Saudi Arabia’s state-owned Public Investment Fund (PIF) has established a SR4bn ($1.07bn) investment vehicle to provide capital to small and medium enterprises (SMEs). The new entity, Jada, will invest in venture capital and private equity funds which will then provide capital to SMEs.

PIF initially announced it would create Jada in 2017, saying that it would create 2,600 jobs and contribute SR400mn ($107mn) to GDP by the end of 2020 – twelve months from now. (CONTINUED - 142 WORDS)