Saudi plans to set up sovereign wealth fund office in GIFT City

Investment minister of Saudi Arabia Khalid A. Al Falih said that within the next few weeks, he would send a strong delegation to GIFT City to explore the opportunity

Staff Writer
Updated11 Sep 2023, 10:53 PM IST
Saudi Arabia's minister of investment Khalid A. Al-Falih (PTI)
Saudi Arabia’s minister of investment Khalid A. Al-Falih (PTI)

New Delhi: Saudi Arabia said it will consider setting up an office of its sovereign wealth fund (SWF) in Gujarat International Finance Tec-City (GIFT) to facilitate investments.

Investment minister of Saudi Arabia Khalid A. Al Falih said that within the next few weeks, he would send a strong delegation to GIFT City to explore the opportunity. “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),” he said at the India-Saudi Arabia Investment Forum meet.

Commerce minister Piyush Goyal said that India will open its investment office in Saudi Arabia. “GIFT City officials will be sent to Saudi Arabia and FICCI in partnership with Invest India and the ministry of commerce and industry will set up an Investment & Trade Promotion office in Riyadh, Saudi Arabia,” he said.

Goyal expressed hope to kick start greater flow of investments and double the bilateral trade between the two nations to reach $100 billion from $52 billion currently along with more balance of trade between India and Saudi Arabia.

“India can look at providing food security to Saudi Arabia while Saudi Arabia helps us by providing more security in energy, oil, fertilizers,” he stated.

Al Falih said, “The future lies with the young people, the startups, innovators and entrepreneurs and we need to ensure that we don’t give all of our attention only to big national champions, MNCs. We work to create fertile ground for entrepreneurship as in the next 10-15 years some of them will become our national champions for both the nations.”

The minister also said, “We will open an office in India for investment facilitation and our investment offices will also be facilitators for outbound investments. Within the next few weeks, we will send a strong delegation to GIFT City for potential opportunities along with identifying Delhi, Mumbai or GIFT City for opening our new office.”

“We will offer both physical and digital space to set up Startup Bridge in Riyadh and not only access partners from Saudi Arabia, but we will work with our VCs and in the next few weeks create a joint agreement with our National Venture Capital Fund and with Indian counterparts to fund startups,” the minister added.

(With PTI inputs)

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First Published:11 Sep 2023, 10:53 PM IST
HomeNewsIndiaSaudi plans to set up sovereign wealth fund office in GIFT City

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