The CEO of Jada Fund of Funds, Adel Al-Ateeq revealed the company’s plan to launch funds to attract investments for NEOM, while transferring global expertise from its US counterpart, “Miami”.
Al Sharq Al-Awsat newspaper quoted Al-Ateeq as saying: We look forward to increasing the investment volume (very) 100% by more than SAR 4 billion ($1.06 billion).
Al-Ateeq confirmed that the company will move forward with increasing the capital of the Jada Fund of Funds during the coming period, indicating that the company continues to invest in investment capital and private shares in the Kingdom.
He added that it will continue with the same momentum that it participated in during the past three years, noting that the capital of the “Jada” company is 4 billion riyals,
Al-Ateeq added: “We invested two billion riyals in 3 years, and I expect it to continue at the same level over the next three years.”
He explained that the company has invested 20 funds in several Saudi companies, numbering more than 350 companies and local national companies from the countries of the region.
Al-Ateeq pointed to the presence of the innovative American city of Miami in Riyadh, as part of the recently concluded Saudi Catalyze event,
He stated that the city of NEOM has a great ambition to build a city with global priorities
It is noteworthy that “Catalyze Saudi Arabia” is an interactive platform based on the partnership between the Ministry of Investment and the Jeddah Company to encourage and accelerate the investment capital industry and direct investment funds in the Kingdom.