During the ‘Leap 24’ conference and exhibition in Riyadh, Saudi Arabia unveiled a suite of programs amounting to a total investment of nearly $600 million, aimed at financially and commercially supporting emerging technology companies.
The first of these initiatives, part of the National Technology Development Program, is named ‘Fuel’ and commands an investment of $266 million. It is designated for finance companies to stimulate investment in cutting-edge technologies such as space technology, quantum computing, and smart cities. It particularly targets startups in the pre-initial public offering stage, as stated by the program’s CEO, Ibrahim Niaz.
Another initiative, also valued at $266 million, is called ‘Aim.’ This advanced platform is equipped with artificial intelligence and facilitates access to infrastructure for research and development, talent, data, and finance companies.
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Furthermore, the ‘Swift’ program has been launched to provide a financial bridge for startups that have secured initial investment at the establishment phase, offering additional funding of up to 5 million Saudi Riyals for each company.
The announcement also included two programs, ‘Transform Plus’ and ‘Source Tech,’ valued at $33 million and $15 million, respectively. ‘Transform Plus’ is designed as a grant to bridge the gap between startups and technology, accelerating the adoption of cloud service solutions with grants of 1 million Saudi Riyals per company. ‘Source Tech,’ also a grant-based program, encourages technology companies using outsourcing to expand their operations in Saudi Arabia, with grants reaching up to 5 million Saudi Riyals per company.
In addition to the National Technology Development Program initiatives, ‘Leap 24’ also revealed the launch of several financing funds for startups in Saudi Arabia, totaling $798 million, on its second day.
