SIC and Ashmore Launch the First-of-Its-Kind Industrial Investment Fund for Private Equity with a Target Size of 400 Million SAR
Riyadh, March 3, 2025
The SIDF Investment Company (“SIC”), a subsidiary of the Saudi Industrial Development Fund (“SIDF”), has announced the signing of an investment agreement with Ashmore Investment Saudi Arabia to launch and commence operations of a private closed-end industrial investment fund. This fund is the first-of-its-kind Saudi industrial private equity fund with an unspecified asset scope, managed by a global fund manager, with a target size of 400 million SAR.
The fund aims to strengthen the Kingdom’s industrial ecosystem by attracting high-value investments and encouraging private sector participation in sustainable economic development. It will focus on investing in high-potential opportunities within the industrial and manufacturing sectors in Saudi Arabia.
The fund will be managed by Ashmore Investment Saudi Arabia ("Ashmore"), which is licensed by the Capital Market Authority (License No. 22-14174) and is a subsidiary of Ashmore Group. Ashmore Group is one of the world's leading investment management firms specializing in emerging markets, with assets under management exceeding USD 48.8 billion and a listing on the London Stock Exchange.
The signing ceremony was attended by His Excellency Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources and Chairman of the Board of Directors of SIC, underscoring the project's significance as a key pillar for enabling sustainable industrial growth in the Kingdom.
Also present at the signing were His Highness Prince Sultan bin Khalid Al Saud, CEO of the Saudi Industrial Development Fund and Vice Chairman of the Board of Directors of the SIDF, along with Mr. Fahad Al-Naeem, CEO of the SIC.
Representatives from Ashmore Investment Saudi Arabia also attended the event, led by Dr. Adnan Soufi, Chairman of the Board, and Mr. Ahmed Al-Muhaisen, CEO and Managing Director, along with a group of senior executives and investors from both sides.
In his remarks, Mr. Fahad Al-Naeem, CEO of the SIDF Investment Company (“SIC”), stated:
"This partnership with Ashmore represents a significant strategic step toward stimulating industrial investment in the Kingdom. This fund serves as a well-structured and sustainable platform that enables the private sector to actively participate and invest in promising opportunities to develop targeted industrial sectors."
For his part, Mr. Ahmed Al-Muhaisen, CEO and Managing Director of Ashmore Investment Saudi Arabia, emphasized the importance of the fund, saying:
"We are proud to collaborate with the Industrial Investment Fund Company on this ambitious project, which aims to support industrial development in the Kingdom by attracting high-value investments and enhancing the investment environment."
The launch of this fund is part of SIC’s efforts to strengthen public-private partnerships and achieve the goals of Saudi Vision 2030 by diversifying the economy, increasing private sector participation in industrial development, and attracting both foreign and local investments in promising industrial sectors.
Additionally, the fund represents a transformative step in industrial investment in the Kingdom, contributing to the enhancement of industrial sector efficiency and boosting competitiveness at both the local and international levels.
