December 18, 2019 / 12:03 PM / 2 months ago

Saudi's sovereign wealth fund launches fund of funds company - statement

DUBAI, Dec 18 (Reuters) - Saudi Arabia’s Public Investment Fund has launched a 4 billion riyal ($1.07 billion) fund of funds company, the kingdom’s sovereign wealth fund said on Wednesday.

Jada, which was first announced in 2017, aims to support small and medium-sized enterprises (SMEs) by investing in venture capital and private equity funds.

The PIF said in 2017 it expected the investments to create 2,600 jobs and contribute 400 million riyals to gross domestic product by the end of 2020. Those figures are expected to rise to 58,000 jobs and 8.6 billion riyals to GDP by the end of 2027, it said.

$1 = 3.7500 riyals Reporting by Asma Alsharif, writing by Nafisa Eltahir; editing by John Stonestreet

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