Riyad Capital launches "1957 Ventures", a closed-end investment fund backed by Riyad Bank

Riyad Capital launches "1957 Ventures", a closed-end investment fund backed by Riyad Bank

Riyad Capital, the investment arm of Riyad Bank, has launched a closed-end investment fund named 1957 Ventures to accelerate the growth of the Saudi fintech sector, as per a recent statement.

The fund, supported by Riyad Bank, has the primary goal of fostering the growth and advancement of the financial sector while also encouraging innovation and enhancing competitiveness within the Kingdom.

Riyad Bank and Riyad Capital are launching a new fund to support the acceleration of digital transformation in the Kingdom. This initiative underscores their strong dedication to fostering technological innovation and creating opportunities for the development of innovative business models. The fund will play a crucial role in driving the adoption of cutting-edge digital solutions and advancing the Kingdom's position as a leader in digital transformation.

Nadir Al-Koraya, CEO of Riyad Bank, emphasized that 1957 Ventures is expanding upon the bank's successful history of backing cutting-edge initiatives in the fintech sector. “By empowering startups and entrepreneurs, we are propelling Saudi Arabia’s economic growth and diversification, in perfect alignment with the ambitious goals of Vision 2030. While we take pride in our past impact, we are fully aware of the immense potential that lies ahead and are unwavering in our commitment to fostering sustainable growth,” Al-Koraya proudly stated.

Riyad Capital's CEO, Abdullah Alshwer, expressed his enthusiasm for the 1957 Ventures fund, emphasizing its alignment with Saudi Arabia's digital transformation objectives. He highlighted the fund's forward-thinking approach and its significance as a strategic investment in the future of fintech in the Kingdom.

Riyad Capital is a leading company in asset management and alternative investments, known for its innovation.