Entrepreneurship is also flourishing in Saudi Arabia, with venture capital investment in 2021 exceeded the total for 2019 and 2020 combined. And, at LEAP22, investments of over $6.4 billion are announced in several new initiatives focusing future technologies and entrepreneurship.
Aramco Ventures, the venture capital arm of Saudi Aramco, announced the formal launch of its US$1 billion diversified growth fund, Prosperity7. The fund backs exceptional entrepreneurs to build transformative companies and solve some of the world’s toughest problems. Prosperity7 provides its portfolio companies with the funding and connections they need to scale and enter new markets to attain global reach.
NEOM Tech & Digital Company announced the launch of the world’s first cognitive metaverse, XVRS that will serve residents and visitors of the smart giga-project, and M3LD, a personal data management platform that gives back control of data to the user.
stc announced MENA HUB, a US$1 billion investment in regional connectivity and infrastructure, which will support Saudi Arabia’s rapidly expanding digital and cloud sector.
King Abdulaziz City for Science and Technology (KACST) announced the launch of The Garage, a new platform for startups and entrepreneurship. The Garage will create a full-service environment for local and international startups, to help them grow to become the leading technology companies of the future.
J&T Express Group, one of the world’s fastest-growing logistics companies, announced an investment of US$2 billion with eWTP Arabia Capital and other partners. The investment will see J&T establish its MENA headquarters in Riyadh, and set up an extensive network of smart logistics and distribution facilities that will extend Saudi Arabia’s reach as the regional center for advanced logistics.
The Digital Cooperation Organization (DCO), a multinational organization established to enable digital prosperity for all, also announced the launch of the DCO Start-up Passport to make it quicker, easier and less expensive for start-ups to do business across borders, opening up potentially lucrative markets with a combined population of more than half a billion people.
The Start-up Passport will reduce administrative and financial burdens as well as expedite the entry and support in the markets of eight DCO countries. The initiative will be rolled out initially in Saudi Arabia and Nigeria.
During LEAP 22, the DCO also endorsed Elevate50, an initiative launched to support 50,000 small to medium-sized enterprises over the next three years to sell their products online. Supported by the Jordanian ecommerce platform MakanE, Elevate50 is projected to generate 5,000 jobs and specifically target businesses run by women and young people.
“These investments and initiatives are a manifestation of the Kingdom’s push toward the growth of the digital economy for the greater good of people, the planet and the prosperity of the MENA region. They mark the next level of growth for the digital economy in Saudi Arabia, the MENA region’s largest technology and digital market,” said H.E. Eng. Abdullah Alswaha, Saudi Minister of Communications and Information Technology.
