Saudi’s MISA, PIF-backed Jada team up to foster startup ecosystem

By Amirtha P S, Desk Reporter
  • Follow author on
Saudi Arabia
Representational Image

The Ministry of Investment of Saudi Arabia (MISA) and Jada, a fund of funds company fully owned by the Public Investment Fund (PIF), have partnered to stimulate the Kingdom’s flourishing startup and innovation sector and support its economic diversification journey through ‘Catalyze Saudi’.

As part of the partnership, MISA and Jada 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. Events hosted by the platform later this year will explore the opportunities in the private equity and healthcare sector.

The objective of the program is to connect leaders affiliated to government agencies, innovative startups 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.

Khalid Al Falih
Khalid Al Falih
Minister of Investment
Saudi Arabia

“Innovative startups 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 enable the 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.”

The Jada was established by the PIF with an investment capital of $1 billion. The company seeks to partner with private equity and venture capital funds that are focused on the Saudi market to help finance the growth of local small and medium-sized enterprises (SMEs).

Commenting on the partnership, Mr. Mazen Aljubeir, Chairman of Jada stated that “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 percent to 35 percent by 2030 and last year MISA launched the Kingdom’s first National Investment Strategy to unlock the vast investment potential on offer in the country for both domestic and international investors.

Related: Qatar’s eCommerce startup Snoonu joins ‘National Product Week’ initiative