The Abu Dhabi-based private equity firm supports buyout deals for mid-market companies, such as startups and SMEs.

Saudi Venture Capital Company, an investment company, has made an investment of approximately $30 million in the equity fund of the UAE-based private firm Olive Rocks Partners, as a part of the fund investment programme. The Rock Partners fund or the programme’s fund is utilised to facilitate Saudi Arabia’s small and medium enterprises in critical fields. The private equity firm, Olive Rock, was founded by Mohannad Qabaj and Abdullah Shahin in the year 2020. This is an independent firm which is located in the Abu Dhabi Global Market (ADGM).

Recently, the venture capital company, SVC, has pledged an amount of $30 million in the Olive Rock Fund I, the private firm which promotes buyout deals in mid-market companies that are supported technologically, regionally, and economically. 

Regarding this investment programme of SVC, the recent investment represents a significant milestone towards improving financing for startups and small-sized and medium-sized businesses in the Kingdom of Saudi Arabia. The programme’s goal is to promote and provide guidance to firms that are still in their beginning phases of growth or expansion. 

The co-founder of Olive Rock Partners, Mohannad Qabaj, sealed the agreement on the funding and in addition to that Saudi Venture Capital’s CEO and board member Dr Nabil Koshak signed the same on behalf of the company. 

Others who were present in the closing off the deal ceremony include co-founder of Olive Rock Partners Abdullah Shahin, Deputy head of Investments, Haifa Al-Muqbil, and Investment Manager of Saudi Venture Capital Nora Al-Sarhan. Dr Nabil Koshak, Chief Executive Officer at SVC highlighted and pointed out the significance of this recent investment in correspondence to the company’s vision of expanding and improving the fund for SMEs, and startups which fall under the critical fields. 

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.”

Meanwhile, Muhannad Qubbaj, a Founding Partner at Olive Rock Partners, said: “We also would like to emphasize the aligned conviction that private equity partnerships in the Kingdom of Saudi Arabia will increasingly become a key factor in fuelling the growth of the SME space and in fostering the expansion and development in the overall direct investment landscape.”

On the other hand, Mohannad Qabaj, co-founder at Olive Rocks acknowledged the value of successful collaboration between the two organisations and thanked SVC for their investment and confidence. 

Furthermore, he even stated the growing popularity of private equity partnerships will become highly significant in the KSA since they support the development of SMEs and overall expansion along with the transformation of the investment landscape as a whole.

Upon investing in this strategic investment, Saudi Venture Capital is representing its dedication to facilitating both innovation and entrepreneurship in the Kingdom of Saudi Arabia, specifically with a vision of progressing the economic infrastructure and enhancing the business landscape for startups and SMEs. 

SVC is a subsidiary of the SME Bank, part of the National Development Fund which was established in the year 2018. It aims to stimulate and sustain financing for startups and SMEs from pre-seed to pre-IPO through investment in funds and direct investment in startups and SMEs.