More than 250 private equity and venture capital professionals and stakeholders from across the world attended the Mena Private Equity and Venture Capital Summit yesterday (October 25) in Riyadh, Saudi Arabia.

Prince Dr Turki bin Saud bin Mohammed Al Saud, president of King Abdulaziz City of Science and Technology, addressed the participants, giving a highly informative and engaging presentation on venture capital (VC) in Saudi Arabia.

“Saudi VC industry has a sizeable potential as there are many strengths in the ecosystem and current innovation relevant rankings and statistics imply that innovation will grow in the Kingdom,” said Prince Turki.

His comments highlighted the Saudi government’s recent focus on investment, evident both in the recent rise of Saudi investment funds being deployed in foreign markets, and in the government’s active engagement in supporting local entrepreneurs.

The Kingdom’s investments into sectors like healthcare, ICT, and renewable energy are unmatched by all but a few other nations. The government is responsible for 50 per cent of the Kingdom’s start-up incubators, through which it provides aspiring young business owners with not only funding, but also necessary counselling and expertise.

Organized by Riyadh Valley Company (RVC) and managed by multinational deal facilitation company Naseba, the summit is designed to introduce investors and venture capitalists based in the Middle East to some of the world’s most promising business cases through private, one-to-one meetings.

Business cases are given the chance to secure funding for their projects, and investors are introduced to investment prospects that have been pre-screened for viability and legitimacy.

The summit features extensive networking opportunities, and a series of speeches and presentations from distinguished thought leaders. These leaders draw on their considerable expertise to shed light on topics ranging from accessing the best investment opportunities to developing the Middle East as a hotbed for venture capital.

Prince Turki’s speech has set a high bar for other presentations and panel discussions at the summit, giving participants a great deal to look forward to over the next two days.

Jean Philippe, project director at Naseba said: “The summit bridges the gap between entrepreneurs, investors, financiers and legislators and is specifically tailored for this region. GCC countries are nations of prosperity and opportunity, with unique benefits and challenges. The Mena Private Equity and Venture Capital Summit has been designed to provide private equity and venture capitalists from the GCC with best-in-class methodologies to help them enhance their investment strategic planning and performance management. Naseba is proud to work with Riyadh Valley Company to create this ultimate deal flow platform.” – TradeArabia News Service