Although none had met with Saudi startups, many investors expressed concern over backing companies that operate in the country.
— according to some reports at the behest of Crown Prince Mohammed bin-Salman — the relationship has become problematic.
One investor commented that, although they had never been pitched by a Saudi-based startup, they would think twice about investing their funds in one. Other investors BI spoke to echoed that sentiment, and voiced concerns about investing in a country they see as less than transparent. In fact, Saudi startups were nowhere to be seen at Demo Day, despite the fact that the two-day event was in many ways a testament to an increasingly global startup ecosystem. Among the startups that got prime billing in the pitch presentation were localized services like food delivery for underserved markets in Iraq and Egypt.
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