Bracewell’s Ibrahim Siddiki told Arabian Business that Saudi Arabia has been busy creating a start-up friendly ecosystem in line with its economic diversification plans, and entrepreneurs are noticing and reacting.
“Over the last three years, the Saudi venture capital (VC) and start-up scene has really kicked off with a boom. There are a lot of entities in Saudi Arabia nowadays that are looking to deploy funding into start-ups,” said Siddiki.
“Prior to this period, there were bureaucratic hurdles. What’s helped now are the developments in the regulation landscape with the Saudi Arabian Investment Authority issuing more licenses than ever before. SMEs are setting up businesses in Saudi Arabia because the country is promoting entrepreneurship, but also because they are being helped by foreign investors coming in and setting up businesses – the whole ecosystem is changing,” added Siddiki.