Saudi UK Tech Hub to help Kingdom’s startups flourish

Saudi Arabia’s Future Investment Initiative Institute recently signed an agreement with the Saudi British Joint Business Council to become a founding partner of the Saudi UK Tech Hub.

Stakeholders in both countries had long been toying with the idea of a technology hub that would mobilize sources of capital and advice to facilitate the development of small- and medium-sized enterprises, and private-sector growth.

At a UK Saudi Smart Cities and Technology Forum held in London last year, Saudi and British public and private sector delegates had concurred in the perfectly timed opportunity for a joint collaboration in the tech arena between both countries under the auspices of the council and other stakeholders. Now, that dream has become a reality thanks to the FII Institute’s support.

In the first half of this year alone, London tech startups raised £7.9 billion ($10.8 billion) in venture capital funding. London is now behind only the San Francisco Bay Area, Beijing, and New York City when it comes to creating unicorns. The English capital now has 71 unicorns, significantly more than any other European capital. But it is not only about unicorns.