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Tuesday, 2 August 2016

Saudi Arabia plans $1.1 billion fund for smaller companies | The National

Saudi Arabia plans $1.1 billion fund for smaller companies | The National:

"Saudi Arabia will establish a $1.1 billion fund to develop its venture capital industry and support the creation of small and medium-sized companies, the cabinet said on Monday, as the kingdom tries to strengthen its economy in an era of cheap oil.

The cabinet approved a plan for the Public Investment Fund, Saudi Arabia’s top sovereign wealth fund, and the Ministry of Commerce and Investment to establish the new fund, according to a statement carried by state news agency SPA.


The fund will invest in venture capital operations and private assets on a commercial basis in order to encourage investment in smaller firms, which Riyadh hopes will create jobs as low oil prices force cuts in state spending.

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