The US' Intel Corporationand the Saudi Arabian General Investment Authority (SAGIA) have signed a memorandum of understanding to set up a $100 million venture capital fund to invest in technology companies located in Saudi Arabia. Intel will act as consultant for the fund and reserves the right to co-invest along with the fund in new ventures, while SAGIA will act as the liaison body.
Intel is also setting up a $50 million venture fund for its Digital Transformation Initiative in the Middle East and North Africa and Turkey. Intel Capital, the company's venture investment arm, will use the fund to invest in broadband infrastructure, mobile wireless solutions using WIMAX technology, local content and digital health solutions. Intel Capital has invested more than $4,000 million in 1,000 companies in more than 30 countries since 1991. In early November, Intel and American Near East Refugee Aid (ANERA) signed a $1 million agreement to build an Intel IT centre in Gaza. Intel is active in more than 60 Middle East cities, working with 4,400 customers. This year, it set up a software development centre and developer forum in Cairo, and a software college which carries out region-wide training.
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