​2.5 Billion Saudi Riyals to Support the IT Sector in the KSA

Riyadh Chamber, represented by the IT and Communications Committee, organized a symposium to introduce the Technology Development Funding Initiative, which is one of the initiatives of the National IT Development Program (NTDP). The initiative aims at supporting the IT sector's micro, small and medium enterprises and exploring solutions for their financing challenges.

Engr. Nawaf Al-Hoshan pointed out that the KSA government has allocated an amount of 2.5 billion Saudi riyals to support the Saudi IT sector around three main piers; supporting entrepreneurs and technology companies, providing for tech talents, and supporting and stimulating research, development and digital innovation.

It is noteworthy that the initiative aims at supporting and promoting start-ups, small and medium enterprises by providing financial guarantees of up to 90% to get up to 15 million Saudi riyals in finance from the participating banks and financing agencies, with a financing volume of up to 700 million Saudi riyals. Engr. Al-Hoshan explained that one of the advantages of the initiative is that it encourages bold and ambitious planning for the development of corporate businesses in the IT sector, and he reviewed the mechanism of how to benefit from the initiative.