Saudi Arabia to set up an office in GIFT City India: Minister of Investment

Saudi Arabia's Investment Minister, Khalid bin Abdulaziz Al-Falih, announced plans to establish an office in India's Gujarat International Finance Tec-City (GIFT City), with a strong Saudi delegation set to visit India for this purpose in the coming weeks. GIFT City is India's tax-neutral financial hub located in Gujarat. Al-Falih emphasized the importance of supporting startups and entrepreneurs for future economic growth and innovation. In response, India's Commerce Minister, Piyush Goyal, expressed India's intention to consider opening an office in Riyadh. The "Sovereign Wealth Fund", also known as the Public Investment Fund, manages over $700 billion in Saudi government assets, investing in various sectors to benefit the Saudi economy. Established in 1971, it has offices in Riyadh, Hong Kong, London, and New York.