(MENAFN- Saudi Press Agency)
Riyadh, Muharram 19, 1439, October 9, 2017, SPA -- The Public Investment Fund (PIF) has announced the establishment of the Fund of Funds, a new investment vehicle designed to provide small and medium-sized enterprises (SMEs) with access to capital by investing in venture capital and private equity funds targeting the SME sector. The Fund of Funds will also support the creation of a thriving private equity and venture capital ecosystem in the Kingdom.
The Fund will empower the private sector and increase its contribution to national GDP by encouraging venture capital and private equity investments. With a capital of SAR four billion, the Fund is aligned with the Kingdom's Vision 2030 objective of facilitating private sector growth and supporting the development of SMEs in creating job opportunities, promoting innovation, and increasing exports as per the commercial by-laws, to support and encourage investment in SMEs.
The Fund of Funds' vital role will be reflected in its contributions to national GDP, estimated to be around 400 million SAR by the end of 2020, and the provision of more than 2,600 jobs. Its contribution to GDP is expected to increase to 8.6 billion SAR by the end of 2027, creating around 58,000 jobs.
--SPA
17:37 LOCAL TIME 14:37 GMT
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