Abraaj and Saudi Arabian General Investment Authority (SAGIA), which serves as the gateway to investment in Saudi Arabia, jointly announced this landmark initiative on the sidelines of the 5th Global Competitiveness Forum (GCF) being convened by SAGIA.

The platform will be focused on making investments across a variety of asset classes including private equity, small-and-medium sized enterprises (SMEs), real estate, and public equities, said Amr Al-Dabbagh, governor of SAGIA, and Arif Naqvi, founder and group CEO of Abraaj Capital.

This will be a pioneering initiative in the region that will seek to access attractive investment opportunities in the Kingdom's private and public sectors, the duo said.

Despite the global crisis, the fundamental macroeconomic environment in Saudi Arabia continues to remain robust underpinned by favorable demographic trends, reform-oriented policies, and prudent use of hydrocarbon liquidity to ensure long-term sustainable economic growth, they added.

The plan to initiate the SR2 billion investment platform is subject to obtaining necessary regulatory clearances and approvals from all relevant regulators including the Capital Markets Authority (CMA).