RIYADH, The Saudi Arabian General Investment Authority (SAGIA) has launched the second edition of the Venture Capital Initiative aimed at attracting global venture capital firms to the Kingdom.
It signed on Wednesday the second patch of ventures with 18 venture capitals from several countries including the US, the UK, France, the United Arab Emirates, Egypt and Jordan.
“We are witnessing today, the launch of the second patch of the venture initiative, which was first introduced back in April 2019, under the umbrella of Invest Saudi,” SAGIA’s Deputy Governor of Investment Attraction and Development Sultan Mofti said.
“This is a huge leap for the Kingdom, as we are opening doors for foreign Venture Capitals, while encouraging investors and entrepreneurs to branch out to KSA; especially after amending 60 percent of the licenses requirements and allowing 100 percent ownership for the foreign investors,” he said.
SAGIA is introducing a new initiative “Angel by Invest Saudi’ that will enable angel investors to support their portfolio of startups to enter the Saudi market.
This new initiative will allow foreign startups that are endorsed by angel investors to obtain an Instant Entrepreneurship License from SAGIA with 100 percent foreign ownership in under three hours.
The two largest ANGEL groups are joining the initiative, Oqal Group and Dubai Angel Investors.
Source: Kuwait News Agency