STV, the largest independent venture capital firm in the Middle East, has announced a new investment from Saudi Awwal Bank (SAB) for its Emerging Tech & AI Fund. The fund is designed to back a new wave of companies focused on artificial intelligence and adjacent technologies across the region.
Quick Facts
- SAB invests in STV’s AI and tech fund.
- Fund previously secured backing from Google.
- Four AI-native startups already in portfolio.
A Strategic Alliance to Back AI Founders
The investment from SAB builds on an existing strategic partnership between the two entities and adds significant financial weight to the fund. This commitment follows a series of capital injections from semi-sovereign entities, endowments, and other institutional investors from around the region, in addition to early support from Google.
Saeed Assri, Chief Innovation Officer at SAB, framed the move as a strategic imperative, stating that AI is a key driver for productivity, risk management, and enhancing the customer experience. He highlighted the bank’s commitment to supporting the next generation of AI-native companies in the region.
Adding to this, Osama Alowedi, Chief Investment Officer at SAB Invest, stressed the urgency of the current technological shift. He noted that the rapid pace of AI transformation leaves no room for hesitation and emphasized the importance of partnering with a firm like STV to give investors direct participation in this change.
Early Bets on AI Infrastructure and Applications
Ahmad AlNaimi, General Partner at STV, said that SAB’s continued support signals a growing confidence in application-layer AI as a primary engine for economic growth across the Middle East and North Africa.
Since its launch, the fund has already made investments in four AI-native startups. The initial portfolio includes Sawt, Clarity, Signit, and Stream, with solutions spanning customer service AI, data analytics, legal tech, and payments infrastructure.
The move comes as global enterprise spending on AI applications reportedly surpassed $19 billion in 2025, with AI-focused startups consistently outperforming incumbents in both revenue growth and speed to scale.
About STV
STV is the largest technology venture capital firm in the Middle East. Headquartered in Riyadh, Saudi Arabia, STV backs and scales the region’s most ambitious and disruptive technology companies.
Source: entarabi
