The Saudi Arabian General Investment Authority (SAGIA) and the Saudi Arabia Venture Capital and Private Equity Association (SAVCPEA) signed a framework cooperation program aimed at enforcing the role of venture capital and private equity funds for investment in the Saudi market.
The program was signed on Tuesday, July 16, at SAGIA headquarters, under the patronage of SAGIA Governor, Mr. Sultan Mufti, and SAVCPEA Chairman, Mr. Abdul Rahman Tarabzouni, in the presence of SAGIA Deputy Chairman, Mr. Omar Al-Majdoui, and SAVCPEA CEO Mr. Osama Ashri.
According to the program, the two parties will promote cooperation in encouraging venture capital funds to participate in the Venture Investment Initiative of Invest in Saudi Arabia, and granting the participating investors membership in SAVCPEA. SAVCPEA will also support investors in exploring the local market, communication with relevant government entities and prospect partners and investors, as well as taking part in events and studies in venture investment and private equity sector. SAVCPEA will also support developing venture investment manual for investors in the Kingdom.
On the sidelines of the first session of the Financial Sector Conference, SAGIA recently announced the launch of Venture Investment Initiative of Invest in Saudi Arabia to facilitate the access of venture capital funds and their startups into the Saudi market. This will increase the number of startups in the local market and urge venture capital investors to invest in startups.
The Saudi Arabia Venture Capital and Private Equity Association (SAVCPEA), a newly formed professional association represented by Saudi Arabia venture capital and private equity sector, seeks to stimulate investment in Saudi Arabia by raising awareness of the sector, address challenges and foster further important partnerships among experts in venture investment and private equity.