With the sponsorship and support of the Small and Medium Enterprises General Authority “Monsha’at”, the Venture Capital Association has been established. It aims to raise the level of professionalism in the venture capital and private equity sector, strengthening the sector’s role in supporting economic growth in the Kingdom; to propose and improve the regulations and policies related to the sector and work to raise awareness of it; and to ensure adherence to the best professional standards that stimulate investment in the venture capital sector and support entrepreneurs.

The association seeks to develop working standards in the sector, hold conferences, seminars, and forums, conduct and publish studies and research, and organize qualification and training programs in venture capital and private equity.

The association’s objectives are in line with Monsha’at’s objectives for venture investment. The authority aims to stimulate and strengthen equity financing through the Venture Capital Initiative, launched in cooperation with the Local Content and Private Sector Development Unit (Namaa) as part of the Private Sector Stimulus Plan, with SAR 2.8 billion, in order to close the gaps in the current equity financing for enterprises, support and stimulate the spread of equity funds, and stimulate the equity financing environment for entrepreneurs.

Monsha’at has contributed to the establishment of several associations that play an effective role in supporting local content and diversifying the economy. It recently supported the establishment of the Supply Chain and Procurement Association, which focuses on developing the supply chain and procurement sector to support SMEs, as part of the authority’s objectives of regulating, supporting, developing, and nurturing the sector in line with global best practices, to raise the productivity of SMEs and increase their contribution to GDP from 20% to 35% by 2030.