Key Takeaways
- Strategic Swiss-Saudi Partnership: The Ministry of Investment of Saudi Arabia collaborates with The Hashgraph Association to launch a $250 million DeepTech Venture Studio in Riyadh.
- Focus on Deep Tech and Innovation: The venture studio is dedicated to nurturing innovation in deep technology sectors such as AI, DLT, robotics, IoT, VR, and quantum computing.
- Empowerment of Entrepreneurs and Companies: With plans to empower over 500 companies through entrepreneurial licenses, legal and regulatory support, and connections with key stakeholders and investors, the venture studio aims to create a conducive environment for startups and established companies alike.
- Comprehensive Support and Global Ambitions: The venture studio will provide a wide range of services, including technical engineering, training, project delivery, product development, and venture capital investments, with the ultimate goal of supporting IPO listings on the Saudi Exchange.
- Positioning Saudi Arabia in Global Technology Landscape : Managed by The Hashgraph Group, the studio’s phased approach and substantial investment underscore its ambition not just to stimulate local innovation but to scale operations globally, positioning Saudi Arabia as a key player in the global technology landscape.
Swiss-Saudi Strategic Partnership Aims to Boost Deep Tech Innovation with $250 Million Venture Studio in Riyadh
In a significant move that underscores the growing importance of deep technology in global economic and innovation landscapes, The Ministry of Investment of Saudi Arabia (MISA) has announced a groundbreaking partnership with Switzerland-based the Hashgraph Association (THA).
The collaboration, unveiled during the Swiss Economic Mission to Saudi Arabia and in the presence of Swiss Federal Councillor, Guy Parmelin, aims to launch a DeepTech Venture Studio in Riyadh. This ambitious initiative, valued at US$250 million during 2024-2028, is poised to become a cornerstone of Saudi Arabia’s digital future and its broader Vision 2030 goals.
The DeepTech Venture Studio’s Role in Realizing Vision 2030
The DeepTech Venture Studio represents a strategic endeavor to foster innovation and entrepreneurship within the Kingdom, as well as attracting international companies to establish operations in Saudi Arabia. By focusing on cutting-edge technologies such as artificial intelligence (AI), distributed ledger technology (DLT), robotics, the Internet of Things (IoT), virtual reality (VR), and quantum computing, the venture studio is set to become a hub for advanced technological development.
Dr. Munirah Alaboudi of MISA highlighted the initiative’s alignment with Saudi Vision 2030, emphasizing the importance of human capital and innovation in building a vibrant society.
The Venture Studio is designed to empower over 500 companies by providing entrepreneurial licenses, facilitating integration into the Saudi legal and regulatory environment, and connecting startups with key stakeholders, strategic partners, and investors.
With an initial investment of US$50 million from THA, the venture aims to attract additional co-investors to participate in this global venture-building studio. Kamal Youssefi, President of THA, expressed enthusiasm for the partnership’s potential to contribute to the digital economy and support the three pillars of Vision 2030 in Saudi Arabia.
The DeepTech Venture Studio’s Comprehensive Ecosystem for Innovation
The comprehensive support structure of the DeepTech Venture Studio will include technical engineering, training, project delivery, product development, business strategy, and even IPO listing support on the Saudi Exchange.
Managed by Switzerland-based The Hashgraph Group (THG), this initiative builds on the success of the Hashgraph Innovation Program and aims to extend its reach and impact.
The venture studio’s phased approach will ensure a systematic development, starting with local operations ramping up and the onboarding of the first batch of 100 projects. The subsequent phases will focus on accelerating the studio’s activities and scaling operations globally, with startups and enterprises receiving significant venture capital investment.
Furthermore, the partnership will feature a cross-border “Entrepreneurship Exchange Program” to facilitate knowledge-sharing between Swiss and Saudi entrepreneurs. This initiative not only strengthens the technological and innovation ties between the two nations but also showcases the global nature of the digital economy’s future.
Interested applicants, partners, and investors, can register their interest on the registration webpage of the DeepTech Venture Studio https://hashgraph-saudi.com/.
As the venture studio begins recruiting a team of over 40 professionals and forms partnerships with leading technology firms and academic institutions, the Swiss-Saudi collaboration stands as a testament to the transformative power of deep tech. By leveraging the expertise and innovation ecosystems of both countries, the DeepTech Venture Studio in Riyadh is set to empower the next generation of Web3 entrepreneurs and position Saudi Arabia as a leading hub for digital innovation and technological advancement.
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