Saudi Arabia backs tech startup sector with $888m

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.

NewsletterGet the Best of AGBI delivered straight to your inbox every week

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