SMEs authority, KAEC to set up SAR 75 mln venture capital fund

17/10/2017 Argaam

 

The Small and Medium Enterprises General Authority (Monsha’at) and King Abdullah Economic City (KAEC) signed an agreement to set up an equally-owned venture capital fund to finance entrepreneurs and SMEs operating in the city.

 

The new vehicle will have seed capital of SAR 75 million, Monsha’at’s governor, Ghassan Al-Sulaiman, told state-run Saudi Press Agency on Tuesday.

 

The fund aims to attract more entrepreneurs and SMEs to Saudi Arabia's multi-billion dollar megacity.

 

It will also provide financing for start-ups by students and graduates of Prince Mohammad Bin Salman College of Business and Entrepreneurship.

 

Al-Sulaiman added that a board of directors will be appointed soon. 

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