The Saudi Venture Capital Investment Company (SVC) has signed an investment contract in Merak Technology Ventures Fund, a Venture Capital Fund licensed by the Capital Market Authority (CMA) and founded by Merak Capital Company.
The signing took place online in the presence of the Governor of the General Authority for Small and Medium Enterprises "Monshaat" and the Chairman of SVC, Eng. Saleh Al-Rasheed, where the investment contract was signed by the CEO of SVC, Dr. Nabeel Koshak and the CEO of Merak Capital Company, Mr. Abdullah Al-Tamami. The signing ceremony was attended by the founding partner of Merak Capital Company, Mr. Othman Al-Hogail, Chairman of Merak Capital Company, Mr. Abdulrahman bin Mutreb, the Vice Governor for Funding at Monshaat, Mr. Mohammed Al-Malki, and the Director of Investment in Funds at SVC, Ms. Nora Alsarhan.
The Governor of Monshaat and Chairman of SVC, Eng. Saleh Al-Rasheed, explained that SVC invested in Merak Technology Ventures Fund through the investment in funds program. This is one of the company's programs aimed at stimulating the establishment of investment funds that invest in startups in their various stages of growth, which is one of the Private Sector Stimulus (PSS) Office initiatives, launched by Monshaat.
It is noteworthy that Merak Capital Company, a CMA-licensed fund manager, launched the Merak Technology Ventures Fund to focus on investing in early-stage startups. The fund also focuses its investments in fintech, e-commerce, data analytics, and business intelligence, as well as in asset management tools.
The Kingdom of Saudi Arabia is among the largest economies in the Middle East. And although it remains highly dependent on oil at the moment, it has taken over In recent years and serious steps are being taken to diversify its economy, which constitutes the most important economic goal in Saudi Arabia's Vision 2030. Thanks to measures taken by the Saudi government, new investments, and support for startups, the economy is expected to return to its growth path set by next year to reach 3.6%.
July 2020 has seen a 45% drop in the number of deals, but total funding has increased by 72% when compared to the same month last year. Discover more trends and insights in our July 2020 Dashboard.