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.”


Saudi Arabia appoints new FM, transport minister

Updated 38 min 35 sec ago

Saudi Arabia appoints new FM, transport minister

  • Saudi Arabia appointed Prince Faisal bin Farhan Al-Faisal foreign minister
  • Saleh bin Nasser Al-Jasser was appointed transport minister

RIYADH: Saudi Arabia appointed Prince Faisal bin Farhan Al-Faisal foreign minister and Saleh bin Nasser Al-Jasser transport minister, according to royal decrees published by Saudi Press Agency on Wednesday.

Amongst the other decrees, Saleh Mohammed Al-Othaim was appointed deputy head of the Saudi Data and Artificial Intelligence Authority, whilst Abdullah bin Sharaf Al-Ghamdi was appointed head of the Saudi Data and Artificial Intelligence Authority.

Tariq Abdullah Al-Sheddi was appointed head of the National Data Management Office, and Essam Abdullah Al-Waqit was appointed director of the National Information Center. 

Ibrahim Al-Assaf was relieved of his post as Saudi minister of foreign affairs, and Nabil bin Mohammed Al-Amoudi was relieved of his position as minister of transport.