The General Authority for Investment (SAGIA) has launched a licensing service for entrepreneurs wishing to establish pilot projects aimed at innovators, and creators from around the world to enable them to benefit from business incubators, research centers and SME services.
His Excellensy Dr. Ibrahim bin Abdulrahman Al Omar, Governor of the General Authority for Investment, stated that the license will contribute to supporting entrepreneurs and creators at the local, regional and international levels, while the Investment Authority continues its efforts to overcome the obstacles and difficulties facing the pioneers in establishing their entrepreneurial projects.
Al-Omar explained that the decision includes licensing for entrepreneurs wishing to establish pilot projects within the Kingdom and accredited by Saudi universities or business incubators within the Kingdom.
He pointed out that the conditions required to obtain the license of entrepreneurs, is the presence of partners' decision to establish the company, in addition to a letter or proof of approval of the project from one of the entities (Saudi universities or Saudi business incubators).
With regard to the extent of the ability of individuals residing in the Kingdom to benefit from the decision, the Governor of the General Authority for Investment said that resident individuals can benefit from the decision while complying with the previous conditions, in addition to providing a letter of no objection from the employer (Saudi sponsor) to invest the resident in the required activity.
It is noteworthy that the General Authority for Investment in cooperation with the Small and Medium Enterprises Authority, is working to support the pilot projects in the Kingdom, to increase the participation of the private sector in the gross domestic product in line with the vision of the Kingdom 2030 to diversify the economy and provide employment opportunities for citizens in a number of promising sectors.