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FINANCIAL NEWS
Saudi plans $1.1 bln fund for smaller companies
02 Aug 2016
(MENAFN) To improve Saudi’s industries projects and help small companies to grow, Saudi Arabia is planning a fund reaching USD 1.1bn. The council of the Saudi ministry of Trade, stated on Monday, at the time of cheap oil, that the country tries to strengthen the economy.
According to the news state news agency (SPA), the plan for the venture fund was agreed by the cabinet, Saudi Arabia’s supports independence investments, through the ministry of trade and Contributes in the new fund.
The project’s aim is to support small institutions by contributing in the running capital operation and in advertisements, which Riyadh hopes to increase jobs during the fall in the oil prices.
On the other hand, the ministry was informed regarding difficulties in order to strengthen the industry in Saudi Arabia, in order to encourage foreign investments in the areas where only smaller roles were used.
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