Riyadh, April 2025 – STV, the leading growth investor in the MENA tech sector, has announced the final close of its first non-dilutive capital fund, the $100 million STV NICE Fund I, in partnership with SAB Invest via its CMA-licensed Alternative Financing Fund, with the strategic backing of the National Technology Development Program (NTDP) and contributions from family offices.
The fund aims to address the financing gap faced by Saudi tech startups by providing Sharia-compliant, non-dilutive capital, helping them accelerate growth without equity dilution.
As a regional first, the fund utilizes a novel investment structure called NICE (Non-Dilutive Investment in Callable Equity). This instrument allows investors to capture high-growth opportunities in the tech space while generating steady, Sharia-compliant income.
The fund has already invested in leading startups including Morni, RedBox, and Invygo.
The initiative is aligned with the Financial Sector Development Program and the Capital Market Authority’s new strategy to develop innovative financing solutions through public-private partnerships. Through this platform, SAB Invest will enable a wider investor base to engage in this unique, scalable, and sustainable growth-income investment vehicle.
Executive Quotes:
Ihsan Jawad, General Partner at STV:
“This milestone marks a pivotal moment in the evolution of tech investment in the Kingdom. We are pleased to develop a funding instrument tailored to the needs of regional startups.”
Ibrahim Neyaz, CEO of NTDP:
“Our strategic support for non-dilutive initiatives will create a sustainable and scalable funding platform to support startup growth and economic diversification in the Kingdom.”
Osama Alowedi, CIO at SAB Invest:
“Our collaboration with STV and support from NTDP opens new opportunities for investors and founders, providing steady, Sharia-compliant returns while powering Saudi’s tech transformation.”
