Saudi NTDP-backed Start-ups Secure Deals Worth $750 Million
These investments represented more than 50% of the total investment in the kingdom last year.
Start-ups backed by the National Technology Development Programme (NTDP) closed over 49 investments totaling $750 million in 2023.[1]
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Ibrahim Neyaz, CEO of NTDP, revealed this figure during the second day of theLeap 2024 technology conference in Riyadh, highlighting that these investments represented more than 50% of the total investment in the kingdom last year.
Moreover, the program backed start-ups in securing an additional $700 million in debt financing from commercial banks and financial institutions, further fueling growth in the tech sector.
Building on this momentum, NTDP unveiled new initiatives aimed at bolstering artificial intelligence, quantum computing, and smart cities development. Additionally, efforts to enhance women's participation in the ICT sector are underway, with plans to allocate $266 million to train 1,000 AI and machine-learning engineers and develop AI features and models over the next five years.
Furthermore, Saudi Arabia announced the launch of seven funds amounting to $838 million to support start-ups across various stages of development, including gaming and e-sports, underscoring its commitment to fostering innovation and entrepreneurship.