Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF) has announced its investment in eWTP Arabia’s $1-billion Fund, a growth-stage fund managed by eWTP Arabia Capital to invest in tech startups in China, India, Southeast Asia, and MENA region.

With this investment, Jada will become an anchor LP for eWTP Arabia’s Fund II, according to an announcement. The firm was also a cornerstone investor in eWTP Arabia’s Fund I.

This latest deal affirms Jada’s commitment to supporting SMEs in the Kingdom of Saudi Arabia and underscores the value it sees in strategic, sustainable investments made through innovative funding solutions.

“We will continue to be a catalyst for growth in the local private equity and venture capital ecosystem, with the aim of promoting innovation and job creation in the Kingdom, by attracting FDI and supporting knowledge and technology transfer, among others,” said Bandr Alhomaly, CEO of Jada Fund of Funds Company.

“Jada’s investments in eWTP Arabia have aided in the creation of institutions that train and develop Saudi talent thanks to the Alibaba Cloud Academy and the J&T Express Academy that help in the growth of highly skilled, future-focused sectors like cloud service technology, logistics technology, cloud communications, and mobile gaming,” said Jerry Li, eWTP Arabia’s Founder and Managing Partner.

eWTP Arabia Capital is a venture capital fund backed by China’s Alibaba Group and Saudi Arabia’s Public Investment Fund (PIF). With its $1-billion Fund II, eWTPA is writing bigger-sized cheques to top companies looking to bring their China-originated technologies, products, and solutions to the Middle East and help disrupt the region’s oil-dependent economy.

eWTP Arabia Capital develops the digital ecosystem in emerging markets by enabling access to advanced technology and knowledge bases. Its focus includes digital infrastructure, cloud services, social media, consumer technologies, and e-commerce.

It also invests in startups in logistics, financial technologies, education tech, travel and tourism, industrials, healthcare, SaaS, IT services, and mobile technologies sectors.

Jada was created to finance the growth of small and medium enterprises in Saudi Arabia in a sustainable manner. As of December 2023, Jada has invested in 36 funds, with SAR 3.1 billion committed.

In November, Jada Fund of Funds made its first investment in private credit with a commitment to the United Arab Emirates-based Ruya Partners’ inaugural fund.