Riyadh, Saudi Arabia – 10 February 2019: The newly formed Saudi Arabia Venture Capital and Private Equity Association (SAVCPEA), an industry body representing the Kingdom’s private equity and venture capital sector, plans on stimulating investment in Saudi by raising awareness and promoting more meaningful and significant partnerships between industry professionals.
The SAVCPEA, created through a resolution made by the Saudi Council of Ministers, has been mandated to develop Saudi Arabia’s private equity and venture capital sector, ensuring the highest professional and ethical standards are adhered to. The organization will promote the industry’s contribution to the growing Saudi economy, as well as its role in determining, and improving best- in-class regulatory policies.
The new association aims to foster closer collaboration between innovative, high growth businesses and venture capital and private equity companies. The industry body and public policy advocate will play a major role in promoting interest and investment in the Saudi private equity and venture capital sector, while also providing key industry data, research and periodic publications. In addition to organizing industry-related conferences, workshops and trainings, seminars and consultancy services will also be offered.
Abdulrahman Tarabzouni, the government's appointee as founding Chairman of the SAVCPEA said:
“The responsibility to serve such a strategic national body is one that my fellow board members and I take seriously. We are excited about the opportunity to help develop and accelerate venture capital and private equity investment in Saudi Arabia and are committed to contributing to the Kingdom’s plans for economic diversification. The VCPEA 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."
Ahmed AlJasser, CEO of the SAVCPEA, added: “Our aim is to bring professionals together, drive greater industry awareness and enable meaningful partnerships in a way that keeps the industry energized and future-ready. By adhering to industry best practice and connecting industry professionals, we hope to create a more entrepreneurial and active environment that increases competitiveness and diversification.”
The formation of the SAVCPEA comes amid recent efforts by the Ministry of Commerce and Investment, as well as the Small and Medium Enterprises General Authority (Monsha’at), to support Saudi companies in growing and scaling their businesses and contributing to a more diversified Saudi economy.
In addition to the founding Chairman, the SAVCPEA Board is comprised of Omar Al Majdoui, Vice Chairman; Sulaiman AlJabrin, Financial Controller; and a host of other members with deep experience in the venture capital and private equity space including Abdulaziz Jazzar, Faris
AlRashed, Amr AlJallal, Mansour AlMisfer, Aiman AlAteqi, Eyad Reda, Adel AlAteeq and Khalil AlShafei.