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|24 April, 2019

Saudi Arabia agrees to set up venture capital funds worth $400mln -Al Arabiya

Those funds will be used to grant loans and for capital investments, Saleh Al Rasheed said at a finance conference in Riyadh.

A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

REUTERS/Faisal Al Nasser

DUBAI- Agreements have been signed to set up venture capital funds in Saudi Arabia worth 1.5 billion riyals ($400 million), the governor of the Small and Medium Enterprises General Authority told Al Arabiya TV on Wednesday.

Those funds will be used to grant loans and for capital investments, Saleh Al Rasheed said at a finance conference in Riyadh.

($1 = 3.7500 riyals)

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(Reporting by Asma Alsharif, Writing by Nafisa Eltahir, Editing by Catherine Evans) ((Nafisa.Eltahir@thomsonreuters.com; +971 56 22 61754;))

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