Pakistan, Sept. 22 -- Saudi Arabia's first defence-focused venture fund is accelerating efforts to develop defence technology locally. MASNA Ventures plans to invest more in US and allied defence systems. The move comes as regional conflicts expose gaps in Gulf military capabilities.

MASNA has asked Saudi Arabia's Capital Markets Authority to raise its capacity. The fund wants to increase its size from $100 million to $150 million. General Partner Lucien Zeigler said Saudi nationals currently provide its committed capital.

The fund is considering international investment but has not disclosed further details. MASNA aims to work with major defence manufacturers and technology startups. Its focus includes connected and autonomous platform...