Crown Prince Mohammed bin Salman of Saudi Arabia. AP.
Top technology venture capital (VC) firms have sent executives to tour the Middle East.
The companies are seeking to establish ties with sovereign wealth funds to mitigate a major venture capital funding crunch in Western markets.
- VC firms including Andreessen Horowitz, Tiger Global, and IVP have flown teams of executives to the Middle East in recent weeks.
- Their
destinations included Saudi Arabia, the United Arab Emirates, and
Qatar, reports the Financial Times citing unnamed sources.
- Gulf
states are encouraging VC firms to seek investments in the region as
royals and officials look for ways to diversify the region's oil wealth.
- The
governor of Saudi Arabia's $620B sovereign wealth fund reportedly
invited Silicon Valley executives to attend the Formula One Saudi
Arabian Grand Prix last month.
- Some VCs scaled back their investments in Saudi Arabia following the murder of journalist Jamal Khashoggi in 2018.
- The latest trips signal that some of them may soon reverse this decision.
