and digital health services. 

STC CEO Dr. Khaled Biyari said STV aims to spend its $500 million over the next four to five years. He made it clear that the fund would run independently from STC. 

The telecom group would be using the fund to go digital in a bigger way. Last December,  STC agreed to buy a 10% stake in regional taxi-haling app Careem for $100 million. The Careem stake will now be handled by STV. 

Though STV might be engaging in discussions for e-commerce, Dr. Biyari said that the field might be getting too crowded with the launch of Noon and acquisition of by Amazon. 

In terms of its traditional telecom business, STC has submitted a bid for the third MNO licence in Oman. Moreover, STC and Mobily have agreed on a joint financial adviser, aiming to unite their mobile tower operations. 

Webinar #2 | Register to attend - Intergenerational signalling consolidation for the 5G era

Join CommsMEA, Deutsche Telekom and NetNumber as they explore opportunities for intergenerational signalling consolidation for the 5G era. The webinar is free but can only be accessed by registering below in advance.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story