Saudi Arabia’s Ministry of Communications and Information Technology Launches Technology Champions Program to Boost Saudi Tech Companies

To elevate the global presence of Saudi Arabia’s tech industry, the Kingdom’s Ministry of Communications and Information Technology, in collaboration with partners in the National Program for Information Technology Development, unveiled the Technology Champions program on the sidelines of the TechXpand Forum in December 2023.

 This initiative aims to empower Saudi Arabian technology companies, enabling them to thrive on the international stage. With Technology Champions, the Ministry thus outlined its commitment to supporting local tech firms in a variety of strategic technology sectors.

 With a support package of US$53.3 million for the first phase, the program offers a suite of services to assist with global expansion, investment in company projects, mergers and acquisitions, institutional maturity, research and development, and talent development. The Technology Champions program will target local tech companies across 28 specialized fields, with revenues expected to surpass $26.6 million by 2025.

 Designed to elevate medium to large-sized local tech enterprises, the program targets a diverse range of digitally enabled sectors including fintech, logistics tech, social media, entertainment, e-gaming, media, and edtech, among others. It also focuses on key technology domains such as artificial intelligence, big data, cloud computing, cybersecurity, and more.

 The impact of this initiative on Saudi Arabia’s economy will be significant, contributing to gross domestic product growth, job creation in the tech sector, and the export of technology products and services. The program’s offerings also include international expansion, corporate ventures, mergers and acquisitions, enterprise maturity, research and development, and talent development.