Saudi Arabia’s PIF Pumps More Money Into Alibaba-Backed Tech Venture
A unit of Saudi Arabia’s Public Investment Fund is pumping further capital into its technology venture with China’s Alibaba Group, taking its total investment into the entity to about $200 million. Jada Fund of Funds, wholly owned by the Saudi PIF, is one of several regional and Asian funds participating in eWTP Arabia’s upcoming $1 billion funding round that’s set to conclude early next year. The vehicle will focus on investing in technology and energy startups, eWTP Founder and Managing Partner Jessica Wong said.