Saudi’s Public Investment Fund announced the launch of Jada, a $1.07 billion fund dedicated to SMEs and startups. Jada will also invest in venture capital and private equity funds geared towards small businesses.
The fund was launched at a ceremony held in Riyadh and announced that it will start by investing in Khobar based Raed Ventures and Vision Ventures, which are among the most active Saudi VCs presently.
This initiative is part of the government’s broader strategy to move away from an economy dependent on oil. The Saudi Vision 2030 plan highlights the importance of investing in SMEs to diversify the economy.
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