BUSINESS

SAGIA issues first foreign investment license for business incubator company

November 24, 2018



MoU enables entrepreneurs to establish start-ups in the Kingdom
MoU enables entrepreneurs to establish start-ups in the Kingdom

RIYADH – The General Investment Authority (SAGIA) issued the first foreign investment license for a business incubator to AstroLabs, the MENA region’s premier co-working space and startup incubator. The company plans to build a technology start-up incubator, providing training programs and events to support the innovation and entrepreneurial eco-system in the Kingdom.

Also, signed an MoU to enables entrepreneurs to establish start-ups in the Kingdom, including foreign entrepreneurs who are now allowed to obtain licenses with 100% ownership, as part of the Vision 2030 transformation that aims to increase the participation of the private sector in the GDP and diversify the economy, to provide employment opportunities in various sectors.

Dr. Mazin Al Zaidi, Head of Innovation & Entrepreneurship Sector at SAGIA, said “AstroLabs will help build an enriched entrepreneurial community in the Kingdom by providing specialized training and events that will enhance the entrepreneurs’ technical skills, attract investors, develop the entrepreneurial ecosystem, and promote Saudi investment opportunities through their regional and global networks.

He added that SAGIA will provide AstroLabs with entrepreneurial licensing and advisory privileges, in addition to collaborating with the General Authority for Small and Medium Enterprises to attract various entrepreneurial enablement platforms such as incubators, accelerators and co-working spaces that contribute significantly in addressing organizational, operational and strategic challenges that startups face.

“Over the last five years, AstroLabs has been actively engaged in startup ecosystem and we are now proud to be the first international business incubator licensed locally in Saudi Arabia,” said Muhammed Mekki, Founding Partner of Astrolabs. ”We look forward to working closely with SAGIA, assisting global entrepreneurs to establish their companies and succeed in the Kingdom.” — SG


November 24, 2018
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