Kuwait's $200 million fund to embrace the digital economy
Many countries in the region have launched their own funds in order to fund certain industries or types of companies such as startups. Saudi Arabia has its world-famous Public Investment Fund (PIF), Bahrain launched two $100 million funds in order to spur innovation and entrepreneurship, Jordan launched a similar fund and Egypt has announced that it will launch a fund as well.
In short, there is no shortage of government funds in the region to stimulate the economy and make strategic investments. Often, these investments are in areas that have the highest impact on the economy, which is most likely to be technology or technology-enabled startups and corporations.
On 20th January, 2019, Kuwait was the latest country to announce a government fund, amounting to $200 million, one of the largest in the region. Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah stated, the fund was set up to invest in technology companies, which is necessary when moving toward a more digital economy.
Learn more about Kuwait’s new fund and how it plans to use the investment to embrace a digital economy here.