The Ministry of Communications and Information Technology (MCIT), in partnership with King Abdullah University of Science and Technology (KAUST) and in collaboration with "Hello Tomorrow," has launched the Deep Tech Report, highlighting the current state and future prospects of the deep tech ecosystem in Saudi Arabia and key initiatives supporting the goals of Saudi Vision 2030.
The report aims to shed light on the opportunities and potential in this vital sector, recognized as a cornerstone for advancing the digital economy and sustainable development, reported the Saudi Press Agency on Monday.
It focuses on five primary pillars of Saudi Arabia’s deep tech ecosystem: deep tech ecosystem, investment, infrastructure and ecosystem enablers, talent, and policies, regulations, and government incentives. It also emphasizes the role of research, development, and innovation in positioning Saudi Arabia as a global hub for advanced technologies.
The report reveals significant growth in the deep tech sector, with 50% of startups focusing on artificial intelligence (AI) and the Internet of Things (IoT). There are more than 43 high-growth startups driving innovation in the Kingdom, collectively securing over $987 million in funding in 2022, supported by 104 investors. Additionally, the number of researchers in Saudi Arabia has risen by 75% since 2015, reflecting the nation’s commitment to advancing research and development.
Vice Minister for Technology Mohammed Robayan stated that the report represents an important step in strengthening Saudi Arabia’s position as a global destination for advanced technologies. By prioritizing innovation and investing in talent and infrastructure, the Kingdom aims to build an integrated ecosystem that supports digital transformation and sustainable development.
He encouraged stakeholders in the public and private sectors, particularly academic institutions and investors, to leverage the report’s insights to create a roadmap that fosters innovation and contributes to achieving the goals of Saudi Vision 2030.
