Saudi PIF Pumps More Money Into Alibaba-Backed Tech Venture

The Public Investment Fund (PIF) tower, center, in the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia, on Tuesday, Dec. 6, 2022. The Saudi Arabian tourism ministry is targeting 12 million foreign tourists this year, with tourism on track to contribute about 4% of economic output, Tourism Minister Ahmed Al Khateeb said. Photographer: Maya Siddiqui/Bloomberg PHOTO BY MAYA SIDDIQUI /Bloomberg

(Bloomberg) — 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 Capital ’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.