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RIYADH: Saudi Venture Capital has invested over SR90 billion ($24 billion) in the Jadwa GCC Private Equity Fund 1.

The fund aims to raise SR1.5 billion, with a hard cap of SR2 billion, and marks Jadwa’s first regional blind-pool private equity fund, a press release issued on Thursday said.

It said the fund will focus on investing in a diversified portfolio of high-potential private equity opportunities across ��������Ƶ and the wider Gulf Cooperation Council region.

Commenting on the development, Nabeel Koshak, CEO and board member of SVC, said:

“Our investment in the private equity fund by Jadwa is aligned with SVC’s strategy of supporting the evolving private equity ecosystem in ��������Ƶ. This investment will stimulate and sustain funding for high-potential companies in ��������Ƶ, contributing to the economic diversification objectives of Saudi Vision 2030.”

Founded in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund. Its mission is to stimulate and sustain financing for startups and small and medium enterprises at various stages—from pre-seed to pre-IPO—through investments in funds as well as direct investments into emerging companies.

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, added: “We are excited to have SVC on board as an investor in Jadwa GCC Private Equity Fund 1. This partnership reflects our shared commitment to identifying and nurturing high-potential companies across the GCC, with the goal of creating long-term value for our clients.”

Jadwa Investment is a leading investment management and advisory firm in the MENA region.

JERUSALEM: Israel’s military said it struck multiple targets linked to the Iran-aligned Houthi movement in Yemen on Thursday, including Sana’a International Airport and three ports along the western coast.
Attacks hit Yemen’s Hezyaz and Ras Kanatib power stations as well as military infrastructure in the ports of Hodeidah, Salif and Ras Kanatib, Israel’s military added.
The Houthis have repeatedly fired drones and missiles toward Israel in what they describe as acts of solidarity with Palestinians in Gaza.
The Israeli attacks on the airport, Hodeidah and on one power station, were reported by Al Masirah TV, the main television news outlet run by the Houthis.
More than a year of Houthi attacks have disrupted international shipping routes, forcing firms to re-route to longer and more expensive journeys that have in turn stoked fears over global inflation.
Israel has instructed its diplomatic missions in Europe to try to get the Houthis designated as a terrorist organization.
The UN Security Council is due to meet on Monday over Houthi attacks against Israel, Israel’s UN Ambassador Danny Danon said on Wednesday.
On Saturday, Israel’s military failed to intercept a missile from Yemen that fell in the Tel Aviv-Jaffa area, injuring 14 people.