Riyadh – Mubasher: The Saudi Arabian General Investment Authority (SAGIA) on Wednesday announced signing agreements with more than 20 venture capital funds on the sidelines of the Financial Sector Conference (FSC) held in Riyadh.
SAGIC signed deals with funds in several countries including Saudi Arabia, the US, China, and Singapore under the Venture initiative launched by Invest Saudi, according to a statement on Wednesday.
“Across the globe, venture capital firms are key to nurturing entrepreneurship, promoting innovation, and unlocking value. Last year, the venture industry set a new record and deployed $130.9 billion to US-based startups alone,” SAGIA’s deputy governor of investment attraction and development, Sultan Mofti, said.
In 2018, foreign direct investment (FDI) inflows to the kingdom grew 127% year-on-year.
