GANDHINAGAR- Saudi Arabia is preparing to establish an office within India’s Gujarat International Finance Tec-City (GIFT City), as announced by Saudi’s Investment Minister, Khalid bin Abdulaziz Al-Falih.
Speaking at the Saudi-India investment forum in New Delhi, Al-Falih revealed, “In the coming weeks, we will be deploying a robust delegation from Saudi Arabia to India with the aim of setting up an office for our sovereign wealth fund in GIFT City.“
Saudi Arabia Office in GIFT City
He also underscored the significance of focusing on the youth, startups, innovators, and entrepreneurs. He emphasized the need to diversify attention beyond major national champions and multinational corporations.
Al-Falih stressed the importance of nurturing entrepreneurship, recognizing that some of these ventures could evolve into national champions within a decade or so.
GIFT City, situated in Gujarat’s Gandhinagar district, stands as India’s tax-neutral financial services center and a developing business district.
It is noteworthy as India’s premier operational greenfield smart city and international financial services hub initiated as a greenfield project under the auspices of the Government of Gujarat.
Strengthening Partnership
During the conversation with the Investment Minister on the stage, Piyush Goyal, the Commerce Minister of India, additionally mentioned that India would explore the possibility of establishing an office in Riyadh.
The Sovereign Wealth Fund, also recognized as the Public Investment Fund, serves as a sizable investment pool entrusted with overseeing in excess of $700 billion in funds belonging to the Saudi government.
Its primary objective is to invest these resources in various enterprises strategically. This includes businesses, real estate, and other ventures, both within the nation and on a global scale.
The ultimate goal of generating profits that contribute to the advancement of the Saudi economy.
Founded in 1971 by royal decree, the fund maintains its principal operational base in Riyadh, Saudi Arabia, while extending its reach through additional offices in Hong Kong, London, and New York.
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