Riyadh-based investment firm Sanabil Investments, wholly owned by the Saudi Public Investment Fund (PIF), said in a statement on Wednesday that PIF approved its share capital increase to 30 billion riyals ($8 billion) from 20 billion riyals.

The Saudi Cabinet set up Sanabil in 2009 as closed joint stock company. It is now fully owned by the sovereign wealth fund and is a key player in pushing the government’s Vision 2030 reform agenda.

Sanabil implemented its new strategy in 2019 to focus on venture capital, growth strategies and small buyouts, from early to more mature stages of the business lifecycles. It set up the Sanabil 500 MENA Seed Accelerator Fund to benefit Saudi start-ups in their expansion plans.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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