Saudi Arabia’s Jada Fund of Funds plans launching funds to attract investments in favor of NEOM, revealed Jada CEO Adel Al-Ateeq. The ‘Catalyze Saudi’ initiative is in line with the Kingdom’s Vision 2030 which aims to raise small and medium sized enterprises’ (SMEs) contribution to GDP from 21% to 35% by 2030.
Saudi Arabia’s Ministry of Investment (MISA) and Jada had formed a partnership to bolster the Kingdom’s start-up and innovation sector and support economic diversification under the ‘Catalyze Saudi’ initiative. Jada, owned by the Public Investment fund (PIF), provides funding to start-ups in the Kingdom through commercially sustainable investments in venture capital and private equity funds.
“We are looking to increase the volume of Jada’s investment by more than SAR 4 billion ($1.06 billion),” Al-Ateeq told Asharq Al-Awsat. “Since the beginning of Jada’s launch, we have invested in more than 20 investment funds,” said Al-Ateeq.
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