Money & BusinessSaudi Arabia
Saudi to invest over $6bn into future tech
Saudi Arabia has invested $6.4 billion in future technologies, it was announced in the recent LEAP forum.
Here are some of the investments already made in the sector:
- Saudi Aramco – $1 billion invested in developing start-ups, through entrepreneurship support fund Prosperity7 Ventures.
- NEOM Tech & Digital Holding Company – $1billion in future technologies and the launch of M3LD and XVRS products
- Ignite – $1 billion in quality funds and initiatives to support and stimulate digital content.
- stc – $1 billion in Mena Hub, which seeks investments in the digital infrastructure to consolidate Saudi Arabia’s position as a hub for connectivity, communication and cloud computing.
- J&T Express, and eWTP Arabia Capital – $2 billion in the smart logistics sector in the region.
- There was also more than $300 million of investments in digital entrepreneurship, venture capital and startup funds