In April 2018, Saudi Arabia’s Vision 2030 was initiated to reduce the government's reliance on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, and tourism as well as a secure world free of poverty and hunger, with full and productive employment.

To catch up with this journey, Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund, has now committed to investing in Investcorp’s $500 million Saudi pre-initial public offering growth fund.

The Fund was launched last year to make investments in a diverse portfolio of businesses, many of which are based in Saudi Arabia and are planning to access the public capital markets in the next few years.

📊 A Look At Saudi Arabia’s Fintech Ecosystem, As It Rivals the UAE and Egypt in the MENA Region
The Fintech sector in Saudi Arabia has almost doubled, rivalling other markets in the MENA region like the UAE and Egypt, according to a report by the Fintech Saudi Initiative. The kingdom saw a 79% YoY increase in fintech companies through August 2022, with 147 active firms in the sector

Last August, Investcorp led a $100 million Pre-IPO funding round in TruKKer, the Mena region’s largest digital freight network, with over 45,000 trucks inducted on its platform. This was followed by the Fund’s investment in NourNet, one of Saudi Arabia’s leading ICT companies, with over 1,200 B2B clients operating across over 20 industries.

Jada believes in seeing Investcorp's Saudi Pre-IPO Growth Fund playing an impactful role in supporting companies across the Kingdom. That's why one of its primary goals is to support the growth of the local private equity ecosystem.