Riyadh – Mubasher: The Saudi Telecom Company (STC) said that its board members on Wednesday approved the establishment of an independent fund worth $500 million (SAR 1.87 billion).

The fund will be financed in five equal tranches, each of which will consist of $100 million self-financing from the STC's sources to invest in promising and fast-growing digital and technology sectors, as well as the comprehensive development of the digital system in the region, according to a bourse statement issued on Thursday.

“The fund will not only invest in venture fund; it will also benefit from the company's assets to support its investments through expansion and growth through an independent governance and operating system designed for this purpose according to international best practices,” the STC’s statement noted.