The Ministry of Communications and Information Technology (MCIT), in collaboration with King Abdullah University of Science and Technology (KAUST) and “Hello Tomorrow,” has unveiled the Deep Tech Report, which explores the current state and future outlook of Saudi Arabia’s deep tech ecosystem. The report is aligned with Saudi Vision 2030 and aims to highlight the opportunities and potential of the sector, crucial for advancing the nation’s digital economy and fostering sustainable development, as reported by the Saudi Press Agency on Monday.
The Deep Tech Report focuses on five key pillars of Saudi Arabia’s deep tech ecosystem: deep tech ecosystem, investment, infrastructure and ecosystem enablers, talent, and policies, regulations, and government incentives. Additionally, it underscores the significance of research, development, and innovation in positioning Saudi Arabia as a global leader in advanced technologies.
The report showcases notable growth in the deep tech sector, revealing that 50% of startups are centered on artificial intelligence (AI) and the Internet of Things (IoT). Over 43 high-growth startups are driving innovation in the Kingdom, having collectively raised more than $987 million in funding in 2022, supported by 104 investors. Furthermore, the number of researchers in Saudi Arabia has increased by 75% since 2015, reflecting the country’s strong commitment to advancing research and development.
Vice Minister for Technology Mohammed Robayan emphasized that the report represents a significant milestone in strengthening Saudi Arabia’s position as a global hub for advanced technologies. By focusing on innovation and investing in talent and infrastructure, the Kingdom aims to develop an integrated ecosystem that supports digital transformation and sustainable growth.
Robayan encouraged stakeholders from both the public and private sectors, including academic institutions and investors, to utilize the insights from the report to create a roadmap that drives innovation and contributes to the realization of Saudi Vision 2030.
