Saudi Arabia has launched an initiative designed to attract international venture capital firms to the kingdom.
Called Venture, the project is the brainchild of Invest Saudi, an organisation set up the Saudi Arabian General Investment Authority (SAGIA) to promote the kingdom as “a future-ready investment destination”.
So far SAGIA says that more than 20 venture capital firms have signed up and although these firms have not yet been named.
The initiative will provide streamlined licensing procedures for the portfolio companies that previously could only gain a license via one of SAGIA’s incubator partners.
According to SAGIA’s deputy governor of investment attraction and development, Sultan Mofti, “the continued prosperity of the Kingdom depends on fostering innovation, attracting foreign investment and enabling private sector growth”.
“We want to build and encourage the world’s top venture capital [firms] to set up a presence in Saudi Arabia and partner with us, and with local private sector companies, in our growth story,” he added.
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