The Saudi Arabian General Investment Authority (SAGIA) launched on Wednesday VENTURE by Invest Saudi, a new initiative aimed at attracting global venture capital firms to the Kingdom, reported the Saudi Press Agency. Sultan Mofti, SAGIA’s Deputy Governor of Investment Attraction and Development, said: “The economic and social transformation of Saudi Arabia is taking place at a rapid pace, guided by Vision 2030. The continued prosperity of the Kingdom depends on fostering innovation, attracting foreign investment and enabling private sector growth.” “Across the globe, venture capital firms are key to nurturing entrepreneurship, promoting innovation, and unlocking value.” Launched at the Financial Sector Conference taking place in Riyadh, the VENTURE by Invest Saudi platform will also provide streamlined licensing procedures for venture capital portfolio companies. Offering an “instant license” in under three hours, VENTURE by Invest Saudi will enable companies to more easily tap into the Saudi market. So far, more than 20 venture capital firms have signed agreements under the VENTURE by Invest Saudi platform, representing the United States, the United Kingdom, China, Singapore, Kuwait and a number of other countries.