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

Updated 01 November 2017
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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.”


Cabinet welcomes joint Saudi-Turkish Khashoggi probe

Updated 10 min 54 sec ago
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Cabinet welcomes joint Saudi-Turkish Khashoggi probe

JEDDAH: Saudi Arabia’s Cabinet on Tuesday welcomed Turkey’s acceptance of the Kingdom’s request to form a joint team of specialists from both countries to investigate the circumstances behind the disappearance of Saudi citizen Jamal Khashoggi in Istanbul.
At a session chaired by King Salman at Al-Yamamah Palace in Riyadh, the Cabinet thanked all countries, organizations, parliaments, authorities and people who prefer the search for truth rather than jumping to conclusions, spreading rumors and making accusations.
“The Kingdom’s commitment to the UN Charter and the principles of international legitimacy are the cornerstones of its foreign policy,” the Cabinet said.
The ministers reiterated the Kingdom’s support for the elimination of nuclear weapons worldwide, particularly in the Middle East.
The Cabinet also condemned attacks targeting election rallies in the Afghan provinces of Takhar and Lashkargah, a school in the Kenyan city of Mandera, and a restaurant and hotel in the Somali town of Baidoa.
It expressed its condolences to the families of the victims, and to the governments of Kenya, Somalia and Afghanistan.
The Cabinet wished the injured a speedy recovery, and reiterated the Kingdom’s firm stand against terrorism in all its forms.