RIYADH: Saudi Jada, Fund of Funds Co. established by the Public Investment Funds, plans to launch funds to attract investments in favor of NEOM, and transfer global expertise from its US counterpart, Miami.
Revealed during the Saudi Catalyze event held in Riyadh on March 28, it also encompassed a partnership agreement between NEOM and Miami.
“We are looking to increase the volume of investment 100 percent, by more than SR4 billion ($1.06 billion),” Jada CEO Adel Al-Ateeq told Asharq Al Awsat paper.
Jada has invested in over 20 investment funds since its launch with investments exceeding SR2 billion, distributed among a number of venture capital and private equity funds in the Kingdom, Al-Ateeq said.
This has been across 350 Saudi national companies, and regional companies.
“I expect to continue at the same level over the next three years,” he said.
The company's initial capital is SR4 billion, and will move forward to a capital increase during the coming period, Al-Ateeq said.
Jada was established in 2019 to make investments in venture capital and private equity funds, with the aim to support small and medium-sized enterprises in the Kingdom.
Catalyze Saudi Arabia is an interactive platform based on the partnership between the Ministry of Investment and Jada.
It aims to encourage and accelerate the venture capital and private equity fund industry in the Kingdom, by inviting international investors to visit the Kingdom and meet Saudi fund managers and investors, to raise their knowledge of the capital industry.