By innovation-sa on October 28, 2017 in News

The Public Investment Fund(PIF) unveiled the establishment of a new investment fund, called “Fund of Funds”, to aid small and medium enterprises(SMEs).

With a capital of SR4 billion at its disposal, the Fund will call for greater activity in the private sector to boost gross domestic product (GDP) through venture capital and private ownership investments.

The Fund will also remove obstacles to the growth of venture capital industry in Saudi Arabia and facilitate the entry of foreign venture capital firms into the country.

Fund of Funds is expected to contribute SR400 million to the GDP and create 2,600 jobs by the end of 2020. It is also estimated that the fund’s contribution to the GDP would reach around SR 8.6 billion with creation of around 58,000 jobs by the end of 2027.