RIYADH — 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 SR4 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. — SG