Saudi Arabia’s sovereign wealth fund launches fund of funds company

Yasir Al-Rumayyan, governer of the PIF, speaks during a press conference. (File photo: AFP)

Saudi Arabia’s Public Investment Fund has launched a 4 billion-riyal ($1.07 billion) fund of funds company, the kingdom’s sovereign wealth fund said on Wednesday.

Jada, which was first announced in 2017, aims to support small and medium-sized enterprises (SMEs) by investing in venture capital and private equity funds.

The PIF said in 2017 it expected the investments to create 2,600 jobs and contribute 400 million riyals to gross domestic product by the end of 2020. Those figures are expected to rise to 58,000 jobs and 8.6 billion riyals to GDP by the end of 2027, it said.

Last Update: Wednesday, 20 May 2020 KSA 09:57 - GMT 06:57