As Saudi Arabia marches towards a more diversified and tech-focused economy, Jada Fund of Funds has made an official commitment to Merak Technology Ventures Fund that will look to unlock the potential of tech startups.
While Saudi Arabia’s seeming renaissance might have been cut short by the pandemic, the Kingdom’s march to a cultural, social and economic rebirth continues, particularly when it comes to the latter. The country has been impacted like so many others by COVID-19, but Jada Fund of Funds has cemented its confidence in the notion that tech startups and companies can be the country’s driving economic force, following the signing of an agreement with Merak Technology Ventures Fund.
While details are scarce, the deal is being touted as an ‘official commitment’ by Jada, one that will see both parties throw their support behind early-stage tech startups.
Merak Technology Ventures Fund is managed by Merak Capital, a CMA-licensed investment firm founded in July, 2020 by Abdullah Altamami, Othman Alhokail and Abdulrahman Bin Mutrib. The founding trio have a track record of investing in tech across different asset classes and their goal with Merak Capital is to build a tech-centric portfolio of high-potential, Saudi-based startups, particularly in fields of the digital economy and infrastructure, fintech, and emerging Fourth Industrial Revolution technologies.
“Jada’s commitment to Merak Capital is a testament to our core belief that emerging fund managers can propel Saudi’s venture capital sector forwards, once they have the right structures, strategy, governance and alignment of interest in place,” said Adel Al Ateeq, CEO of Jada.”Raising a venture capital fund is not straightforward. The fact that Merak Capital offers such a compelling value proposition at this stage of their life, with a new strategic approach to unlocking Saudi’s emerging tech industry, makes our partnership all the more exciting.”
Sign up for the daily Startup Digest.