Saudi Arabia backs tech startup sector with $888m
- Date: 06-Mar-2024
- Source: AGBI
- Sector:Technology
- Country:Saudi Arabia
Saudi Arabia backs tech startup sector with $888m
Saudi Arabia has announced investments worth $888 million to support the local tech startup and venture capital sector. The funds will support industries such as digital payments, e-gaming and artificial intelligence (AI). The announcement was made on the second day of the Leap international technology conference taking place this week in Riyadh. Saudi Arabia has […]
Revealed at Leap tech conference
Support for AI, fintech, gaming
Funding for SMEs in kingdom rises
Saudi Arabia has announced investments worth $888 million to support the local tech startup and venture capital sector.
The funds will support industries such as digital payments, e-gaming and artificial intelligence (AI).
The announcement was made on the second day of the Leap international technology conference taking place this week in Riyadh.
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Saudi Arabia has emerged as a growing market for startups. While startup funding declined globally last year, the kingdom recorded a 159 percent increase in investment compared with 2022, according to venture capital firm Wamda.
The kingdom’s central bank Sama also reported that funding for small companies surged, by a 17.8 percent year-on-year increase in loans to micro, small and medium-sized enterprises.
Bahrain-based Investcorp announced the establishment of a $500 million fund in Saudi