(MENAFN - Arab News) Jameel Al-Molhem, acting CEO of STC Group, and a number of its senior staff recently received a delegation of Islamic International Foundation for Economics and Financing.
The talks took place at STC (Saudi Telecom Co.) headquarters in Riyadh.
The two sides discussed ways of promoting cooperation between the foundation and STC.
The foundation praised the STC's decision to set up the Venture Capital Fund.
Salih Al-Fozan, who led the delegation, said the fund had reaffirmed the STC's leadership in the region and its endeavor to ensure the compatibility of its investments with Shariah.
Al-Fozan thanked the STC's intent to take part in a forum scheduled to take place later, on venturing capital investment, organized by the foundation.
At the end of the meeting, Al-Fozan delivered a memorial shield to Al-Molhem, in addition to a number of foundation's publications, funded by STC.
The STC group announced plans last month to invest in the Venture Capital Fund.
This fund invests, especially, in start-up, small and medium-sized companies operating in the fields of telecommunication and IT, in the Saudi market as well as other world markets.
This step is considered as a progressive move to promote creative ideas and enterprises as part of a strategy pursued by the STC group to widen its business objectives.