By Gulf News
Abu Dhabi: Gulf Capital on Monday said it has acquired a strategic stake in fintech firm Saudi Geidea as it tries to boost its presence in the payment and digital financial transactions sector in the Gulf Cooperation Council (GCC). The total value of the transaction is 1 billion Saudi riyals (Dh978.1 million).
The transaction comes as Saudi Arabia aims to promote financial technology in the kingdom and transform the country into a destination for fintech innovation, by providing a booming ecosystem driven by local and global players. The deal constitutes the largest acquisition in the Saudi fintech sector to date.
“In a relatively short period of time, Geidea has emerged as the market leader in the financial technology sector in Saudi Arabia, paving the way for more financial institutions and businesses in the kingdom to adopt Saudi Arabia’s Vision 2030 of achieving far-reaching economic prosperity and moving towards a cashless society,” stated Karim El Solh, chief executive officer of Gulf Capital.