Public investment fund company Jada Fund of Funds has entered a partnership with Saudi Alpha Financial Fund for Private Equity. The investment agreement between the two entities primarily focuses on paving the way for Jada to play a bigger role in the investment funds sector in private equity.
The agreement is in tune with Saudi Arabia’s Vision 2030, which aims to reduce the Kingdom’s dependence on the oil sector by turning it into a knowledge-driven economy.
The agreement was signed by Jada CEO Adel Al-Ateeq and Fahd bin Khalid Al-Saud, the Managing Director and CEO of Alpha Financial Company, in the presence of representatives of both entities.
The deal is expected to help Saudi Alpha Financial Fund for Private Equity boost its capital gains as it goes on to invest in growth-stage Saudi startups dealing in the food and beverage sector.
“The Saudi Alpha Financial Fund for Private Equity aims to develop capital in the long term by investing in companies that have the potential to grow and expand, and are managed by capable and ambitious entrepreneurs, and will supervise The fund management has an investment team distinguished by a diversity of experiences in the fields of fund management, strategy and corporate governance,” Fahd bin Khalid Al Saud noted after signing the agreement.
It is worth noting that Saudi Alpha Financial is one of the first Saudi funds focused on growth-stage startups. Meanwhile, Jada CEO Adel Al-Ateeq noted that this is the first time the company is investing in a private equity fund He further added that the decision to back Alpha Financial should be seen as an expression of the company’s confidence in Alpha’s vision and capability.