Saudi Arabia will soon be setting up an office in India’s Gujarat International Finance Tec-City (GIFT City) Saudi’s Investment Minister, Khalid bin Abdulaziz Al-Falih has said.
“We will send a strong delegation from Saudi to India in the next few weeks to set up an office of ‘sovereign wealth fund’ in GIFT City,” Al-Falih said speaking at the Saudi-India investment forum in New Delhi.
"Future lies with the young people, with the startups, with the innovators, the entrepreneurs and we need to make sure that we don't give all our attention to the big national champions and the big multinational companies. We spend a lot of time to water the fertile grounds of entrepreneurship because in 10-15 years, some of them will be the national champions of our nations," the Saudi Minister also said.
GIFT City is India’s tax-neutral financial services centre and a business district under construction in Gandhinagar district in Gujarat. It is India's first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project.
While speaking with the Investment Minister on stage, Commerce Minister of India, Piyush Goyal also stated that India will look into opening an office in Riyadh.
Sovereign Wealth Fund, also known as the Public Investment Fund, is an investment pool that manages more than $700 billion in Saudi government money. It invests those funds in companies, real estate and other ventures domestically and globally to generate profits, for the benefit of the Saudi economy.
The fund, established in 1971 by royal decree, currently has its headquarters in Riyadh, Saudi Arabia, and offices in Hong Kong, London and New York.
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