A newly established venture capital fund, backed by Saudi Arabia’s Public Investment Fund (PIF), aims to accelerate the growth of start-ups in the UAE and Saudi Arabia. The $50 million fund targets early-stage companies, with a particular focus on industries such as technology, energy, and health care, aligning with both nations’ broader economic diversification efforts.
The PIF-backed fund, a strategic move in the Kingdom’s and UAE’s fast-evolving start-up ecosystem, reflects the ambition to bolster innovation, create job opportunities, and contribute to the broader economic transformation. Saudi Arabia, a latecomer to the venture capital space, has made significant strides in the last few years, emerging as a key player in the Middle East’s investment landscape. This initiative further solidifies its position as a regional leader in promoting start-up culturedi Arabia, the expansion of the venture capital ecosystem has been particularly noteworthy. The Kingdom’s $700 billion sovereign wealth fund, through subsidiaries like Sanabil, has already deployed billions into various sectors, ranging from tech to renewable energy【8†sourceeting high-potential start-ups in industries poised for rapid growth, the new fund will complement existing PIF investments and accelerate the Kingdom’s Vision 2030 goals.
