Saudi Arabia launches programs to support emerging technology companies at $ 600 million

Saudi Arabia, during the “Leip 24” conference and exhibition held in Riyadh, launched a package of programs with a total investment of about $ 600 million, aimed at supporting startups that work in the technological sector, financing and commercially. The first of these initiatives, under the National Technology Development Program, is 266 million dollars, named “fuel” (fuel), and it is dedicated to financing companies, with the aim of motivating them to invest in new technologies such as space technology, quantum computer work and smart cities, with the focus on emerging businesses in the lead. Ibrahim. The second initiative, with a value of $ 266 million, also bears the name “ED” (Target), which is an advanced platform equipped with artificial intelligence, which enables access to the infrastructure of research and development, talents and data, as well as financing companies. Another program launched by the National Technology Development Program in the Kingdom, “Swift”, which provides a financing bridge for startups that could acquire a preliminary investment at the beginning of the foundation, as the program offers extra financing for these businesses, up to 5 million rows for each. The “Transfor Plus” and “Source Tech” program was also announced at a value of $ 33 million and $ 15 million respectively. The first program is designed in the form of grants, and is aimed at closing the gap between startups and technology, accelerating its acceptance for cloud services solutions, as the fund grants from one million Riyals offer to one business. The second, also designed in the form of grants, is aimed at motivating technology companies that use external sources to expand their business in the kingdom. The amount granted to each company reaches 5 million Riyals. In addition to the National Technology Development Program Initiatives, LIP 24 revealed on the second day that the launch of companies in Saudi Arabia is working for various $ 798 million financial funding funds.