| Saudi Arabia will establish a $1.1 billion fund to develop its venture capital industry and support the creation of small and medium-sized companies, the cabinet said on Monday, as the kingdom tries to strengthen its economy in an era of cheap oil. The cabinet approved a plan for the Public Investment Fund, Saudi Arabia's top sovereign wealth fund, and the Ministry of Commerce and Investment to establish the new fund, according to a statement carried by state news agency SPA.
The fund will invest in venture capital operations and private assets on a commercial basis in order to encourage investment in smaller firms, which Riyadh hopes will create jobs as low oil prices force cuts in state spending...............................................Full Article: Source
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