The Ministry of Investment of Saudi Arabia (MISA) and Fund of Funds Company (Jada), a fully owned company by the Public Investment Fund (PIF), have formed a partnership to stimulate the Kingdom's burgeoning start-up and innovation sector and support its economic diversification journey through "Catalyze Saudi". MISA, which aims to promote Saudi Arabia as a world-class investment destination, and Jada, which provides funding to Saudi innovative start-ups through commercially sustainable investments in venture capital and private equity funds, will host a series of Catalyze Saudi events with global and Saudi entrepreneurs and investors. It will feature networking, learning and engagement opportunities, with the first to be held this month in Jeddah and Riyadh under the theme of disruptive technologies. Illustrating its force for good, further events hosted by the platform this year will explore in-depth the private equity and healthcare sectors, plus more in the future. Crucial to the engagement platform's success, and to help further the platform's mission and enable greater impact for the Kingdom, will be a diverse advisory board including leaders in venture capital and of large diversified family businesses. The objective of the program is to connect leaders affiliated to government agencies, innovative start-ups institutional investors and leading family offices to participate in highly interactive roundtable discussions, and ultimately reinforce the impact and role of the private sector in the Saudi economy. In remarks following the announcement, Minister of Investment Khalid Al Falih said: "Innovative start-ups are the bedrock of developed industrial economies — which is why Saudi Arabia placed support for the sector at the heart of its National Investment Strategy. "We are committed to supporting the next generation of entrepreneurs and we know that access to finance is one of the key factors that enables growth of new enterprises. "Private equity and venture capital funds can play a vital role in this process and we are grateful to Jada for their groundbreaking work in this area that is unlocking the potential of entrepreneurs across the Kingdom." Jada Chairman Mazen Aljubeir added: "Catalyze Saudi will be an engagement platform bringing people together for learning and mutual benefit. We hope this effort will help Saudi entrepreneurs and investors increase their access to international markets, capital and expertise, while also creating awareness among global leaders on the great opportunities in the Saudi market." As part of Vision 2030, Saudi Arabia aims to increase SME contribution to GDP from 21% to 35% by 2030 and last year MISA launched the Kingdom's first National Investment Strategy to unlock the vast investment potential on offer in the Kingdom for both domestic and international investors. — SPA
