2024-05-30 09:40:54
Saudi Arabia introduced “the institution of a brand new firm known as “New Area Group” to spend money on the satellite tv for pc trade and rising house industries within the Kingdom.”
The sovereign wealth fund mentioned in an announcement: “The group is the primary funding by the Public Funding Fund to concentrate on the house trade.”
He defined that the mission “goals to develop and improve business house operations in Saudi Arabia, and to offer modern options for satellites and house domestically and globally.”
The assertion added: “This may also embody funding in localization, expertise, rising firms, and information within the house and satellite tv for pc sector in Saudi Arabia, within the newest try to boost efforts to diversify the biggest financial system within the Center East.”
Omar Al-Mahdi, co-head of direct investments within the Center East and North Africa area on the fund, mentioned: “The institution of the group represents an vital milestone within the improvement of the rising satellite tv for pc and house sector within the Kingdom of Saudi Arabia.”
The Public Funding Fund has invested closely within the fields of sports activities, digital video games, and so-called main Saudi initiatives, which embody the long run “NEOM” metropolis. It has additionally invested in high-profile areas inside international firms, together with shares within the “Uber” ride-sharing firm, and the electrical automotive manufacturing firm. Lucid, and the online game firm Activision Blizzard.
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2024-05-30 09:40:54