SAGIA launches initiative to attract global venture capital to Saudi Arabia

The Saudi Arabian General Investment Authority (SAGIA) has launched ‘Venture’, an initiative to attract global venture capital firms and promote Saudi Arabia as a future-ready investment destination, it said at the Financial Sector Conference (FSC) in Riyadh.

Over 20 local and global VC funds took part in the Venture Capital Initiative ‘Invest in Saudi Arabia’, said Sultan Mofti, SAGIA’s Deputy Governor of Investment Attraction & Development.

“The initiative included VCs from Saudi Arabia, the United States, China, UK, Singapore, Kuwait, among other countries,” he said.

The initiative will provide streamlined licensing procedures for the portfolio companies of all these VCs, offering them instant licenses in under three hours, he added.