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Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

The Saudi flag
The Saudi flag
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Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

The Saudi flag
The Saudi flag

The Saudi Ministry of Communications and Information Technology has announced the start of the second phase of the Source Tech initiative, which is part of efforts to boost the Saudi digital economy.
This phase's launch follows the initiative's success in its first stage, which established more than 15 tech centers in six regions across Saudi Arabia.
The initiative aims to maximize cooperation with the private sector to localize application and software development, outsourcing, and communication services within the Kingdom.
The initiative is part of the ministry's ongoing efforts to develop the digital economy, create job opportunities, and enhance technical skills for the youth in various Saudi regions.
In its second phase, the initiative seeks to further expand the number of technology centers, in partnership with the National Technology Development Program (NTDP), further enhancing the Kingdom's position as a global digital hub based on technology and innovation.
Additionally, it aims to strengthen continuous digital transformation efforts and support a wide range of leading technology companies that effectively contribute to achieving strategic goals and supporting digital economic growth.

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Qatar Investment Authority Invests $180 million in TechMet

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
TT
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Qatar Investment Authority Invests $180 million in TechMet

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo

Qatar Investment Authority (QIA) announced on Wednesday an initial $180 million investment in TechMet, a company focused on building businesses across the critical minerals value chain, from extraction and processing to refining and recycling.

This investment aligns with QIA’s ambition to invest in a broad range of areas in the industrial sectors such as critical minerals, which are required to advance the clean energy transition and to help address the growing demand in the global market for sustainable energy solutions, QIA said in a statement.

“We are delighted to partner with TechMet to invest in the responsible sourcing of critical minerals, which are crucial to the global green transition,” said Chief Investment Officer of Americas at QIA Mohammed Al-Sowaidi.

“This investment builds on QIA’s theme of diversified energy transition and critical minerals investments,” he added.

For his part, TechMet Founder, Chairman and CEO, Brian Menell, said: “QIA’s investment further highlights TechMet’s position as a leading global critical minerals investment company.”

In a statement, TechMet said the funds will be used to develop both its existing assets and to continue to build its portfolio with strategic projects that scale production and refining of its target critical minerals, which include lithium, nickel, cobalt and rare earths.

The announcement sees TechMet meet its $300 million fundraising target, adding to a follow-on investment from S2G Ventures, bringing their total commitment to $50 million; and an additional $50 million from the US International Development Finance Corporation (DFC).

Now valued at well over $1 billion, TechMet is one of the largest private investors in critical minerals supply chains.