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Saudi Arabia Startups

Silicon Valley-based tech accelerator Plug and Play to invest $100 million fund in Saudi startups

For decades, Saudi Arabia has been known for its traditional reliance on the oil-dependent economy as a major source of revenue. As of December 2022, the country generated $326 billion in the sector only despite the global price slide in crude oil.  But, with the recent digital transformation, the Kingdom

Yusuf Balogun profile image
by Yusuf Balogun
Updated
Silicon Valley-based tech accelerator Plug and Play to invest $100 million fund in Saudi startups
Photo by Mishaal Zahed / Unsplash

​For decades, Saudi Arabia has been known for its traditional reliance on the oil-dependent economy as a major source of revenue. As of December 2022, the country generated $326 billion in the sector only despite the global price slide in crude oil. 

But, with the recent digital transformation, the Kingdom is now embarking on an ambitious journey to diversify its economic landscape by pushing for entrepreneurship and venture capital. Vision 2030 is one of the strategies being explored.

Yusuf Balogun profile image
by Yusuf Balogun
Updated

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