Saudi Venture Capital (SVC), in a notable move to bolster small and medium-sized enterprises (SMEs), has committed $30 million to Olive Rock Partners Fund I. This private equity fund targets mid-market buyouts that are demographically favorable, well-located, and armed with technological advancements. The investment agreement was formalized by SVC’s CEO, Dr. Nabeel Koshak, and Olive Rock Partners’ Muhannad Qubbaj.
The ceremony, marking this significant partnership, saw the presence of key figures from both organizations, including SVC’s Chief Investment Officer, Nora Alsarhan, and Vice President of Investments, Haifa Almoqbil, alongside Olive Rock Partners’ Abdullah Shahin.
Dr. Koshak highlighted that this infusion of funds is part of SVC’s broader initiative to nurture and sustain financing for burgeoning businesses, particularly in sectors deemed strategic. He emphasized the company’s ongoing commitment to supporting startups and SMEs from their inception through to the pre-IPO stage.
On the other side of the agreement, Muhannad Qubbaj expressed gratitude for SVC’s investment and confidence. He underscored the increasing importance of private equity partnerships in Saudi Arabia, which are instrumental in driving SME development and enhancing the direct investment ecosystem in the region.
Established in 2018 as a subsidiary of the SME Bank under the National Development Fund, SVC’s mandate is to invigorate the startup and SME scene with necessary financing through both fund investments and direct injections into promising enterprises.