The announcement Tuesday (Nov. 15) of the fund coincides with the first trip by Intel Chairman Craig Barrett to Saudi Arabia and on the heels of a broad range of Intel activities in the Middle East and Turkey, highlighted by a week-long tour of the region by the Intel executive.

The fund will focus on investments in innovative companies that complement Intel's technology and platform initiatives in areas such as wireless broadband (especially WiMax), and in local content developers/providers, digital health solutions, IT service providers and software solutions.

"The $50 million Intel Capital Middle East and Turkey Fund will help stimulate technological innovation and the continued growth of the IT industry in this emerging region," said Arvind Sodhani, President of Intel Capital, Intel's venture investment program.

During his trip to Saudi Arabia, Barrett commended the country for making major strides to diversify its economy through technology, and the government there for making advances in communications and information technology a priority.

By: DocMemory
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