Riyadh - Sharikat Mubasher: Saudi Arabia launched a deep tech venture capital fund worth SAR 1 billion to bolster the semiconductor industry in the Kingdom and encourage small and medium-sized enterprises (SMEs) to embrace the industry.

Managed by the newly launched National Semiconductor Hub, the fund aims to establish at least 50 semiconductor design companies by 2030.

This initiative was unveiled during the third edition of the Future of Semiconductors Forum 2024 which takes place in Riyadh on 5 and 6 June, gathering the Middle East’s industry leaders, policymakers, and experts.

Saudi Arabia launched the National Semiconductor Hub as part of its efforts to establish a semiconductor design industry ecosystem in the Kingdom and attract talents to this promising sector.

The new hub targets attracting 25 world-class experts and training 5,000 engineers in semiconductor design by 2030.

Organized by King Abdulaziz City for Science and Technology (KACST) and King Abdullah University of Science and Technology (KAUST), the forum discusses the latest advancements in semiconductor technology and explores localization opportunities within Saudi Arabia.

It aims to prioritize semiconductor tech self-efficiency to bolster the Saudi economy and advance strategic local and global collaborations for shared progress in semiconductor technologies.