How Saudi Arabia is Developing a Tech Ecosystem

Saudi Arabia’s Public Investment Fund (PIF) is doubling down on innovation by anchoring the $50 million Oryx Fund – a regional-first partnership with London-based Hambro Perks. Through its Jada fund-of-funds platform, the PIF has made its first-ever commitment to a Western-run VC fund focused exclusively on the MENA region. The Oryx Fund will concentrate on early-stage startups in fintech, healthcare technology, and education technology — 3 industries with enormous potential for scalable impact across the Middle East. Why this matters: - This signals growing appetite for tech-forward, scalable businesses that align with Saudi Vision 2030 goals of diversification and digital transformation. - The fund’s other backers include Saudi Venture Capital Investment Company and Riyadh Valley Company (RVC) Co., making this a deeply integrated national effort to catalyze the startup ecosystem. - Backed by data from Preqin, this investment comes at a critical time — VC funds focused on the Middle East and Africa have raised just $11.7 billion since 2016, showing both the gap and the opportunity. The Oryx Fund’s investment thesis centers on leveraging Saudi Arabia’s capital strength to nurture transformative startups that solve regional problems in finance, healthcare, and education. Jada CEO Adel Al Ateeq stated, “This underlines our belief in the strong potential of venture capital in Saudi.” This is more than a financial move — it’s a signal to global investors that Saudi Arabia is becoming an influential player in early-stage innovation, ecosystem-building, and cross-border collaboration. #SaudiVision2030 #PublicInvestmentFund #Startups

With the recent US delegation visit and support, the Kingdom of Saudi Arabia is making a major mark in the AI space.   With around 400 million people Arabic speaking population, the 5th most spoken language in the world, there is a large community to serve and a tremendous opportunity.  Here are some ongoing projects and VCs in this space. Ø Project Transcendence - A landmark $100 billion initiative announced in November 2024 by the Public Investment Fund (PIF) in collaboration with Alphabet Inc. This massive investment aims to develop a robust AI ecosystem in Saudi Arabia, focusing on building state-of-the-art data centers, supporting startups, and expanding AI infrastructure. The initiative includes developing Arabic-language AI models to address accessibility gaps in the region.    Ø HUMAIN - Launched in 2025 by Crown Prince Mohammed bin Salman, this PIF-owned company operates across the entire AI value chain. HUMAIN provides AI services, products, and tools, including next-generation data centers, cloud capabilities, and advanced AI models. The company also offers one of the world's most powerful multimodal Arabic large language models.   Great to see AMD's contribution and business of $10B business in this project. Ø Neom-DataVolt AI Data Center - In February 2025, Neom secured a $5 billion deal with Saudi-based DataVolt to establish a 1.5-gigawatt net-zero AI data center in its Oxagon industrial zone. The facility is expected to be operational by 2028 and will serve as a significant AI infrastructure hub within the Neom megacity.   Ø SDAIA Generative AI Guidelines - In early 2024, the Saudi Data and Artificial Intelligence Authority issued comprehensive guidelines designed for both government entities and the public regarding the responsible use of generative AI technologies.   https://lnkd.in/gXJQ57uC Ø National Semiconductor Hub - Launched recently to develop domestic capabilities in AI and semiconductors, this initiative is part of Saudi Arabia's strategy to strengthen its AI hardware foundations. The hub is complemented    Ø AI Accreditation Certificate Program - Introduced by SDAIA in 2025, this program provides certification for AI service providers at an early stage, ensuring quality, reliability, and responsible use of AI across various sectors in the Kingdom.    Ø Arabic Natural Language Processing Project - This initiative focuses on developing AI models that understand Arabic dialects, with applications in education and healthcare. By emphasizing language and cultural alignment, Saudi Arabia is ensuring its AI technologies resonate with the local population.    Ø LEAP Technology Conference 2025 - This annual tech conference held in Riyadh has become a major platform for AI announcements and partnerships. The 2025 edition featured over $14.9 billion in AI investments, including funding rounds for startups and infrastructure developments.   

1 Month in Riyadh - 5 Observations on Saudi Arabia's Tech Landscape 🚀 I’ve spent the past 4 weeks expanding Xccelerate into the Kingdom of Saudi Arabia (KSA) and immersing myself in the community here. It’s been an eye-opening adventure and I wanted to share five key insights: 1. Vision 2030 Is More Than Just a Slogan Being here, you can truly see the impact of Vision 2030. It’s not just a government initiative; it’s a national movement. The commitment to digital transformation is palpable everywhere, from policy discussions to everyday business. The ambitious construction projects aren’t just about the giga-projects you hear in the media like NEOM; cranes are on every street corner. 2. A Young, Energetic Workforce Saudi Arabia boasts an incredibly young population with ~70% under the age of 35, and they’re hungry for innovation. Spending time with locals, the enthusiasm for AI, cloud computing, Web3, and biotech solutions is infectious. I am amazed at seeing many female leaders in the tech sector and in government, reflecting significant strides in gender equality. 3. Full Stack Support for Startups From programs like MiSK, MISA, NDTP, GAIA and more, there’s no shortage of support for tech startups. These initiatives provide not just funding but also mentorship and a community, making it a fertile ground for budding entrepreneurs. The focus on AI is particularly strong, with specialized incubators and accelerators dedicated to this critical area. 4. Riyadh Is the Heartbeat of Tech The city is alive with AI conferences, cloud computing hackathons, meetups, and tech workshops. The smart city projects and e-governance platforms underway are a testament to the practical applications of these technologies. Moreover, Saudi Arabia is rapidly becoming a hub for gaming and esports, with major tournaments and events putting the country on the global gaming map this summer. 5. Super Friendly People One thing that has stood out to me is how welcoming the people are. The hospitality here is second to none, which makes working here a truly enjoyable experience. I’m looking forward to sharing more updates and insights as we continue our journey here. If you’re in Riyadh and want to connect or grab a coffee, drop me a message! #SaudiTech #Vision2030 #AI #CloudComputing #CyberSecurity #Web3 #Biotech #Gaming #Esports #StartupLife #Innovation #Xccelerate