Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) continues to push for digital advancement through partnerships with global tech companies. The aim is to accelerate the Kingdom’s adoption of digital technologies and to break into emerging markets.
The MCIT announced a partnership agreement with the Global TechStars Accelerator, which specializes in technical advancement, in partnership with Raed Ventures Investment Fund, a capital fund that focuses on investing in the initial stages of projects to enhance the success of emerging companies in the Kingdom.
The three entities will launch an integrated backup program for entrepreneurs under the supervision of a group of mentors and international experts. The program includes a series of workshops and training courses where experts will work with entrepreneurs to discover elements of success and how to strengthen them in their projects.
Projects involved in the programs will also receive SR450,000 ($120,000) in funding, provided that the project meets some conditions for success.
Dr Ahmed Al-Thunayan, Deputy Minister for future jobs and digital entrepreneurship at the MCIT, mentioned on the ministry’s official portal that the ministry’s keenness to support and stimulate emerging companies. He said that emerging companies are the engine of the fourth industrial revolution and the real investment in the journey to realizing all-out digital transformation. Al-Thunayan also added that the capabilities and expertise that this accelerator possesses made the MCIT support the new partnership.
Co-founder of Raed Ventures, Talal Al-Asmari said that empowering entrepreneurs is the way to create a growing economy that contributes to the realization of Vision 2030, adding that the program will stimulate the creation of new local entrepreneurs over the next few years.