The National Information Technology Development Program (NTDP) announced at the LEAP 24 conference held in Riyadh new initiatives aimed at enhancing the Kingdom’s position as a leading global investment destination in the field of technology and innovation.
5 initiatives to support various stages of tech companies’ growth:
- AIM Initiative: Aims to improve access to research and development infrastructure for the private sector, in partnership with King Abdulaziz City for Science and Technology (KACST), the Saudi Data and Artificial Intelligence Authority (SDAIA), and King Abdullah University of Science and Technology (KAUST).
- Fuel Initiative: Aims to support venture capital funds investing in early-stage startups, in collaboration with the Saudi Venture Capital Company (SVC).
- FundSwift Initiative: Aims to provide funding for early-stage project-backed companies, in partnership with the Saudi Development Bank.
- SourceTech Initiative: Aims to provide financial support for technology outsourcing companies to expand in the Kingdom, in collaboration with the Ministry of Communications and Information Technology.
- Transform+ Initiative: Aims to provide grants to facilitate the transition to cloud computing for startups, in collaboration with the Ministry of Communications and Information Technology.
Boosting investment in the technology sector:
These initiatives are part of Saudi Arabia’s efforts to boost investment in the technology sector and attract startups and talent from around the world. They aim to create a supportive environment for the growth of tech companies at all stages of development, from early stages to maturity and expansion.
Elevating the Kingdom of Saudi Arabia’s position:
Commenting on these initiatives, the Minister of the National Information Technology Development Program (NTDP) stated that these initiatives represent a significant step towards elevating the Kingdom of Saudi Arabia’s position as a global hub for technology and innovation. He added that these initiatives will contribute to attracting foreign direct investments, creating new job opportunities, and supporting the national economy.
LEAP 24 Conference:
The LEAP 24 conference is a leading global platform for discussing the future of technology and innovation. The conference brings together decision-makers, experts, and investors from around the world to discuss the latest developments in technology and their impact on various sectors.
These initiatives reaffirm Saudi Arabia’s commitment to enhancing its role as a global hub for technology and innovation. They represent a significant step towards achieving Saudi Arabia’s Vision 2030 of building a knowledge-based and innovative economy.
