Regional Government Initiatives for Tech Growth

Exciting news from Egypt! 🇪🇬 The government plans to establish an ICT free zone in the Suez Canal Economic Zone (SCZONE) to solidify Egypt's position as a regional hub for fiber cable manufacturing and handle an impressive 90% of data traffic between Asia, Europe, and Africa. During a meeting with His Excellency Minister Dr. Amr Talaat, I learned about Egypt's ambitious technology goals: 🔒Rank among the top 10 countries in cybersecurity and the top 30 in the Network Readiness Index by 2030. 📲Enhance the IT sector's contribution to GDP, expand mobile towers, and offer comprehensive digital government services. 🚀Double the number of IT trainees and establish cutting-edge digital innovation centers to foster innovation and talent. 🌐💡The government is strategically working towards building a digitally advanced Egypt by enhancing the ICT infrastructure, advocating for digital justice, and harnessing the potential of emerging technologies to drive economic growth and foster innovation.

In October, Biden and Secretary of Commerce Gina Raimondo announced plans to designate 31 communities across the U.S. as Regional Innovation and Technology Hubs (Tech Hubs) through the Department of Commerce Economic Development Administration. These areas are expected to become major innovation hubs, helping to boost the competitiveness of several U.S.-developed technologies. The Tech Hubs programme was created under the CHIPS and Science Act, forming part of the government’s aim to develop the U.S. economy from the middle out and bottom up. The designated areas will focus on the development of innovative new technologies, many of which support the clean energy sector as well as the government target of a green transition. They will be eligible to compete for between $40 million to $75 million each in grants, out of a total of $500 million in federal funding. Some of the principal industries benefitting from these hubs include semiconductors, clean energy, critical minerals, biotechnology, precision medicine, artificial intelligence and quantum computing. The move is expected to encourage greater cooperation between private industry, state and local governments, higher education institutions, labour unions, Tribal communities and non-profit organisations.

Saudi Arabia : Emerging Tech Hub Saudi Arabia is a country in the Middle East known for its growing venture builder ecosystem and the emerging tech startup scene, often referred to as the new Silicon Valley. It has actively pursued a vision of transforming its economy, diversifying from oil dependence, and fostering innovation and entrepreneurship. The Kingdom has implemented various initiatives to support the growth of startups and attract venture builders. One example is the creation of specialized economic zones such as NEOM, a futuristic city that aims to become a global technological hub. These zones offer attractive incentives, infrastructure, and a supportive regulatory framework for entrepreneurs and investors. In addition, the Saudi government has established institutions such as the Public Investment Fund (PIF), which plays a significant role in investing in local and international startups. PIF has made significant investments in various tech companies globally, contributing to Saudi Arabia's reputation as a favorable destination for venture capital. To encourage entrepreneurship, the country has also launched startup accelerators and incubators, providing mentorship, funding, and access to resources for aspiring entrepreneurs. These programs offer a platform for startups to develop their ideas, network, and connect with potential investors. Moreover, Saudi Arabia has been proactive in hosting international events and conferences that focus on entrepreneurship and innovation. The most prominent of these is the Future Investment Initiative (FII), an annual forum that brings together global business leaders, tech entrepreneurs, and startups to engage in discussions and explore investment opportunities. With its ambitious plans and investments, Saudi Arabia aims to foster a thriving startup ecosystem that not only attracts local talent but also encourages international entrepreneurs to launch their businesses within the Kingdom. It seeks to leverage emerging technologies such as artificial intelligence, blockchain, and renewable energy to drive economic growth and innovation. While the new Silicon Valley moniker reflects Saudi Arabia's aspirations to become a leading global tech hub, it's important to note that building such an ecosystem takes time, collaboration, and continuous support from various stakeholders. Nevertheless, the country's commitment to nurturing startups and creating an enabling environment for entrepreneurship sets the stage for exciting developments in the world of emerging technologies. By Salem Bagami #SaudiArabia #emergingtech #ventuerbuilders #newsiliconvalley

A region that spans Syracuse, Rochester and Buffalo has won a U.S. competition to become one of 31 national tech hubs, a designation that could help unleash billions of dollars in new investment in Upstate New York. The three Upstate New York cities will form a national tech hub specializing in semiconductor manufacturing and research, making the region eligible for a share of up to $10 billion in federal aid to stimulate investment in new technologies. Each of the 31 winning hubs will focus on a different technology, including artificial intelligence, quantum computing, clean energy, precision medicine and biotech. The designation comes a year after New York beat out other states to lure Micron Technology to Syracuse’s northern suburbs, where the company plans to invest up to $100 billion over 20 years in a computer chip manufacturing campus. It would be the largest memory chip manufacturing site in the United States.