Saudi Arabia’s Public Investment Fund (PIF) launched a new company under the name of Fund of Funds “Jada” to support and empower small and medium enterprises (SMEs).
The SAR 4 billion company will invest in venture capital and private equity funds, PIF said on its official Twitter account.
PIF expected Jada to have a significant impact through creating jobs, diversifying local economy, as well as boosting SMEs’ contribution to the Kingdom’s Gross Domestic Product (GDP).
Jada is a first of its kind to stimulate SMEs, as it seeks to generate lucrative returns to ensure fiscal sustainability, in line with Saudi Arabia’s key objective to enable SMEs.
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