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Saudi Arabia to back Indonesia startups through joint fund

Middle Eastern kingdom is pushing toward a post-oil economy

Saudi Arabia plans to back later-stage startups in Indonesia through a proposed joint fund. (Source image by AP/Reuters)

JAKARTA -- Saudi Arabia has pledged to back later-stage startups in Indonesia through a proposed joint fund with Indonesia-focused venture capital firms as part of the kingdom's digital push toward a post-oil economy.

The fund was mentioned during a signing ceremony late last week between the Center of Digital Entrepreneurship (CODE) at the Saudi Ministry of Communications and Information Technology (MCIT) and the Nexticorn Foundation. 

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