The venture arm of Saudi Arabia's sovereign wealth fund, Sanabil Investments, has published its first list of partners, revealing its ties to more than 50 venture capital and private equity firms. The move is an attempt to improve transparency and attract more investors to the region's burgeoning tech scene.
Sanabil Investments, the VC arm of PIF, recently publicized firms to which it has committed, as well as direct investments. The list includes well-known names such as Andreessen Horowitz, General Atlantic, and Sequoia Capital, as well as regional players like Middle East Venture Partners.
For several years, venture capital firms have been cagey about whether they have raised money from Saudi Arabia, following the 2018 murder of journalist Jamal Khashoggi. However, the kingdom is amassing stakes in the entertainment sector, and power brokers are calculating that they can weather any negative PR.
The disclosure of Sanabil's partners comes as Saudi Arabia is pushing ahead with plans to reduce its stakes in some of the kingdom's biggest companies and raise funds for new investments. The kingdom's sovereign wealth fund, the Public Investment Fund (PIF), has assets worth over $600 billion and is the sixth-largest sovereign wealth fund in the world.
PIF has been making a series of high-profile investments in recent years, including a $3.5 billion investment in ride-hailing giant Uber in 2016. It has also invested in tech companies like Magic Leap, Lucid Motors, and Tesla.
The disclosure of Sanabil's partners is a sign that Saudi Arabia is serious about attracting more foreign investment to its tech sector. The kingdom has been investing heavily in the sector in recent years, with the aim of diversifying its economy away from oil.
RIYADH: With assets worth $607.42 billion, Saudi Arabia's Public Investment Fund has maintained the sixth spot in the list of top sovereign wealth funds in the world. The fund has been investing heavily in recent years, with a particular focus on the tech sector. Its investments have included a $45 billion commitment to SoftBank's Vision Fund, which has invested in tech companies like Uber, WeWork, and Slack.
Sanabil's disclosure of its partners is likely to increase interest in the region's tech scene among investors. The list includes some of the most well-respected names in the industry, such as Andreessen Horowitz and Sequoia Capital, as well as regional players like Middle East Venture Partners.
Saudi Arabia's sovereign wealth fund is pushing ahead with plans to reduce its stakes in some of the kingdom's biggest companies and raise funds for new investments. The fund has been investing heavily in recent years, with a particular focus on the tech sector. Its investments have included a $45 billion commitment to SoftBank's Vision Fund, which has invested in tech companies like Uber, WeWork, and Slack.
Sanabil's disclosure of its partners is a sign that Saudi Arabia is serious about attracting more foreign investment to its tech sector. The kingdom has been investing heavily in the sector in recent years, with the aim of diversifying its economy away from oil.
Who are Saudi PIF's GPs? Saudi Arabia's Public Investment Fund isn't exactly known for its transparency when it comes to private equity fund. The fund is the sixth-largest sovereign wealth fund in the world, with assets worth over $600 billion. Its investments have included a $45 billion commitment to SoftBank's Vision Fund, which has invested in tech companies like Uber, WeWork, and Slack.
Sanabil's disclosure of its partners is a welcome move towards greater transparency in Saudi Arabia's tech scene. The move is likely to increase interest in the region among investors, particularly as the kingdom continues to invest heavily in the sector.
Overall, Sanabil Investments' disclosure of its partners is a positive development for Saudi Arabia's tech sector. The move is likely to increase transparency and attract more foreign investment to the region. With a wealth of investment opportunities in the sector, Saudi Arabia is well-positioned to become a major player in the global tech industry.
