Riyadh, March 05, 2024, Saudi Arabia has reinforced its standing as a regional tech and investment hub with significant announcements during LEAP 24, including $888 million in investment funds and funding rounds supporting innovation and tech entrepreneurship. Some notable initiatives include:
1. Investcorp's $500 Million Growth-Stage Fund: Investcorp launched a growth-stage fund with a capital infusion of $500 million.
2. Oasis Capital's "Fund II": Oasis Capital introduced "Fund II" with a capital pool of $100 million.
3. Gaming and Esports Investment Fund: The National Development Fund and the Social Development Bank established a $40 million Gaming and Esports Investment Fund, managed by Impact46.
4. Merak Capital's Game Accelerator Fund: Merak Capital initiated an $80 million fund dedicated to supporting game accelerators in Saudi Arabia.
5. Takamol Holdings' $50 Million Investment Arm: Takamol Holdings launched a $50 million investment arm specifically focused on funding early-stage tech companies.
6. Plug and Play's First Fund: Plug and Play, a global innovation platform, unveiled its first fund to invest in technology startups.
7. X by Unifonic's Investment Fund: X by Unifonic announced its first investment fund to support business software services for startups.
Additionally, startups in Saudi Arabia raised more than $53.4 million through funding rounds during LEAP 24. Key funding rounds included BRKZ, FanZ, Lawazem, RemotePass, Moyasar, and Buildnow.
Saudi Arabia's National Technology Development Program (NTDP) also launched five initiatives to expand the IT sector. These initiatives focus on supporting emerging technologies in priority sectors like AI, quantum computing, space technology, biotechnology, smart cities, mobility technology, open radio access networks, and deep tech. Notable initiatives include the AIM initiative to stimulate the AI ecosystem and the AdoptTech initiative to bridge the technology gap for startups and small to medium-sized companies, promoting digital transformation and access to technological solutions. The SourceTech initiative was also introduced to provide financial support to technology outsourcing companies.
These initiatives underscore Saudi Arabia's commitment to fostering innovation, supporting the growth of the tech sector, and contributing to the broader digital transformation of the economy.
