Abu Dhabi – Mubasher: Gulf Capital, a private equity firm, has acquired a SAR 1 billion ($267 million) stake in Saudi Arabian Geidea, an electronic payment solutions provider.

The size of the sold stake was not released, but Gulf Capital described it as its fifth investment in the technology sector and part of its endeavours to develop the payment and digital financial transaction sector in the GCC, according to Reuters.

Gulf Capital Geidea has not taken so much time to lead financial technology market, Gulf Capital’s CEO Karim El Solh told the international news agency.

“The move comes as other financial centres in the Gulf region including Abu Dhabi, Dubai, and Bahrain are looking to cultivate a financial startup scene to position themselves as regional powerhouses in financial technology or fintech,” Reuters reported.