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Saudi Arabia readies $6.4 billion for future tech development

Speaking at the LEAP 2022 forum in Riyadh, Al-Swaha revealed the contribution of private companies who have invested in the sector.

Saudi Aramco has invested $1 billion in developing start-ups, through entrepreneurship support fund Prosperity7 Ventures.

NEOM Tech & Digital Holding Company contributed $1billion in future technologies and the launch of M3LD and XVRS products.

Ignite has pumped $1 billion in quality funds and initiatives to support and stimulate digital content.

STC has invested $1 billion in Mena Hub, which seeks investments in the digital infrastructure to consolidate Saudi Arabia's position as a hub for connectivity, communication and cloud computing.

J&T Express, and eWTP Arabia Capital have contributed $2 billion in the smart logistics sector in the region.

In addition there was also more than $300 million of investments in digital entrepreneurship, venture capital and startup funds.

The minister encouraged and praised the Kingdom’s start-up ‘unicorns’ firms, which have gone on to achieve a market value of at least $1 billion.

He said that of the six unicorns’ companies in the past two years, two are from Saudi Arabia: stc pay and Jahez.