The Saudi Ministry of Communications and Information Technology announced today, Wednesday, the signing of a partnership contract with the global Techsters accelerator specialized in technical acceleration, in partnership with Raed Ventures Investment Fund, which is a bold capital fund that focuses on investing in the initial stages of projects from beginnings to rapid growth. With the aim of enhancing the success of startups in the Kingdom, they also aim through it to support the commercial growth of Saudi startups, accelerate their adoption of digital technologies, and expand into different markets.

The three entities will invest their vast experience and huge potential in stimulating, accelerating and maximizing the effectiveness of the performance of emerging companies in the Saudi society, through an integrated support program for entrepreneurs, under the supervision of a group of mentors and international experts, and includes a series of workshops and training courses under which the experts of the program will work alongside Along with entrepreneurs, to discover the strengths and elements of success in their projects, and to work to develop and strengthen them, and to overcome the difficulties and obstacles they may face during the project launch phase.

It is decided that this accelerator will adopt ten start-up companies in its first program, allowing them to expand their various businesses and partnerships. The projects involved in the programs will also receive funding of 450,000 riyals ($ 120,000), provided that the project meets the conditions for obtaining the financing, which will It is clarified within the programs.

Regarding this partnership, the Undersecretary of the Ministry of Communications and Information Technology for Future Jobs and Digital Entrepreneurship, Dr.Ahmed Al-Thunayan affirmed the Ministry's keenness to support and stimulate emerging companies derived from the Kingdom's Vision 2030, as the Ministry believes in the importance of digital entrepreneurship, and that it is an important tributary of the digital economy, explaining that emerging companies are the engine of The Fourth Industrial Revolution and the real investment in the journey towards realizing full digital transformation.

Dr. Al-Thunayan reiterated his assertion of enabling digital entrepreneurship by providing an integrated environment that supports entrepreneurs and innovators in the field of digital transformation, linking them with investors, opening markets for them, and converting their ideas into emerging projects that can be widely spread, to change society and the world around them for the better, indicating that this It is evident in the acceleration of the launch of this type of company.

On what this partnership will gain, the number of the fruits of what the partnership will reap is that it will support the establishment of emerging companies, support their expansion in accordance with international best practices, and facilitate their adoption and adoption of the modern technologies that need them, adding that the capabilities and experiences that the accelerator possesses prompted the Ministry to conclude this qualitative partnership with it, Noting that the Ministry will continue to make efforts and double them to support digital startups and meet all their needs, as well as motivate entrepreneurs and digital innovators and push them to establish their own companies, which contribute to creating additional high economic value.

For his part, the founding partner of Raed Ventures Talal Al-Asmari stressed that empowering entrepreneurs is the way to create a growing economy that contributes to achieving the 2030 vision, explaining that the program will stimulate the creation of a new wave of local and regional entrepreneurs and enable them to reach knowledge horizons full of global experiences, with our vision of the real impact of these Knowledge over the next few years.

It is noteworthy that the "Textars" platform, which has a very wide network that has extended to more than 150 countries, and includes more than 20,000 experts and mentors, has invested in more than 2,500 start-up companies with a combined value of $ 204 billion. The partnership with it will provide an opportunity to expand the business of startups in the Kingdom. Which is witnessing rapid growth in this field, especially in light of the estimated government support for the startup system, so that the Kingdom has become a market that provides access to capital and talent and offers a wide range of opportunities.