Saudi Venture Capital (SVC) has invested $30 million in UAE-based Olive Rock Partners Fund I, a regional private equity fund focusing on investing in macro-supported mid-market buyouts.

Rock Partners Fund I plans to focus on backing small and midsize enterprises (SMEs) that are demographically driven, geographically advantaged, and technologically enabled, according to a press release.

Founded in 2020 by Mohannad Qabaj and Abdullah Shahin, Olive Rock is an independent private equity firm based in the Abu Dhabi Global Market (ADGM).

The CEO of SVC, Nabeel Koshak, said: "The investment in Olive Rock Partners Fund I is part of SVC's Investment in Funds Program, which is a continuation of the company's series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors."

Meanwhile, Muhannad Qubbaj, a Founding Partner at Olive Rock Partners, said: "We also would like to emphasize the aligned conviction that private equity partnerships in the Kingdom of Saudi Arabia will increasingly become a key factor in fuelling the growth of the SME space and in fostering the expansion and development in the overall direct investment landscape."

Established in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund. It aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.

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