Fund of Funds Company “JADA” (a Public Investment Fund company) which partners with funds that are committed to implementing and overseeing international best practices in governance and fund management. In addition, to identify and support high-potential SMEs and startups whose investments flow back into Saudi, has signed a memorandum of understanding with Invest Seoul Agency, which is a foreign investment promotion agency established by the Seoul Metropolitan Government under the laws of Republic of Korea, with the presence of representative from “JADA” who are Mazin AlShanbari, Director of Venture Capital, Rasha AlSager, VP of Investment and Reham AlShammary, Strategy Manager. The MoU aims to enable cooperation between the two countries in relation to investments, screening and supporting growth prospects of businesses in Republic of Korea and the Kingdom of Saudi Arabia within the development of the global startup ecosystem.
Pursuant to the MoU, both parties will be exchanging information on entrepreneurial policies and best practices through the implementation of such policies in their respective countries as well as promoting and developing partnerships with respective startup ecosystem networks that focuses on the growth of startups, supporting necessary consultation and recommendation for startups aspiring to enter and conduct a business in the other Party’s country, as well as facilitating visits and exchange of personnel and programs including roadshows, conferences and exhibitions.
Commenting on this, Mazin AlShanbari, Director of Venture Capital of “JADA” said: “We are pleased to sign the memorandum of understanding, which will contribute to developing the business ecosystem for startups, which in turn will support the entry of small and medium-sized enterprises that aim to conduct business in the other country, which supports developing a business environment thriving for venture capital and private equity, as “JADA” is the first catalyst of its kind in the Kingdom for small and medium enterprises.
