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Thursday, 25 May 2017

Ex-Google Exec Gets $500 Million From STC for Mideast Tech Deals - Bloomberg

Ex-Google Exec Gets $500 Million From STC for Mideast Tech Deals - Bloomberg:

"Saudi Telecom Co. has created a $500 million technology fund to be run by ex-Google executive Abdulrahman Tarabzouni to invest in areas like artificial intelligence and virtual reality. STV, as the fund will be known, already has a pipeline of potential deals it is looking at and the first could be completed before the end of the year, Tarabzouni said at a press conference in Riyadh. The fund is looking to make investments over the next four to five years and more money could be allocated to it in the future, Saudi Telecom Chief Executive Officer Khaled Biyari said. Investor interest in the Middle East’s technology industry is picking up after Amazon.com Inc. paid $580 million to buy e-commerce firm Souq.com. Dubai-based business tycoon Mohamed Alabbar raised $1 billion to create an e-commerce company called Noon, and said he had separately raised $1 billion to make technology investments."



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