SAGIA issues investment license to UAE’s AstroLabs

Saudi Arabian General Investment Authority (SAGIA) has issued its first foreign investment license in the field of business incubators to AstroLabs, a Dubai-based tech startup hub.

AstroLabs is a coworking community and learning academy for digital technology companies.

The company plans to set up a technical complex to serve local and foreign entrepreneurs through providing specialized courses and events that will contribute to attract more investments to the Saudi market, SAGIA said in a statement obtained by Argaam.

The authority has also signed an agreement with AstroLabs that aims to attract foreign entrepreneurs to invest in the Kingdom, allowing them to obtain a license to establish their companies with 100 percent ownership as part of the transformation that contributes to achieving the objectives of Saudi Vision 2030 to diversify the economy.

SAGIA, in cooperation with Monshaat (SMEs General Authority), will provide AstroLabs with licensing and consultancy services amid efforts to attract various entrepreneur support platforms such as incubators, accelerators and joint workspaces, the statement said.