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New Saudi ‘Fund of Funds’ aims to help small and medium-sized enterprises

RIYADH: Saudi Arabia's Public Investment Fund on Monday announced a new investment arm to provide financing for small and medium-sized enterprises, the state-owned PIF said in a statement. The four-billion-riyal ($1.1-billion) "Fund of Funds" will invest in venture capital and private equity targeting SMEs, the statement said. The fund is part of "Vision 2030", a broad programme of reforms launched by Crown Prince Mohammed bin Salman last year and aimed at diversifying the kingdom's oil-dependent economy. The new…