(Bloomberg) -- Saudi Telecom Co. has created a $500 million technology fund to be run by ex-Google executive Abdulrahman Tarabzouni to invest in areas like artificial intelligence and virtual reality.
STV, as the fund will be known, already has a pipeline of potential deals it is looking at and the first could be completed before the end of the year, Tarabzouni said at a press conference in Riyadh. The fund is looking to make investments over the next four to five years and more money could be allocated to it in the future, Saudi Telecom Chief Executive Officer Khaled Biyari said.
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