Saudi Arabia attracts 25 global startups in research and innovation
Saudi Gazette report
RIYADH — Saudi Arabia has attracted 25 international startups specializing in research, development, and innovation (RDI) as part of its Global Startup Attraction Program, a joint initiative by the Ministry of Investment and the Research, Development, and Innovation Authority.
The companies, drawn from strategic sectors, include firms in future health, energy and industry, education and human capital, and environmental sustainability.
The majority — 13 firms — focus on future health, while six are in sustainability and basic needs, and three each in education and energy.
The program is designed to increase private sector participation in RDI, support talent development, and create high-skilled jobs.
The targeted outcomes by 2030 include generating over SR25 billion in total market value and creating more than 7,000 jobs, with three of the companies expected to reach unicorn status.
The startups represent 12 countries, including the United States, Germany, France, the United Kingdom, Canada, Switzerland, Australia, and the UAE.
Participating firms include Stargate Hydrogen, SecureOneLabs, Aitonomi, NovaLunas, and Deepdrill AG, among others.
This initiative supports broader national efforts to expand the Kingdom's innovation capacity, strengthen private sector R&D, and contribute to economic diversification, according to the authority.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
an hour ago
- Argaam
China's Foton mulls commercial vehicle plant in Saudi Arabia
The Ministry of Investment signed a four-party memorandum of understanding (MoU) with the Industrial Center, China's Foton Motor, and Petromin to explore the establishment of an integrated commercial vehicle manufacturing plant in Saudi Arabia. In a post on its official account on X, the ministry said the agreement aims to enhance the localization of vehicle manufacturing and to enhance local content in the sector.
Saudi Gazette
a day ago
- Saudi Gazette
New SAMA rules limit credit card fees: 3% cash withdrawal, 2% foreign purchases, free e-wallet top-ups
Saudi Gazette report RIYADH — The Saudi Central Bank (SAMA) announced on Thursday updated rules for the issuance and operation of credit cards, aimed at lowering costs for customers and increasing levels of disclosure and transparency. The new regulations will take effect within 30 to 90 days. Among the key updates, credit card issuers must notify customers of any changes in fees via SMS, with customers allowed to terminate their agreement within 14 days of receiving the notice. E-wallet top-ups via credit cards are now free of charge. For cash withdrawals below SR2,500, fees are capped at 3% of the transaction amount. For withdrawals of SR2,500 or more, fees are limited to a maximum of SR75. International purchases will now carry a 2% fee of the transaction value. Customers are also permitted to deposit additional amounts above their credit limit and withdraw them at any time without incurring charges. SAMA worked with global payment companies to assess and reduce associated transaction costs, as part of its mission to enhance Saudi Arabia's digital payment ecosystem and provide a diverse array of payment options for customers and visitors. Transparency measures now require issuers to notify customers immediately of any financial transactions and to send account statements via SMS. Issuers must also provide tools for customers to estimate rewards and international charges before making a purchase. Regarding repayment, customers may pay off their full outstanding balance without incurring late fees, with a mandatory grace period of at least 25 days. The regulations also unify disclosure templates for all fees, charges, and benefits within credit card agreements, promoting greater clarity for consumers. Previously, cash withdrawals carried fees of SR75 for transactions up to SR5,000 and 3% of the transaction amount for amounts over SR5,000, with a maximum fee of SR300. The new cap of SR75 for larger transactions offers more favorable terms. International transactions are now subject to a clear 2% fee, and additional charges include SR25 for invalid transaction disputes and account statement requests.
Saudi Gazette
2 days ago
- Saudi Gazette
Saudi bank credit records annual growth of over SR443 billion by end of April 2025
Saudi Gazette report RIYADH — Bank credit granted to the public and private sectors in Saudi Arabia reached SR3,126,381 million (over SR3.126 trillion) by the end of April 2025, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for April. This marks an annual growth of 16.5 percent and an increase of more than SR443.018 billion compared to the same period in 2024, when bank credit stood at SR2.683 trillion. Quarterly, bank credit continued to rise at all levels, recording a growth of five percent compared to the fourth quarter of 2024, increasing by SR146.411 billion. By the end of the first quarter of 2025, bank credit had grown from over SR2.955 trillion to over SR3.101 trillion. On a monthly basis, bank credit recorded a growth of 0.8 percent, rising by SR24.420 billion, compared to March 2025, when it stood at SR3,101,961 million. Bank credit granted to the public and private sectors was distributed across more than 17 diverse economic activities, serving as a key driver in achieving comprehensive and sustainable economic growth and contributing to the goals of Saudi Vision 2030. According to SAMA data, long-term credit (for over three years) accounted for 49 percent of total bank credit, valued at over SR1.524 trillion. Short-term credit (less than one year) represented 36 percent, amounting to over SR1.135 trillion. Medium-term credit (from one to three years) comprised about 15 percent, totaling SR465.937 billion.
