The Olive Rock Partners Fund I, a regional private equity fund that facilitates buyout deals in mid-market companies that are supported economically, regionally, and technologically, has announced the announcement of Saudi Venture Capital Company (SVC)’s $30 million investment.
This action, when considered in the context of SVC’s fund investment program, is a crucial strategic step toward enhancing financing for small- and medium-sized enterprises (SMEs) and startups in the Kingdom. The purpose of the program is to support and encourage early-stage growing or expanding businesses with funding.
Olive Rock Partners’ co-founder Mohannad Qabaj signed on behalf of the fund, and SVC’s CEO and board member Dr. Nabil Koshak signed on behalf of the business.
At the signing ceremony were Nora Al-Sarhan, an investment manager at SVC, Haifa Al-Muqbil, the deputy head of investments, and Abdullah Shahin, co-founder of Olive Rock Partners. In light of the company’s goal to increase and enhance funding for SMEs and startups, particularly in critical industries, SVC CEO Dr. Nabil Koshak emphasized the importance of this investment.
He stated, “This investment is part of our fund investment program, representing a continuation of the series of investments the company has made in this field.”
Thanking SVC for their investment and confidence, Olive Rock Partners co-founder Mohannad Qabaj recognized the importance of the two companies’ fruitful partnership.
Qabaj predicts that private equity partnerships will grow in significance in Saudi Arabia because they foster the growth of SMEs and the improvement and expansion of the country’s investment environment overall.
Through this investment, SVC is exhibiting its commitment to promoting innovation and entrepreneurship within the Kingdom of Saudi Arabia, specifically concerning the development of economic infrastructure and the enhancement of the business environment for startups and SMEs.
