RIYADH — Chairman of the Capital Market Authority (CMA) Mohammed Bin Abdullah Elkuwaiz said investment in Saudi Arabia has witnessed a qualitative leap in the stock market and a significant growth in entrepreneurs' funds, be it private or venture investment or startup funds.

During his participation in a dialogue session on the sidelines of the Global Entrepreneurship Congress, Elkuwaiz highlighted that the authority adopts a system to support financing for venture capital investment and to remove regulatory obstacles.

He added that there are emerging companies that have entered the capital market, which reflects the multiplicity of investment opportunities in the Kingdom.

He pointed out that the crowdfunding platforms contributed to accelerating the financing process for pioneering projects and shortening the time and effort, as it is now possible to obtain funding in less than two minutes through the platforms.

Touching on the growth of venture capital funds, Elkuwaiz said: "The financing targets fast-growing businesses, and we see great work from various public and private sectors, and we have an association specialized in venture investment and a government funding program, which did not exist before."

Elkuwaiz stressed that the quality of ideas of Saudi entrepreneurs is the real driver of venture financing, noting that CMA is working to reshape the companies' code to allow them to have flexibility and greater benefit.

He added, "The angel investment is developing in the Kingdom, and we currently have five angel groups," calling on ambitious young people to enter into entrepreneurship and start from scratch to achieve their ambitions. — SPA