Saudi Gazette report

BEIJING — The Saudi National Information Technology Development Program (NTDP) and MSA Novo, a subsidiary of MSA Capital, signed a cooperation agreement to develop the technology sector in Saudi Arabia and attract Chinese technology companies to open their headquarters in the Kingdom.

The agreement was signed by NTDP CEO Ibrahim Niaz while MSA Novo was represented by the Founder and Managing Partner of MSA Capital Jenny Zeng in a ceremony held at the Chinese company’s headquarters in Beijing.

The agreement aims to enhance technological cooperation between the two countries by transferring knowledge, exchanging experiences and technologies, and stimulating the development of the sector in the Kingdom, which contributes to enhancing the technological capabilities of local companies, enhancing local technical innovation and providing innovative technical products and solutions that meet market needs and enhance national competitiveness.

MSA Capital, founded in 2014, is a global venture capital and private equity firm that invests in technology-enabled companies from seed to growth stage. It has investments in nine startup companies in the Kingdom worth more than $45 million. It has also facilitated the entry of 19 international companies into the Saudi market.

MSA Capital includes more than 250 international companies, and works through the agreement to increase the number of companies operating in the Kingdom and strengthen the technological ecosystem.

The National Information Technology Development Program aims to strengthen the information technology system in the Kingdom, achieve sustainable technological development, and accelerate the achievement of strategic goals to transform the Kingdom into a leading global technology center by 2030.