Saudi Arabia launches $200 million fund to back local, foreign high-tech startups

Saudi Arabia launches $200 million fund to back local, foreign high-tech startups

Saudi Arabia’s Crown Prince Mohammed bin Salman has launched a $200 million (SAR750 million) fund for early-stage investment in local and global high-tech companies, as part of King Abdullah University of Science and Technology (KAUST) strategy.

The strategy, which aligns with the 2030 vision to diversify the kingdom’s economic resources, aims to transform research into economically productive innovations in sectors like health, sustainable environment and essential needs, energy and industrial leadership, and economies of the future.

The initiative also aims to provide quality opportunities for researchers, faculty staff, and students, supporting them to apply science and research to create sustainable global impact by strengthening international and local partnerships.

Source: Saudi Press Agency

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of KAUST Board of Trustees, launched today the new strategy of the University. The strategy aims to transform research into economically productive innovations by focusing on the national priorities for research, development, and innovation: Health and Wellness, Sustainable Environment and Essential Needs, Energy and Industrial Leadership, and Economies of the Future. Additionally, the strategy aims to strengthen KAUST’s partnerships with both the public and private sectors, which will contribute to achieving the objectives of Vision