Riyadh – Mubasher: Al Moammar Information Systems (MIS) has signed a memorandum of understanding (MoU) with Saudi Fransi Capital to launch a private investment fund at an initial size of SAR 150 million.

The aim of the fund is to invest in venture capital opportunities in the technology sector across Saudi Arabia, according to a bourse filing on Monday.

The fund will cover different fields like software, digital services, systems and security, consumer services, and healthcare technology.

MIS noted that the MoU duration will be for 180 working days from 9 August 2021.

The fund will appoint MIS Lab, a separate subsidiary and a business incubator and an innovation lab of MIS, as its exclusive investment advisor and innovation partner. The main responsibility of MIS Lab would be to research, source, and advise the fund on acquisition of stakes in potential companies.

MIS added that the financial impact of signing the MoU cannot be determined in the current time.