A significant portion, approximately 14% or around $150 billion, of the $1 trillion investment across six key sectors according to the National Investment Strategy is earmarked for ICT/Digital transformation objectives. Here’s a breakdown of the opportunities:
1) Data and AI Industry: With a $20 billion investment goal, this sector plans to empower over 20,000 experts and catalyze the creation of 300+ startups.
2) Gaming Industry: A substantial $38 billion budget is allocated to this industry, not only for large M&A deals but also to support early-stage games and e-sport ventures.
3) Data Centers Initiatives: An $18 billion budget will finance the establishment of a network of large-scale data centers, boosting cloud solutions and data analytics initiatives.
4) Telecom Sector: $37 billion in investments will enhance networking capabilities (5G rollout, FTTH, submarine cables), cybersecurity, enterprise solutions, and IoT, allowing digital solutions to penetrate even distant areas.
5) Venture Funds: Two significant funds, Prosperity7 and NEOM’s Tech and Digital Company Fund, with a combined value of $8 billion, are set to support entrepreneurs in developing future technologies.
Exciting opportunities for tech startups eyeing to penetrate the Saudi market and the GCC region and establish a robust digital presence!
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