Saudi Arabia announces $600 million in new investment from startups, venture capitalist
Foreign direct investment in Saudi Arabia slowed later in 2021 after a promising start, and some entities are reluctant to invest there due to the human rights situation.
Saudi Arabia's Ministry of Investment announced today over half a billion dollars worth of new investments in the country.
Three e-commerce startups, a health startup, a virtual networking company and a venture capital fund will invest up to $608.25 million in the Gulf kingdom, creating 2,400 jobs, the official Saudi Press Agency reported.
“In Saudi Arabia, the startup scene is thriving, and there is enormous potential for venture capitalists,” Investment Minister Khalid Al Falih said.
The investments were pledged at the Global Entrepreneurship Congress being held in Riyadh by Crown Prince Mohammed bin Salman. The Investment Ministry did not appear to name the companies.
