Saudi Arabia's Public Investment Fund and Alibaba Backed VC Close To Raising $1B To Support Asian And Middle East Tech Startups

A venture capital fund backed by Saudi Arabia’s Public Investment Fund and Alibaba Group Holding Limited BABA neared raising $1 billion to support technology start-ups in Asia and the Middle East.
Saudi has a vast market, and China has Internet and technology companies that are preparing to expand globally, Bloomberg reports citing eWTP Arabia Capital founding partner Jerry Li in an interview.
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Founded in 2019, the fund raised $400 million for deals that year.
The fund has already invested in 16 companies and plans to list three of them on the Saudi stock exchange and two in the U.S. next year, Li said.
It created a $1 billion fund for venture capital firms and invested directly through its subsidiary, Sanabil.
The PIF seeks to build a venture capital industry and encourage young entrepreneurs to set up their businesses to diversify the economy and create jobs.
Price Action: BABA shares are trading higher by 3.37% at $108.65 premarket on the last check Thursday.