(MENAFN) Saudi Arabia approved the launching of USD1.06bn holding fund in order to invest in venture capital and private ownership to boost investments in SMEs.
Accordingly, the Cabinet entrusted the Ministry of Commerce and Investment to establish a holding fund called "Al-Sanaeeq" with a capital of USD1.06bn.
Moreover, the council will also establish a professional society aimed at upgrading the career and professional standard of the venture capital and private sector.
The Saudi Arabian General Investment Authority will attract global venture capital and private ownership mutual funds into the kingdom.
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