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New $213 Million Venture Capital Fund Launches in Saudi Arabia

The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
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New $213 Million Venture Capital Fund Launches in Saudi Arabia

The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)

The full scale of Saudi Arabia’s potential as a global hub for financial technology came to the fore on day two of the first-ever 24 Fintech in Riyadh with the announcement of a SAR800 million (US$213 million) venture capital fund to build and launch fintech companies and innovative financial solutions in the Kingdom.
24 Fintech is an annual summit and exhibition hosted by the Financial Sector Development Program, Saudi Central Bank, the Capital Market Authority, and Insurance Authority, and co-organized by Fintech Saudi and Tahaluf.
It is set to become the flagship event for the Kingdom, cementing its status as a global fintech hub and shaping the future of the financial ecosystem.
At a panel discussion on the growth plan for Saudi Arabia’s fintech sector, Faisal Sharif, General Director of the Financial Sector Development Program, noted that Saudi Arabia is a major regional economy.
He outlined the Kingdom’s efforts to improve its financial system and boost both local and international investment in the sector.
Sharif revealed that key initiatives are in place to reach 525 tech companies by 2030. He noted that digital transactions, which previously accounted for 18%, surged to 70% last year, attributing this success to regulatory advancements.
Yazeed Al-Nafjan, deputy governor for Financial Innovation at the Saudi Central Bank, also known as SAMA, highlighted that the significant push toward fintech modernization in Saudi Arabia has been driven by strategic investments in financial infrastructure over the past decade.
These investments have enabled the Kingdom to adopt a more progressive stance on emerging financial technologies to enhance sector efficiency and modernization.
“We have invested in building a financial infrastructure that allows us to be more progressive and proactive,” said Al-Nafjan.
The official also revealed that more digital banks are expected to launch soon.
His comments emphasized the importance of partnering with innovators to harness the opportunities presented by fintech technologies, which are crucial in improving sectoral efficiency.

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Trump Vows New Tariffs on Mexico, Canada and China

FILE PHOTO: US President-elect Donald Trump attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, US, November 19, 2024. Brandon Bell/Pool via REUTERS/File Photo
FILE PHOTO: US President-elect Donald Trump attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, US, November 19, 2024. Brandon Bell/Pool via REUTERS/File Photo
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Trump Vows New Tariffs on Mexico, Canada and China

FILE PHOTO: US President-elect Donald Trump attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, US, November 19, 2024. Brandon Bell/Pool via REUTERS/File Photo
FILE PHOTO: US President-elect Donald Trump attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, US, November 19, 2024. Brandon Bell/Pool via REUTERS/File Photo

US President-elect Donald Trump vowed on Monday to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his effort to crack down on illegal immigration and drugs.

He said he would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders.

In a series of posts to his Truth Social account, Trump vowed to hit some of the United States' largest trading partners with duties on all goods entering the country.

“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% tariff on ALL products coming into the United States,” he wrote, according to AFP.

He said the new tariffs would remain in place “until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!”

The President ignored the US, Mexico and Canada three-decade-old free trade agreement, now called the USMCA.

In another post, Trump said he would also be slapping China with a 10% tariff, “above any additional Tariffs,” in response to what he said was its failure to tackle fentanyl smuggling.

“No one will win a trade war,” Liu Pengyu, a spokesman for China's embassy in the United States, told AFP by email, defending Beijing's efforts to curb fentanyl smuggling.

“China believes that China-US economic and trade cooperation is mutually beneficial in nature,” Liu added.

Canada said it was “essential” to US energy supplies, and insisted the relationship benefits American workers.

“We will of course continue to discuss these issues with the incoming administration,” said the statement from Deputy Prime Minister Chrystia Freeland.

Tariffs are a key part of Trump's economic agenda, with the Republican vowing wide-ranging duties on allies and adversaries alike while he was on the campaign trail.

Many economists have warned that tariffs would hurt growth and push up inflation, since they are primarily paid by importers bringing the goods into the US, who often pass those costs on to consumers.

But those in Trump's inner circle have insisted that the tariffs are a useful bargaining chip for the US to push its trading partners to agree to more favorable terms, and to bring back manufacturing jobs from overseas.