With a capital of 4 billion riyals, the Public Investment Fund announced the establishment of the «Fund of Funds,» an investment fund aimed at supporting small and medium-sized enterprises by investing in venture capital and private equity funds, with the private sector participating in its investments.

The fund aims to support and develop the venture capital sector by implementing best practices and building an integrated ecosystem to increase opportunities for startups and small and medium-sized enterprises to access capital.

The establishment of the fund is one of several initiatives aimed at activating the role of the private sector and increasing its contribution to gross domestic product by stimulating investments in venture capital and private equity. The fund, with a capital of 4 billion riyals, will play an active role in efforts to achieve the goals of the Kingdom’s Vision 2030, which aim to enable private sector growth and support small and medium-sized enterprises as a key driver of economic growth and job creation, in addition to supporting innovation and boosting exports. Its role will consist of investing in venture capital and private equity funds on a commercial basis. The achievements of the «Fund of Funds» will be reflected in a contribution to GDP of approximately 400 million riyals by the end of 2020 and the creation of more than 2,600 jobs. and its contribution to GDP is expected to reach approximately 8.6 billion riyals, creating nearly 58,000 jobs by the end of 2027.