RIYADH: According to a recent estimate, up to 50% of deep tech businesses established in Saudi Arabia are focused on AI and IoT projects. According to a report released by the Ministry of Communications and Information Technology, King Abdullah University of Science and Technology, and the consulting firm Hello Tomorrow, there are more than 43 high-growth startups in the Kingdom that are spearheading innovation and have raised a total of more than $987 million in funding.
This is in line with the National Strategy for Data and AI’s objectives, which include placing Saudi Arabia in the top 20 nations for peer-reviewed Data and AI publications by 2030 and in the top 10 countries for the open data index. Additionally, it satisfies the strategy’s goal of obtaining SR45 billion in local investment and SR30 billion ($7.9 billion) in total foreign direct investment in data and AI in the Kingdom by 2030. According to the research, “the ecosystem is already drawing mature international companies, but the deep tech startups that have originated in Saudi Arabia are still in their infancy.”
The research also revealed that in 2023, there were 104 active startup investors registered in the Kingdom, which represents a 41% increase from 2018. According to the reports, “the government is committed to nurturing tech startups and scaleups, so this expansion is highly dependent on public funds.” It further stated that Saudi Arabia has strengthened its commitment to promoting research and development by increasing the number of researchers by 75% since 2015.
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