Riyad Capital, backed by Riyad Bank, has launched the “1957 Ventures”, to drive transformative growth in Saudi Arabia’s fintech sector and create opportunities for innovative fintech business models within Saudi Arabia.
Nadir Al-Koraya, CEO of Riyad Bank, stated, “The launch of the 1957 Ventures fund demonstrates Riyad Bank’s unwavering commitment to driving fintech innovation and digital transformation; this fund builds upon our track record of supporting cutting-edge initiatives in this pivotal sector. By empowering startups and entrepreneurs, we fuel Saudi Arabia’s economic growth and diversification, aligning with the bold ambitions of Vision 2030.”
Riyad Capital recorded assets under management of $24.3 billion in 2021. In June 2022, it launched two closed-end REITs with the Arabian Centers Company, with a value of $1.7 billion, for the purpose of developing two projects—Jawharat Al-Riyadh and Jawharat Jeddah—which are considered among the largest projects in Saudi Arabia. Riyad Capital also has a dedicated venture capital fund, the Riyad TAQNIA Fund, which has invested in companies including Foodics, Beehive and Trukker.
1957 Ventures Fund embodies a forward-thinking financial vision aligned with the Kingdom’s ambitious digital transformation goals; it ignifies a strategic investment in the future of Saudi fintech. Dr. Abdullah Alshwer, CEO of Riyad Capital, added that the institutional approach will unlock new levels of innovation, driving both sector growth and sustainable economic impact.
