Dabbagh. "Intel has a history of pioneering successful technology investments in developing markets to foster growth and innovation," said Barrett. "We look forward to helping establish a local, dedicated technology investment fund that will help grow the IT industry in the Gulf region." SAGIA has been in talks with Intel for the past six months laying the groundwork for yesterday's groundbreaking signing. Given its outlook to create focused, yet differentiated and segmented strategic business units, the SAGIA-Intel agreement falls in line with such a strategy. SAGIA offers a comprehensive investment facilitation package to all investors seeking opportunities in any of the economy's open sectors. The long-term goal of SAGIA is to see to the creation of other, similar industry-focused VC funds. The signing with Intel is hoped to be the first such agreement with global ICT players. "VC funds were key drivers of the technology boom in the Western world and I am confident that this will play a major role in stimulating the ICT sector in Saudi Arabia. I am also hopeful that other VC funds will now be created and we will give them equal support," concluded Al-Dabbagh.
