The Saudi Venture Capital Company (SVC) announced a strategic investment of $30 million into Olive Rock Partners Fund I, a regional private equity fund based in Abu Dhabi Global Market (ADGM). This investment highlights SVC's commitment to expanding and improving access to funding for small and medium-sized enterprises (SMEs) in critical industries within the Kingdom.
"This investment aligns perfectly with our ongoing fund investment program," said Dr. Nabil Koshak, CEO of SVC. "It represents a significant step forward in our efforts to provide greater financing opportunities for SMEs and startups, particularly those in key sectors driving the Saudi economy."
Olive Rock Partners Fund I focuses on supporting mid-market buyouts in companies with strong technological foundations, regional advantages, and promising economic outlooks. This collaboration between SVC and Olive Rock signifies a growing emphasis on private equity partnerships as a means to fuel SME growth and bolster the overall investment landscape in Saudi Arabia.
"We are grateful for the trust and investment from SVC," said Mohannad Qabaj, co-founder of Olive Rock Partners. "This collaboration underscores the importance of fostering strategic partnerships to empower SMEs and propel their expansion within the region."
This investment reinforces SVC's dedication to fostering a vibrant entrepreneurial ecosystem in Saudi Arabia. By providing crucial financial resources, the company aims to empower SMEs and startups to become the backbone of the nation's economic diversification efforts.
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