Riyadh - Sharikat Mubasher: The Saudi Ministry of Investment (MISA) signed different agreements with local and global partners to foster innovation and entrepreneurship sector in the Kingdom, the ministry announced in a statement.
The agreements were signed in the presence of Minister Khalid Al-Falih during LEAP 2024, the world’s most-attended tech show.
In collaboration with the Research, Development, and Innovation Authority (RDIA), MISA signed a deal with the early-stage venture capital fund Pursuit Ventures to attract startups in the semiconductors sector.
The ministry also inked an agreement to develop the Small and Medium Enterprises Loan Guarantee Program (Kafalah) that aims to support enterprises licensed by MISA.
Another agreement was signed between MISA and the venture capital fund Quest Ventures to enable startups affiliated with the fund to expand into the Saudi market, in addition to boosting investments in local startups.
Moreover, the ministry concluded a deal with AfriLabs to connect Saudi Arabia with Africa, in a move to bolster entrepreneurs. Through this agreement, AfriLabs aimed to open a key channel to the Kingdom’s investment landscape, unlocking doors for African innovation to access resources and potential investment.
