Saudi entities have announced billions more in funding and a programme that aim to scale start-ups as it seeks to create a competitive technology ecosystem.
Nine funds worth a combined $2.4 billion will support the growth of start-ups in the Arab world's biggest economy, Emon Shakoor, founder and chief executive of Blossom Accelerator, said at the Leap technology exhibition in Riyadh on Tuesday.
Banque Saudi Fransi and Riyad Bank, two of the kingdom's biggest lenders, have pledged $1 billion each to support the information and communications technology sector.
Riyadh-based investment firm Merak Capital is also providing $53 million for ICT.
Saudi Arabia's Impact46 is contributing $133 million to fund Mena start-ups in the early to initial public offering stages, while Bim Ventures will provide $100 million for financially sustainable start-ups from creation to growth.
Shorooq Partners, the Abu Dhabi-based investment company, has pledged $100 million for a venture debt fund, $15 million of which will be dedicated to Saudi Arabia's first gaming accelerator fund.
Saudi Investment Bank pledged $40 million to fund financial technology while Planetary Capital pledged $30 million for downstream space software technology and Rakeezah Ventures $25 million for an accelerator-backed venture capital programme.
In addition, Blossom Accelerator unveiled the Saudi Unicorns Programme, which will help regional start-ups achieve billion-dollar market values.
“We are going to take the most high-tech and best-performing start-ups [to] $1 billion valuation,” said Ms Shakoor, who introduced the 34 start-ups included in the initiative.
Saudi Arabia has introduced several projects to promote the use of technology as it prepares for the future economy.
The kingdom is also diversifying its economy away from oil as part of its Vision 2030 strategy, with technology one of the key pillars of the plan.
Venture capital funding for start-ups in Saudi Arabia grew by 72 per cent annually to $987 million, from 144 deals in 2022, data platform Magnitt reported last month.
Riyadh is encouraging entrepreneurship and seeking investment domestically and from overseas to develop the technology sector.
The growth in Saudi Arabia's technology scene is “very important” in setting the tone for Vision 2030, Yahya Anouti, partner and environmental, social and governance leader at Strategy& Middle East, told The National at Leap on Tuesday.
“The [investment and funding] numbers explain the emphasis on the ecosystem, but you also have to look at the reforms that are happening to enable this ecosystem,” he said, referring to the dedicated entities and programmes Riyadh has put in place to grow the technology sector.
Also on Tuesday, Saudi technology venture capital fund STV announced that it had received an additional $150 million in funding as it aims to contribute to making the kingdom a global leader in technology.
The fund is meant to support start-ups expand globally and help them to achieve unicorn status, Abdulrahman Tarabzouni, founder and chief executive of STV, said at Leap.
“We think the Middle East, fuelled by Saudi Arabia, is set to move from linear growth to exponential growth,” the former Google executive said.
STV, which was founded in 2018, is the biggest independent venture capital fund, starting out with a $500 million investment from Saudi Telecom Company, the kingdom's biggest mobile operator.
So far, it has raised $1.5 billion in capital, attracted $600 million in foreign direct investment, contributed to the creation of about 10,000 jobs and helped to create two “unicorns”, said Mr Tarabzouni.
“We’re just getting started and we hope to play our role in making Saudi Arabia the tech platform of the Middle East.”
Meanwhile, the National Technology Development Programme (NTDP), which contributes to developing the technology ecosystem in Saudi Arabia, announced six new services with $430 million to fund start-ups.
The [investment and funding] numbers explain the emphasis on the ecosystem, but you also have to look at the reforms that are happening to enable this ecosystem
Yahya Anouti,
partner and ESG leader at Strategy& Middle East
Its $150 million Venture Debt service provides venture financing while the $81 million Relocate service offers incentives to start-ups to convince them to relocate to the kingdom.
Tech Crew, with $78 million in funding, supports the recruitment of technology employees by offering salary subsidies while Boost, with $46 million, aims to encourage citizens and residents to pursue entrepreneurship.
The $42 million Connect service will help to reduce the gap between large companies and local small and medium enterprises, while also helping SMEs to secure contracts from the public and private sectors.
The $26 million Bridge service will assist local start-ups in expanding globally.
“We want to share the future of the digital economy to make Saudi Arabia a global launch pad for start-ups and a technology hub,” NTDP chief executive Ibrahim Neyaz said at Leap.
Tuesday's funding news follows the more than $9 billion in investment announced in Saudi Arabia's technology sector on the opening day of Leap, including plans to set up cloud and data centres from global companies Microsoft, Oracle, Huawei and Zoom.
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Company%C2%A0profile
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The%20specs%20
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England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
Spider-Man: No Way Home
Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
Mumbai Indians 213/6 (20 ov)
Royal Challengers Bangalore 167/8 (20 ov)
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
SOUTH%20KOREA%20SQUAD
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Andor
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SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
2 Scotland 8 4 3 0 1 9 0.139
3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
DUBAI WORLD CUP RACE CARD
6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
7.05pm Handicap $135,000 (T) 1,400m
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
9.25pm Handicap $135,000 (T) 1,800m
10pm Handicap $135,000 (T) 1,400m
The National selections
6.30pm Well Of Wisdom
7.05pm Summrghand
7.40pm Laser Show
8.15pm Angel Alexander
8.50pm Benbatl
9.25pm Art Du Val
10pm: Beyond Reason
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
