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 startup incubator, providing training programs and events to support the innovation and entrepreneurial ecosystem in the Kingdom.
SAGIA also signed an MoU to enable entrepreneurs to establish startups in the Kingdom, including foreign entrepreneurs who are now allowed to obtain licenses with 100 percent 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 the innovation and 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.”
“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.”