Saudi Arabia Advances Tech Hub Leadership Position with $888 Mln in Deals at LEAP 24 

Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. (Asharq Al-Awsat)
Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. (Asharq Al-Awsat)
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Saudi Arabia Advances Tech Hub Leadership Position with $888 Mln in Deals at LEAP 24 

Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. (Asharq Al-Awsat)
Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. (Asharq Al-Awsat)

Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region.

On the second day of LEAP 24 in Riyadh, Investcorp launched a $500 million growth-stage fund.

Oasis Capital launched "Fund II" with a capital of $100 million.

The National Development Fund and the Social Development Bank established the $40 million Gaming and Esports Investment Fund, managed by Impact46.

Merak Capital established a fund with $80 million to support game accelerators in Saudi Arabia.

Saudi Arabia’s Takamol Holdings launched a $50 million investment arm, focused on funding early-stage tech companies.

Plug and Play launched its first fund to invest in technology startups, while X by Unifonic announced its first investment fund to support business software services for startups.

Funding rounds

As part of Saudi Arabia's position as the largest tech and digital economy in the Middle East and North Africa (MENA) region, startups raised more than $53.4 million through funding rounds during LEAP 24.

BRKZ, a Saudi-based international information technology company, raised $8 million in a Series A round.

FanZ, a Saudi AI-enabled sport tech company, announced a pre-seed funding round of $1.5 million.

Lawazem, an online Saudi B2B supplies player, announced a pre-Series A round of $8 million to expand its operations, while RemotePass, a cross-border team onboarding services company, announced a Series A funding round of $5.5 million.

Moyasar, a Saudi payment gateway, announced a Series A funding round to scale operations across the MENA region as it deepens services in the Kingdom with Saudi-based Jahez.

Buildnow, a Saudi fintech company, announced a seed funding round led by RAED Ventures and Khawarizmi Venture Fund.

A liquidity bridge initiative was launched to support startups by providing immediate financial assistance, covering up to 50% of capital investment financing. The SourceTech initiative will grant financial support to incentivize technology outsourcing companies to establish and expand their services across the Kingdom.

NTPD initiatives

Saudi Arabia's National Technology Development Program (NTDP) launched five initiatives to expand the IT sector. These initiatives guide and source funding for pre-seed and early-stage startups. They will support emerging technologies focusing on priority sectors, such as Artificial Intelligence, quantum computing, space technology, biotechnology, smart cities, mobility technology, open radio access networks, and deep tech.

NTDP launched the AIM initiative to stimulate the AI ecosystem and provide access to R&D infrastructure. The AIM initiative aims to elevate local talent, address sector challenges, and create projects with lasting impact over the next five years.

NTDP announced the AdoptTech initiative to bridge the technology gap for startups and small and medium-sized companies in the Kingdom. The initiative will accelerate digital transformation for companies, enhancing a robust technological ecosystem and providing financial assistance and access to technological solutions.



Saudi Arabia to Host Multilateral Industrial Policy Forum

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia to Host Multilateral Industrial Policy Forum

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia, in partnership with the United Nations Industrial Development Organization (UNIDO), will host the Multilateral Industrial Policy Forum (MIPF) in October, underscoring the Kingdom's significant industrial transformation, in line with Vision 2030, and aiming to expand the Saudi industrial base and solidify its position as a leading global industrial center.
Organized by the Ministry of Industry and Mineral Resources in Riyadh, the forum is yet another substantial industrial development initiative the Kingdom relentlessly takes.
By carrying out programs focused on innovation, diversification, and boosting of the industrial sectors, including 12 strategic sectors identified in the National Industrial Strategy, Saudi Arabia seeks to raise competitiveness and support its national economy.
Beyond the National Industrial Strategy, the Kingdom has invested in developing industrial infrastructure, such as industrial cities and special economic zones, and fostered international cooperation to facilitate transfer of knowledge and technology. The forum, in which global experts and decision makers participate, is an ideal platform to exchange expertise and set best practices in industrial policies.
Saudi Arabia aims to develop policies that are in line with international standards, thus increasing the global competitiveness of its industrial sector. By leading initiatives for sustainable industrial practices, promoting international cooperation, exchanging expertise, and adopting environmentally friendly technologies, the Kingdom seeks to enhance the flexibility of its supply chains, in line with the Global Supply Chain Resilience Initiative.
The industrial sector in Saudi Arabia witnessed significant developments in 2023, including announcing major investment opportunities in targeted sectors, issuing a license for the first Saudi-made electric car brand "Ceer", and opening the first electric vehicle manufacturing factory "Lucid". The Kingdom aims to produce over 300,000 cars annually by 2030.
Attracting private sector investments is crucial to achieving the goals of the National Industrial Strategy. The industrial sector focuses on enhancing integration among various sectors and their supply chains, developing infrastructure, encouraging joint investments, promoting local content, and empowering national companies through policies, financing, and training.
In July 2022, the Ministry of Industry and Mineral Resources launched the Future Factories Program, which aims to transform 4,000 factories from labor-intensive models to efficient, automated operations utilizing advanced industrial solutions. This initiative seeks to enhance competitiveness, improve product quality, and increase exports of Saudi non-oil products.
The ministry has also made strides in improving the regulatory and legislative environment for the industrial sector, creating an environment conducive to investments and fair competition.
The ministry's goals for 2024 and 2025 include attracting investments in targeted industrial sectors, reaching a total investment volume of SAR451 billion, adding 1,500 products to the mandatory local content list, increasing the industrial sector's contribution to non-oil GDP to SAR412 billion, and boosting non-oil exports to over SAR300 billion. Moreover, the ministry aims to launch the industrial sector governance initiative to stimulate integration and concerted efforts among relevant stakeholders.
The second edition of the Multilateral Industrial Policy Forum, hosted by Riyadh under the theme "Transforming Challenges into Sustainable Solutions through Industrial Policies", will bring together some 3,000 industry leaders from around the world, including decision makers, CEOs, industry specialists, and people interested in developing industrial policies.