SVC announces its investment of $30 million in the Olive Rock Partners fund to finance small and medium enterprises
Investments in private equity funds are considered one of the primary means of economic development in the Kingdom of Saudi Arabia.
Saudi Venture Capital Company (SVC) has announced its investment of $30 million in the Olive Rock Partners Fund I, a regional private equity fund aimed at supporting buyout transactions in economically, geographically, and technologically supported mid-market.
This move signifies a significant strategic step in enhancing funding for startups and small and medium-sized enterprises (SMEs) in the Kingdom, within the framework of SVC’s fund investment program.
The program aims to stimulate and support funding for early-stage to growth and expansion-stage startups.
The subscription agreement between SVC and Olive Rock Partners was signed in the presence of senior officials from both companies.
Dr. Nabil Koshak, CEO and Board Member of SVC, signed on behalf of the company, while Mohannad Qabaj, Co-founder of Olive Rock Partners, signed on behalf of the fund.
The signing ceremony was attended by Nora Al-Sarhan, Investment Manager at SVC, Haifa Al-Muqbil, Deputy Head of Investments, and Abdullah Shahin, Co-founder of Olive Rock Partners.
Dr. Nabil Koshak, CEO of SVC, emphasized the importance of this investment as part of the company’s strategy to develop and enhance funding for startups and SMEs, especially in strategic sectors.
He stated, “This investment is part of our fund investment program, representing a continuation of the series of investments the company has made in this field.”
On his part, Mohannad Qabaj, Co-founder of Olive Rock Partners, expressed gratitude to SVC for their investment and trust, highlighting the significance of the fruitful partnership between the two parties.
Qabaj affirmed that private equity partnerships in Saudi Arabia would play an increasingly vital role in fostering the growth of SMEs and enhancing expansion and development in the investment landscape overall.
This investment underscores SVC’s commitment to supporting innovation and entrepreneurship in the Kingdom of Saudi Arabia, within the context of developing economic infrastructure and enhancing the competitive environment for startups and SMEs.
