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 Saudi Arabia’s Ministry of Investment 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 entrepeneurialism.

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, and follows last week’s announcement of a partnership with JADA Fund of Funds to stimulate the Kingdom’s burgeoning start-up sector through a new ‘Catalyze Saudi’ engagement platform.

The Global Entrepreneurship Congress is an inter-disciplinary gathering of startup champions from around the world, ranging from entrepreneurs, investors, researchers, thought leaders, and policymakers, to share and strengthen new approaches to empower entrepreneurs and increase innovation.

Under a theme of ‘Reboot, Rethink, Regenerate: Building One Global Entrepreneurial Ecosystem’, the GEC event was attended by leaders from across the Kingdom’s government, illustrating its collaborative approach to boosting the Saudi entrepreneurialism ecosystem. Over four days, participants explored the role of entrepreneurs in the technology, tourism, mobility and sports sectors as the world adapts their economies to changes in consumer behavior.