The ‘Public Investment Fund’ of Saudi Arabia (PIF) which is known to be the largest sovereign fund in the world, with an assets amount estimated at $320 billion, has announced its launch of a fund that will be dedicated for the investment in both startups and SMEs, called ‘Jada.’

Jada, being a $1.07 billion fund, is intended to make investments in venture capital as well as private equity funds as shared by the PIF in their statement, without further elaboration.

The statement also included, “Jada supports Saudi’s diversification efforts as the private sector increases its share of GDP. With a capital of SAR 4 billion, the company will catalyze SME investment and provide new job opportunities.”

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The announcement of Jada’s launch was made on Tuesday in Riyadh during a ceremony, which came along with the news that Jada will be investing in Raed Ventures and Vision Ventures.

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