Saudi Arabia establishes $200m fund to support local, foreign high-tech startups

Saudi Arabia establishes $200m fund to support local, foreign high-tech startups

Saudi Arabia has announced the launch of a US$200 million fund for early-stage investments in local and global high-tech companies, and this is part of the Saudi strategy of creating diversified economic resources, according to media reports. 

The fund is part of the King Abdullah University of Science and Technology (KAUST) plan that aligns with Saudi Arabia’s 2030 vision, according to Saudi Press Agency.

The main goal is to transform current research in the areas of health, sustainable environment and essential needs, energy and industrial leadership, and economies of the future, to innovative solutions. 

Besides the creation of the fund, the action plan will also involve the launch of the National Transformation Institute for Applied Research (NTI) to boost technology development and commercialization. 

The strategy also aims to provide more opportunities for researchers, faculty staff, and students, supporting them to apply science and research to create a sustainable global impact by bridging the gap between international and local partnerships. 

So far, KAUST Reefscape Restoration Initiative has partnered with NEOM, which will focus on cultivating and restoring hundreds of thousands of coral reefs on an area of 100 hectares, on Shushah Island in the Red Sea. KAUST will continue cooperating with some of the largest companies in the Kingdom and the world, such as Aramco, SABIC, ACWA Power, IBM, Dow, and Boeing.

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