Saudi Arabia view the power of investing in Ukrainian startups

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An influential official and businessman from Saudi Arabia, Abdulrahman Alolaya, arrived in Ukraine on an unofficial business visit.

He is the CEO of the TaibahVally investment campaign and one of the leaders of the national investment program "Saudi Vision 2030", which is looking for the most profitable and innovative areas for investment. The Sovereign Wealth Fund of Saudi Arabia, which finances the program, is one of the largest investment funds in the world.

The meeting took place at the Ministry of Digital Transformation. The guest was told about the developments in the field of digital state. Alexander Bornyakov, Deputy Minister of Digital Transformation for IT Development, promised to provide a list of the most successful Ukrainian startups and promote cooperation in every possible way.

"Ukraine is very interesting for us, because it has a lot of experience in modern technologies, there are highly qualified personnel and interesting startups. At the same time, the investment market is in the early stages of development and this is a good period for investing,” said Abdulrahman Alolaya.

Successful examples of this cooperation already exist: Saudi Arabia has bought a huge Ukrainian agricultural company, Mriya, and has also invested in renewable energy, but in a more promising way. Alolaya is the Ukrainian IT sphere, fintech, engineering, Internet of Things, blockchain technologies.

"We have been working with investors from the Middle East for a long time and are happy to start cooperating with investors from Saudi Arabia. And the fact that the founder of TaibahVally was interested in our developments and decided to visit Ukraine, testifies to the high potential of domestic technology companies. Saudi Arabia is now looking for new opportunities for the development of its technology sector and Ukraine, with its experience and high level of specialists, can easily meet these needs, "Dmytro Buravel stressed.

The Arab delegation met with representatives of the Ministry of Digital Transformation. They were introduced to the application Action and told about the achievements in the field of digital state. At the request of the guests, Deputy Minister of Digital Transformation for IT Development Oleksandr Bornyakov promised to provide a list of the most successful Ukrainian startups.

More guests from Saudi Arabia were interested in Ukrainian developments in the fields of education, block chain and digital government services.

For reference:

"Saudi Vision 2030" is a program for the reduction of oil deposits in Saudi Arabia, diversification of the economy and the development of state health protection, update, infrastructure, recreational tourism. Within the framework of the program, the Saudi Arabia Sovereign Fund was launched, in which case $ 2.5 trillion assets were converted, so that he could use the most suitable fund for the purpose and controller of more than 10% of the financial power of 3% of the possibilities.

The fund now controls about $ 347 billion in assets and is headed by Crown Prince Mohammed bin Salman. In recent years, the fund has made several major investments. For example, it bought a stake in Uber in the amount of about $ 4.4 billion. The fund also has a stake in Citigroup Bank, the social network Facebook and the cruise ship operator Carnival Corp.

TaibahVally is an investment company launched in 2018 to develop infrastructure for digital transformation in Saudi Arabia. The company invests in technological solutions in information technologies, health protection, education and research, as well as in modern technologies, including blockchain technology, Internet of speeches and piece of intelligence.