MISA issues 6 new business licenses, signs 2 MoUs at GEC

MISA issues 6 new business licenses, signs 2 MoUs at GEC

RIYADH — Four startups — including three e-commerce companies and a HealthTech — a leading global accelerator and a venture capital fund will invest up to $608.25 million in Saudi Arabia, creating 2,400 jobs. The new licenses were announced by Ministry of Investment in Saudi Arabia (MISA) at the Global Entrepreneurship Congress (GEC), and are evidence of the Kingdom’s burgeoning start-up and venture capital ecosystem. Minister of Investment Eng. Khalid Al Falih said: “As the world continues to emerge from the COVID-19 pandemic, entrepreneurs are shaping our ‘new normal’. In Saudi Arabia the start-up scene is thriving, and there is enormous potential for venture capitalists. “An enhanced regulatory environment and our recently launched National Investment Strategy are unleashing opportunities not previously available in the Kingdom and these new investments are a result of the economic transformation happening now under Vision 2030.” At the Global Entrepreneurship Congress, MISA also announced the signing of two MoUs with Saudi entities Monshaat and the Saudi Authority for Data and Artificial Intelligence to further support start-ups in the Kingdom and foster entrepreneurialism. The deals and MoUs announced by MISA are the latest demonstration of the Ministry’s commitment to supporting and growing the Kingdom’s entrepreneurship ecosystem,