Riyadh - Riyadh Daily
Adel Al Ateeq appointed Chief Executive Officer of the Saudi Fund of Funds Company
The Fund of Funds Company, a subsidiary of the Public Investment Fund (PIF), which invests in private equity and venture capital funds, has announced the appointment of Mr Adel Ibrahim Al Ateeq as CEO. His remit is to lead the company in achieving its goal of providing a thriving private equity and venture capital ecosystem essential for long-term success of emerging and promising small-to-medium enterprises (SMEs) in the Kingdom.
Mr Al Ateeq has over 25 years of experience in the management of private equity, venture capital, real estate investment and financial markets. He has held several leadership roles, most recently as the Deputy Chief Executive Officer of Riyad Capital. He previously held several leadership positions in Riyad Capital, Riyad Bank, and the Saudi Arabian Monetary Agency. He is a founding member of the Saudi Venture Capital and Private Equity Association and a member of its Board of Directors. He is the current Chairman of Riyad Reit.
Mr Mazen Ahmed Al Jubair, Chairman of the Board of Directors of the Fund of Funds Company, expressed his delight at the appointment of Mr Al Ateeq as CEO. He praised Mr Al Ateeq's long experience and expertise in the field of investment management which, he said, will help the company achieve its investment and development objectives in line with the Public Investment Fund’s program. In turn, these are drawn from the general directions of Saudi Vision 2030, which focuses on asset development through increasing returns on investments, empowering new sectors, building strategic economic partnerships and localizing technology and knowledge.
In its current phase, the Fund of Funds Company will develop the private equity and venture capital ecosystem in the Kingdom, helping to diversify the economy by supporting emerging and promising companies, increasing its share in GDP, while enabling the private sector to invest in these companies. The Company will focus on the institutional construction of these funds and investments, and will work in accordance with strong governance systems, while attracting investors from both inside and outside the Kingdom to invest in these funds.
The Council of Ministers issued a decision to establish the Fund of Funds Company with a capital of 4 billion riyals. The Fund's main objective is to invest in venture capital funds and private equity on a commercial basis to support and stimulate investment by promising start-up companies. The fund will seek to generate financial returns to ensure sustainability and to support the Kingdom's economic and social priorities.