‎Shura Council calls on Ministry of Investment to develop venture capital regulation tools

‎Shura Council calls on Ministry of Investment to develop venture capital regulation tools

Saudi Arabia’s Shura Council, on June 27, called on the Ministry of Investment to develop the necessary legal and procedural tools to regulate the venture capital sector and empower the national funds operating in it, Saudi Press Agency reported.

The council also called on the ministry to develop an integrated strategy to market the Kingdom's investment opportunities as a leading investment option, based on the "Invest Saudi" platform. It also requested to build clear and effective performance indicators for the strategy and measure it periodically.

Furthermore, the council called for coordinating with the relevant authorities to develop the necessary methodologies and mechanisms for preparing economic and investment reports, as well as developing a methodology for estimating the economic effects of foreign investment deals and their contribution to the gross domestic product (GDP) and job creation.

The council also requested coordination with the Ministry of Commerce and the Ministry of Human Resources and Social Development to develop the rules related to studying the issuance of investment licenses to limit the potential risks of using such licenses in commercial concealment and to enhance the effectiveness of such investments in the national economy.