• The Life Ventures Capital Fund, launched at Beban 24, targets USD 50 million to support life sciences startups.  
• Beban 24 forum generated agreements and launches worth over USD 9.3 billion, attracting 182,000 visitors.  
• Saudi government’s Vision 2030 strategy continues to promote private sector growth with funds and initiatives for startups.  

Launch of Life Ventures Capital

The Life Ventures Capital Fund has officially launched in Saudi Arabia with a target capital of USD 50 million during the Beban 24 event.  The fund aims to support startups and leading projects in the life sciences sector.

The launch of the Life Ventures Capital Fund at the Beban 24 forum marks a significant milestone in Saudi Arabia’s growing commitment to nurturing its startup ecosystem, particularly in the life sciences sector. 

Beban 24 Forum Highlights  

The Beban 24 forum wrapped up with agreements and launches exceeding SAR 35 billion. Held from November 5 to 9, the event attracted over 182,000 visitors.

Global Startup Participation  

Furthermore, Beban 24 hosted over 1,350 startups from 72 countries. More than 115 entrepreneurs presented their projects to investors, resulting in 65 initial approvals for deals valued at over USD 3.9 million. The World Cup in Entrepreneurship finals also featured a grand prize of one million dollars, awarded to the Saudi startup Mismar Company.

Saudi Government’s Strategic for Startup Growth

This initiative is part of a broader national strategy to boost the private sector and diversify the Saudi economy under the Vision 2030 reforms. 

Additionally, the Saudi government has been actively fostering a favorable investment climate for startups, with various funds and initiatives aimed at sectors like technology, health, and renewable energy.

Saudi Arabia has also set an ambitious goal to generate at least 50% of its power from renewable energy by 2030, with a target capacity of 130 gigawatts (GW).

Of this, 58.7 GW will be sourced from solar energy and 40 GW from wind power. This goal is the most ambitious among the Gulf Cooperation Council (GCC) countries.