RIYADH: Saudi technology firm Al Moammar Information Systems Co. signed a SR150 million ($40 million) initial agreement with Saudi Fransi Capital to set up a private fund for venture capital investments in the technology sector within the kingdom.

One of Al Moammar primary objectives is developing technology start-ups with the focus on disruptive and innovative technologies, according to a bourse filing.

The company said it intends to establish a business incubator, accelerator, and innovation lab, either within the company or as a separate subsidiary.