Intel Establishes $50 Million Venture Fund For Middle East And Turkey
Subject: General Tech | November 15, 2005 - 07:52 PM | Jeremy Hellstrom
RIYADH, Nov. 15, 2005 — Intel Corporation today announced the establishment of a US$50 million venture capital fund to invest in technology companies developing innovative hardware, software and services in the region covering the Middle East and Turkey. The announcement of the fund by Intel Chairman Craig Barrett in Riyadh comes on the heels of a broad range of Intel activities in the Middle East and Turkey, highlighted by a week-long tour of the region by the Intel executive.
'The $50 million Intel Capital Middle East and Turkey Fund will help stimulate technological innovation and the continued growth of the IT industry in this emerging region,' said Arvind Sodhani, President of Intel Capital, Intel's venture investment program. 'We will invest in companies to accelerate technology adoption locally and foster development of unique and innovative technologies and content with potential for regional distribution.
'Intel Capital has been working in the region for some time and sees a strong demand for technology in broadband and mobile services, enterprise solutions, digital health, and consumer technologies,' said Sodhani. 'That demand, combined with a measurable increase in entrepreneurial activity and some of the world's fastest growing economies, indicates that the time is right to begin investing in the region.'
Full press release in Intel's Press Room.