Saudi Arabia is planning to invest in Indian startups through venture capital. The country is also considering setting up an office for its Sovereign Wealth Fund (SWF) in India to facilitate investments here.
Saudi Arabia's investment minister Khalid A. Al Falih on Monday has said that a delegation would visit India within the next few weeks to explore the opportunities. He further added that his delegation would explore GIFT City in Ahmedabad along with Mumbai and Delhi. GIFT City in Gujarat is a multi-purpose special economic zone for financial services
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"I will match your offer and commit today that we will open an office in India for investment facilitation. We are talking about bi-directional (facilitation)", said Khalid A. Al Falih.
While talking at the India-Saudi Arabia Investment Forum meet, the Saudi minister also highlighted Saudi's interest in investing in Indian startups that would cater to the needs of Saudi Arabia.
Meanwhile, Indian Commerce Minister Piyush Goyal also mentioned that India would set up an office in Riyadh which will be partnered by FICCI and Invest India and some officials of the commerce and industry ministry.
Between April 2000 to June 2023, Saudi has invested $3.22 billion. These investments have been made by government-owned Public Investment Fund (PIF) in Indian companies that are beyond their start-up stage