Top Saudi banks announce $2bn support for tech startups

Saudi Arabia's LEAP23 Conference, on its second day, announced a series of technical announcements, including numerous support and funding programs, mainly launching supportive and empowerment programs for technological startups with accelerated growth to become unicorn companies, reported SPA.

Saudi bank Riyad announced the launch of $1 billion in financing for telecommunications and information technology enterprises, where the National Technology Development Program (NTDP) also announced the launch of 6 new supportive and enabling products for the kingdom's digital entrepreneurship and technology companies, in addition to attracting global technology companies with the support of $430 million.

During the event, Banque Saudi Fransi too has launched a finance portfolio with a value of $1 billion to finance the ICT sector companies, to stimulate the sector and support the national economy, stated the report. 

Also, the Unicorn Support Program has announced the list of companies that will receive support and empowerment to transform them into unicorn companies, it added.

Source: https://www.tradearabia.com/news/IND_406157.html