The study, conducted in partnership with King Abdullah University of Science and Technology and Hello Tomorrow consultancy, identified over 43 high-growth startups in the deep tech sector.
These companies have collectively raised more than US$987 million in funding as of 2022.
The Kingdom’s startup ecosystem is experiencing rapid growth, with 104 active startup investors registered in 2023 — representing a 41% increase from 2018. Government funding plays a huge role in this expansion, reflecting Saudi Arabia’s commitment to technology sector development.
Research capacity in Saudi Arabia has grown substantially, with the number of researchers increasing 75% since 2015. The country aims to expand its research infrastructure to accommodate 140,000 researchers by 2030, up from the current 20,000.
These developments go hand in hand with Saudi Arabia’s national goals, including positioning the country among the top 10 in the open data index and top 20 in peer-reviewed Data and AI publications by 2030. The Kingdom also targets SR75 billion (US$19.9 billion) in combined local and foreign investment in data and AI by 2030.
Saudi Arabia’s growing deep tech ecosystem presents significant opportunities in AI and IoT sectors, backed by substantial government support and rapidly expanding research capabilities.
