RIYADH: The Saudi Industrial Development Fund Investment Co., or SIC, is expanding its presence in alternative financing instruments and venture capital investments, with CEO Fahad Al-Naeem expecting total investments to reach approximately SR1.6 billion ($425 million) by the end of this year.
In an interview with Asharq Bloomberg, Al-Naeem explained that the company plans to contribute to two or three additional funds before year’s end, including an infrastructure fund in partnership with a foreign investor, as well as funds specializing in growth financing and exploring direct investments in industrial and technology sectors.
SIC, a subsidiary of the SIDF, announced on May 13 its first venture capital investment, becoming a strategic investor in Khwarizmi Ventures 2. This move aims to support emerging technology companies linked to industry, logistics, and supply chains.
First venture capital investment
This investment represents SIC’s first direct foray into the venture capital sector, as part of a strategy to link traditional industrial financing with the innovation ecosystem and modern technologies, particularly those related to artificial intelligence, automation, and the Fourth Industrial Revolution, according to Al-Naeem, who confirmed that his company monitored the performance of Khwarizmi Ventures 1 before making the investment decision to ensure its viability.
