Albilad Capital named manager for SABIC-Saudi Venture joint fund

SABIC Investment and Local Content Development Co. and Saudi Venture Capital Investment Co. (SVCIC) have appointed Albilad Capital as the new manager for their joint fund.

SABIC and SVCIC had earlier signed a cooperation agreement to set up SAR 100 million  venture capital investment fund to finance start-up firms and encourage entrepreneurs, Albilad Capital said in a statement.

The partnership came as part of SABIC and SVCIC’s contribution to the Saudi Vision 2030.

The fund is part of “Nusaned” program - the petrochemical producer’s first integrated localization engine, which aims to address the issues investors face from idea generation to execution of the idea.

“Our strategic partnership with SABIC and SVCIC in this fund will allow financial empowerment for start-ups,” Zaid AlMufreh, Albilad Capital’s chief executive officer, said.

The new venture capital investment fund is part of Albilad Capital’s strategic plan to expand in the management of similar funds, and provide innovative financial services and solutions.