King Abdul Aziz City for Science and Technology allocates SR500m for startup tech companies

Updated 01 November 2017

King Abdul Aziz City for Science and Technology allocates SR500m for startup tech companies

RIYADH: Technology companies throughout the Kingdom will get startup funds up to SR500 million ($133.3 million) from the King Abdul Aziz City for Science and Technology (KACST) during the first quarter of next year.
The initiative, launched by the Badir Program for Technology Incubators, one of KACST’s leading programs, aims to trigger the growth of Saudi startups for a positive impact on the national economy, increase productivity and create more job opportunities for Saudi youths.
According to a statement from Badir to Arab News, funding will be concentrated on the acceleration phase of these companies in exchange for a share in their capital.
The Badir accelerator also offers a wide range of advisory services such as training, follow-up and workshops, accompanied by continuous guidance, in order to develop the entrepreneurial innovations and translate them into existing projects within 90 working days.
According to a report in Magnet, specialized in linking startup entrepreneurs with strategic investors in the Gulf region and the Middle East, the volume of financing deals for startup technology companies announced in Saudi Arabia during the first nine months of this year increased by about 10 percent compared to the same period last year.
Among the startup Saudi companies incubated by the Badir program during the past three months, company graduates Foodics Company recorded $4 million in investments, Matic $3 million, and Smart Control $1.6 million, led by Saudi finance companies and supported by Gulf and regional investment groups.
In an earlier statement, Nawaf Al-Sahhaf, the CEO of the Badir program, said: “There is a need for active investments in the early stages of the life of startup companies; thus Badir accelerator is especially aiming at investing in startup technology companies, financing them in the early stages of incorporation, and supporting them with advisory services and required innovative thoughts, as well as close and direct cooperation with them through their incubation after the stage of acceleration to enhance the value of these companies.”


First pilgrims leave under Eyab initiative

Updated 18 August 2019

First pilgrims leave under Eyab initiative

  • Al-Amoudi toured the exhibition dedicated to welcome Eyab’s beneficiaries

Saudi Minister of Transport and Chairman of the General Authority of Civil Aviation (GACA), Dr. Nabeel Al-Amoudi, oversaw the departure of the first 

group of pilgrims under the Eyab initiative on Saturday together with GACA President Abdulhadi bin Ahmed Al-Mansouri.

Eyab seeks to improve services provided to pilgrims, with the authority aiming to enrich pilgrims’ experience at the Kingdom’s airports. It is expected to benefit 30,000 pilgrims during this year’s Hajj season.

Al-Amoudi toured the exhibition dedicated to welcome Eyab’s beneficiaries, inspected the services available and received a briefing from the initiative’s officials.

GACA started an experimental implementation of Eyab this year, aimed at pilgrims returning to Indonesia, India and Malaysia through Jeddah’s King Abdul Aziz International Airport and Madinah’s Prince Mohammed bin Abdul Aziz Airport.