Saudi Arabia: Al-Moammar Information Systems Co. on Sunday signed a memorandum of understanding with Al-Rajhi Capital to launch a Shariah-compliant investment fund worth SR1 billion ($266.6 million), Argaam reported.

The company said in a bourse statement that the fund will be launched as a first phase in accordance with the Investment Funds Regulations of the Kingdom’s Capital Market Authority.

The fund seeks to ensure regular income for investors through financing and operational leasing of technology, digital infrastructure, and medical equipment. 

MIS will be the marketer, supplier, implementer, and exclusive operator of the fund’s projects. The fund will offer several financing solutions such as long-term leasing, construction, operation, transfer, payment for use, and partnership programs between the public and private sectors. 

On Aug. 9, MIS also signed an MoU with Saudi Fransi Capital to establish a private investment fund with an initial target size of SR150 million to invest in venture capital opportunities in the technology sector, primarily in the Kingdom.