São Paulo – The number of foreign startups reached 550 in Saudi Arabia by mid-year, representing a 118% increase compared to the same period last year. The figure was released on Monday (21) by the Small and Medium Enterprises General Authority, known as Monsha’at, based on the profile of these foreign companies that obtained the Entrepreneur License from the Ministry of Investment.
In addition, Monsha’at issued 364 licenses for business incubators and accelerators throughout the Arab country. According to the authority, these entities have been key in attracting international entrepreneurs by providing support in launches, growth, prototype development, mentoring, connections with investors and partners, and helping them establish a solid foothold in the Saudi market.
“This remarkable growth reflects national efforts to position Saudi Arabia as a regional hub for entrepreneurship by facilitating market entry for foreign startups and offering a flexible regulatory environment that fosters innovation and attracts investment,” said the text published on Monsha’at’s website about the growth in the number of startups in the country.
Monsha’at added that major international events held in the country have contributed to attracting entrepreneurs from around the world, and Saudi participation in major global events has expanded networking opportunities with international entrepreneurs and strengthened Saudi Arabia’s image as a thriving destination for startups. The Entrepreneur License was created to facilitate the registration and investment in startups.
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Translated by Guilherme Miranda
