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Saudi Arabia Launches $200 Million High-Tech Investment Fund
The spending is part of King Abdullah University of Science and Technology’s strategy to promote economic diversification and create new technical jobs.
Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of a $200 million fund to invest in domestic and international tech firms as part of the Kingdom’s economic diversification plan.
The investment fund is part of a strategy devised by the King Abdullah University of Science and Technology (KAUST) and focuses on “increasing the likelihood of turning research into economically beneficial innovations”.
Plans include launching the National Transformation Institute for Applied Research (NTI) to improve technology development and commercialization, restructuring research centers, and creating a new fund to “enhance economic diversification and contribute to the creation of high-quality technical jobs”.
HRH the Crown Prince launches KAUST's new strategy, which aims to transform research into economically productive innovations by focusing on the national priorities for research, development, and innovation.https://t.co/yvZ8UnnFcR#SPAGOV pic.twitter.com/yEqS7Zia05
— SPAENG (@Spa_Eng) August 20, 2023
“The new strategy builds on Kaust’s scientific and academic achievements and represents a new era for the university to become a beacon of knowledge and a source of inspiration and innovation in line with Vision 2030 aspirations,” Prince Mohammed explained in a recent press release.
Technology is an essential pillar of Saudi Arabia’s economy as the country transitions away from oil production. The Kingdom is projected to invest $34.6 billion on information and communications technology by the end of 2023, making it the top-spending nation in the Middle East, Turkey, and Africa.
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In February, Saudi Arabia announced plans to invest $9 billion in its technology sector, which includes a $2.1 billion commitment from Microsoft. In addition, Oracle has announced plans to invest $1.5 billion in Saudi cloud computing, and Huawei has earmarked $400 million to enhance the country’s cloud infrastructure.
Meanwhile, King Abdullah University of Science and Technology will continue collaborating with several international tech companies, including IBM and Boeing, and has partnered with academic and commercial institutes in Shenzhen on aerospace, robotics, and microelectronics projects.
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Checkout.com Set To Launch Card Issuing In The UAE
The payment service provider’s expansion is a first-of-its-kind investment and could reshape digital transactions across the region.
Checkout.com is laying the groundwork to become the first global payments platform to introduce card issuing in the United Arab Emirates — a move that could reshape how businesses in the region manage financial transactions.
The company plans to roll out its domestic card issuance offering in the UAE by 2026, subject to regulatory approval. The launch would give businesses the tools to issue both physical and virtual branded cards. This, in turn, opens up new ways to reward customers, streamline expense processes, and handle B2B payouts efficiently.
Checkout.com’s CEO and Founder, Guillaume Pousaz, revealed the plans during Thrive Abu Dhabi, the firm’s debut conference in the Emirates. Joined on stage by Remo Giovanni Abbondandolo, General Manager for MENA, Pousaz presented to an audience of over 150 partners and merchants at Saadiyat Island. Also in attendance was H.E. Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Abbondandolo highlighted the strategic importance of the announcement: “As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy. The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it”.
One early adopter of Checkout.com’s UAE acquiring services is Headout, a travel experiences marketplace, which recently named the payment provider as its main partner in Europe. The company has already begun card issuing there and is keen to expand that offering into MENA once approval is granted.
The expansion of services in the UAE and beyond builds on Checkout.com’s track record in the region. It was the first global payments firm to secure a Retail Payment Services license from the UAE’s Central Bank and was instrumental in rolling out Mada and Apple Pay in both the UAE and Saudi Arabia.
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The firm has also been rolling out new products: One of the latest is Flow Remember Me, currently in beta testing. It allows shoppers to store their card information once and access it across Checkout.com’s entire network, potentially cutting checkout times by up to 70%.
Earlier this year, Checkout.com also introduced Visa Direct’s Push-to-Card solution in the UAE, enabling both domestic and international payouts. Its collaboration with Mastercard has grown as well, making it easier for businesses to send funds directly to third-party cards securely and quickly.
With regional tech ambitions on the rise — spurred by initiatives like Saudi Arabia’s Vision 2030 and the UAE’s 2031 Agenda — Checkout.com sees its role as one of a key enabler. “Our mission is to help ambitious businesses navigate the complexity of payments, so they can move faster, go further, and make the most of every opportunity,” said Abbondandolo. “In MENA, performance is personal. It’s local. It’s built on trust. And when payments perform, businesses thrive”.
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