Riyadh – Mubasher: Saudi Arabia has recently launched its Saudi Arabia Venture Capital and Private Equity Association (SAVCPEA) to enhance the private equity and venture capital sector and spur investments by implementing major partnerships.
SAVCPEA unveiled plans to boost cooperation between large private equity and venture capital firms and to enhance investors’ interest in non-governmental venture capital and equity entities.
It will also provide workshops, trainings, and conferences about the private equity and venture capital industry, it said in a statement.
“The SAVCPEA is committed to developing and accelerating venture capital and private equity investment in Saudi Arabia, with the aim of establishing a robust and globally-competitive ecosystem for greater collaboration, innovation and growth," SAVCPEA chairman Abdulrahman Tarabzouni stated.
Meanwhile, SAVCPEA CEO Ahmed AlJasser noted that the body established by the Saudi Council of Ministers would help the kingdom raise the efficiency of the private equity and venture capital industry and create an active sector that aims to boost diversification and competitiveness.
The launch of the state-owned SAVCPEA is a part of efforts by the Small and Medium Enterprises General Authority (Monsha’at) and the Ministry of Commerce and Investment to enhance domestic firms’ contribution in diversifying economy and improving their business.