RIYADH: Registration has opened for a new support program for technology startups in the Kingdom.
The Riyadh Techstars Accelerator, a partnership between the Ministry of Communications and Information Technology and Raed Ventures Investment Fund (RVIF), will run in the Saudi capital for four months.
It will invest in the initial stages of projects and adopt 10 startups, allowing them to expand their business and partnerships, the Saudi Press Agency reported.
Companies involved in the program will also be able to receive funding of SR450,000 ($120,000), in partnership with the RVIF.
It was revealed in a global study this month that Saudi entrepreneurs are among the most optimistic in the world, with the majority believing the Kingdom offered good opportunities to start a business, despite the economic impact of the pandemic.
The Global Entrepreneurship Monitor 2020/2021 report, which surveyed adults aged between 18 and 64, found that 90.5 percent of those polled in Saudi Arabia believed there were good opportunities to start a business in their area, ranking it first among the 43 countries surveyed.
At the same time, 91.5 percent of respondents said it was easy to start a business, again ranking the Kingdom first in the world in this aspect, while 86.4 percent said they believed they possessed the skills and knowledge to launch a business, second only behind Togo. A positive factor for Saudi entrepreneurs was the Kingdom’s performance on access to funding.
Saudi Arabia saw a surge in financing awarded to small and medium-sized enterprises (SMEs) in 2020 by the Kingdom’s banks and financial companies.