The second day of the international LEAP 24 conference witnessed the unveiling of a national initiative aimed at propelling information technology growth. The program introduced five supportive measures tailored to foster digital entrepreneurship, alongside seven funding declarations for small and medium-sized enterprises (SMEs), amassing to a total of $828 million across various sectors.
A significant launch was the ‘Fuel’ initiative by the Saudi Investment Company, specifically designed to bolster venture capital funds that invest in early-stage tech startups.
The Social Development Bank announced the ‘Fund Swift’ initiative, crafted to provide financial backing to emerging companies, enabling them to expand their operations.
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The Ministry of Communications and Information Technology introduced ‘Transform+’, an initiative aimed at stimulating cloud computing development, and ‘Source Tech’, which offers financial support to technology outsourcing firms seeking to broaden their technology services.
In a collaborative effort, the Ministry of Communications and Information Technology, King Abdullah University of Science and Technology, and the Saudi Data and Artificial Intelligence Authority (SDAIA) announced a joint initiative. This initiative focuses on constructing a platform that nurtures innovation in artificial intelligence, provides infrastructure for research and development, and supports the growth of startups in this specific field.
‘Oasis’ company declared a funding round of around $100 million dedicated to financing technology companies in their nascent stages.
‘Plug and Play’ innovation company announced its first investment in the Middle East, earmarking $50 million for startups in the programming and technology sector.
‘X’, a subsidiary of Leonie Foniek, announced a $15 million fund concentrating on financing small companies in the Middle East, Pakistan, and Turkey.
The Saudi Venture Capital Company disclosed a massive $500 million funding plan aimed at SMEs. Additionally, the Kingdom achieved the highest venture capital investments in the Middle East and North Africa region in 2023, with a total of $1.4 billion.
