We are pleased to announce our partnership with Meta, that aims to nurture the tech ecosystem in the Kingdom of Saudi Arabia and the MENA region, through technical capability building and the enablement of our portfolio companies.
As active technology investors in Saudi Arabia and the region, we’ve seen how crucial online marketing is for scaling the new wave of businesses and digital champions. The Middle East has one of the highest digital consumption rates globally, which is reflected in the substantial allocation of venture capital raised towards these channels. The importance of social platforms like Meta’s for customer engagement and brand management led to us to explore various partnerships where we can support our portfolio companies to increase their ROI and build stronger capabilities on Meta's platforms.
Our partnership with Meta is designed to build deep technical capabilities within our portfolio companies and entails various strategic and financial incentives provided by Meta that will serve STV's objectives towards its portfolio and the broader ecosystem.
At STV, we believe that our most valuable assets are the deep partnerships we form with our founders and partners to transform the region through technology. This partnership is a further commitment, beyond capital, to enable our companies on their journeys into becoming regional champions and beyond.