KSA Launches $1.2B Tech Initiatives to Fuel Creation of More Startups

Saudi Arabia's Ministry of Communications and Information Technology (MCIT) has unveiled $1.2 billion in tech initiatives, which looks to upgrade digital skills amongst young Saudi students and workers as part of its Vision 2030, with the ultimate goal of creating more startups and boosting its global standing in fields such as artificial intelligence.

The reveals were made during 'Launch', an event hosted by many of Saudi Arabia's tech pioneers including MCIT, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and the Saudi and Artificial Intelligence Authority (SDAIA). Multinational corporations like Amazon, Cisco, IBM and Microsoft gathered at the event to publicise their partnerships with the Kingdom, while the MCIT shared the details on several of their initiatives, including a SAR 2.5 billion National Technology Development Programme to strengthen financial security among tech companies.

During 'Launch', Saudi Arabia also witnessed the establishment of the Saudi Chinese eWTP Arabia Capital fund with $400 million capital, and the Tuwaiq Bootcamp, a development programme where students can find employment in one of four fields: artificial intelligence, cybersecurity, electronic gaming, and programming. The Apple Developer Academy was also established during 'Launch', with a focus on empowering female programmers and developers.