The “Fund of Funds” signs an agreement to support the venture capital sector in Saudi Arabia
Thursday – 28 Safar 1442 AH – 15 October 2020 AD Issue No. [
15297]
The Saudi Fund of Funds supports the development of the venture capital sector in the Kingdom (Asharq Al-Awsat)
Riyadh: «Middle East»
The Fund of Funds Company “Jada” and the Association of Venture Capital and Private Equity in Saudi Arabia signed yesterday a cooperation and strategic partnership agreement to support the system of venture investment and private ownership, with the support of the General Authority for Small and Medium Enterprises “Monshaat”.
According to the cooperation agreement, the two parties will work to exchange experiences to contribute to the support and development of the bold capital and private ownership sector, and to participate in the development of training programs to raise the level of professionalism and professionalism in the sector, in addition to cooperation in the fields of research and studies.
The Governor of the General Authority for Small and Medium Enterprises (Monshaat), Eng. Saleh bin Ibrahim Al-Rasheed, explained that the agreement will mainly contribute to promoting the growth of the venture capital and private equity sector in the Kingdom, which is what the Kingdom’s Vision 2030 aims to do to enhance the attractiveness of the Saudi market for investment.
The CEO of the Fund of Funds, Adel Al-Ateeq, said, in a statement issued yesterday, that Jada invests in venture capital and private equity funds that target the Saudi market in line with global fund management practices, which is consistent with the objectives and directions of the Venture Capital Association.
Al-Ateeq added, “We will cooperate in various fields, including research and studies, and cooperate in designing programs, discussion sessions and periodic events. It will also contribute (very) to supporting the association as a strategic partner to achieve common goals.”
On the other hand, the Chairman of the Board of Directors of the Venture Capital and Private Equity Association, Engineer Trabzoni, pointed to the importance of this qualitative partnership with the “Jada” Fund of Funds Company, as the two parties will seek to implement joint programs that enhance and standardize the remarkable growth of the system of venture investment and private ownership in the Kingdom.
For his part, the Acting CEO of the Society, Engineer Osama Ashry, stated that the signing of the cooperation agreement with the Funds Fund Company “Jada” is among the objectives of the Association in promoting effective partnerships for the development and implementation of programs and initiatives, in order to enable and advance the development of venture investment and private ownership in the Kingdom.
Saudi
The Saudi economy
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