The Saudi Public Investment Fund (PIF) has set up a SAR 4 billion fund to support small- and medium-size enterprises (SMEs) by investing through private equity funds and venture capital, state-run Saudi Press Agency reported.
The move comes as part of business initiatives aimed at boosting the private sector’s contribution to the gross domestic product (GDP).
The new fund would contribute SAR 400 million to GDP and will provide more than 2,600 jobs by end of 2020. By end of 2027, it is forecast to contribute around SAR 8.6 billion to the GDP and provide more than 58,000 jobs.
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