Riyadh- Exclusive Sharikat Mubasher: Saudi Arabia’s National Technology Development Program (NTDP) allocated SAR 2.5 billion to foster the information technology sector by launching various initiatives, Khalid AlMutawa, General Manager of Entrepreneurship at NTDP, said in an interview with Sharikat Mubasher on the sidelines of the Private Sector Forum 2024.
He stated that NTDP’s Tech Crew Initiative supports tech micro, small, and medium-sized enterprises (MSMEs) by covering 50% of employees' basic salary for 18 months.
Speaking about the Relocate Initiative, AlMutawa noted that it targets attracting global tech startups that have completed at least a Series A funding round as well as multinational companies to the Kingdom.
He added that over 40 global companies plan to open regional or global headquarters in the Kingdom.
The official noted that the initiative’s budget is estimated at SAR 5 million to help the targeted companies through a relocation grant and a local talent wage subsidy.
Regarding the Bridge Initiative, AlMutawa clarified that it supported 15 Saudi companies with SAR 5 million to enable them to start their expansions beyond the Kingdom in 2024.
The Bridge Initiative targets supporting high-growth tech startups or companies to grow their business globally, by providing multiple financial subsidies.
It is worth noting that the Public Investment Fund (PIF) organized the Private Sector Forum 2024 from 6 to 7 February with the participation of more than 80 PIF portfolio companies and over 20 public sector leaders.
