Alkhabeer Capital, a leading Saudi-based asset management and investment firm, has unveiled its new private equity strategy aimed at small and medium-sized enterprises (SMEs) in the kingdom and UAE, said a report.

The strategy intends to target the opportunities in high growth Shariah compliant businesses, reported the Saudi Gazette citing a top official.

"Under this new strategy, Alkhabeer will acquire majority stake in Saudi and UAE-based SMEs where its private equity team will work closely with management of each portfolio investment and introduce operational efficiencies across each business while also investing in infrastructure needed to support wider expansion and growth strategies," remarked Ahmed S. Ghouth, the deputy CEO.

"The SME sector is a vibrant growth component of our region's economy and one which we are keen to support and invest in," stated Ghouth.

Across the GCC, governments are focused on developing diversified economies that are non-oil dependent and SMEs will play a prime role in this ambitious strategy," he added.