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GEC 2022: Business licenses issued that could create 2,400 new jobs in Saudi Arabia

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RIYADH: The Saudi Arabian Ministry of Investment issued six new business licenses and signed two Memorandum of Understanding at the ongoing Global Entrepreneurship Congress in Riyadh. 

New business licenses were issued to four startups, including three e-commerce companies and one health-tech firm, along with a leading global accelerator and a venture capital firm. 

These companies are expected to invest up to $608.25 million in Saudi Arabia, creating 2,400 jobs in the country. 

Two MoUs were also signed between MISA and Saudi entities Monshaat and the Saudi Authority for Data and Artificial Intelligence to further support start-ups in the nation and foster entrepreneurialism.

“In Saudi Arabia the start-up scene is thriving, and there is enormous potential for venture capitalists,” said Khalid Al Falih, Minister of Investment.

Details of new business licenses

  • Cartlow: A leading re-commerce startup that offers pre-owned, refurbished, open box, and clearance products. The company is expected to invest $50 million, and create 500 new jobs.
  • SOUM: An AI-powered C2C marketplace for second-hand products. Direct investment of $15 million, 500 new jobs.
  • Rabbitmart: An on-demand ultra-fast delivery company with the promise of delivering groceries and other goods in under 20 minutes. Direct investment of $52.5 million, 700 new jobs.
  • Smileneo: A health tech company enabling doctors to be part of the digitalization of teeth straightening. Direct investment of $22 million and 150 new jobs.
  • imVentures: A venture capital fund that offers venture lending as well as equity. Fund size of $375 million, 500 new jobs.
  • PLUGANDPLAY: This company is the world’s largest early-stage investor, accelerator, and corporate innovation platform. Fund size of $93.75 million, 50 new jobs.

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