The Semiconductor Industry Fund seeks to establish 50 specialized companies and provide financial support of more than 150 million riyals, in addition to training 5,000 engineers, and attracting 25 global experts by 2030.
The Kingdom of Saudi Arabia announced the launch A new fund worth one billion SAR is intended for investment in the semiconductor industry.
The new fund aims to encourage emerging and medium-sized companies to engage in the semiconductor industry, by providing the necessary financial and technical support.
The main goal of Box In increasing the number of companies operating in this sector within the Kingdom to 50 companies within an estimated period of time between 5 to 6 years, it aims to reach more than one billion riyals ($266 million) of deep-technology investment capital and investment funds.
Also Read: Qatar Investment Authority buys 10% of a Chinese asset management company
This announcement comes during the “Semiconductor Forum2024, organized by King Abdulaziz City for Science and Technology “Cast“ In cooperation with King Abdullah University of Science and Technology (KAUST), which aims to discuss developments in the semiconductor industry and enhance the Kingdom’s role in this field.
The National Semiconductor Center is responsible for managing the fund, and three companies have already registered to benefit from the fund, while ten other companies have requested to join it. The incentives offered to companies include access to the necessary financing and training of engineers that the Kingdom intends to employ in this advanced sector, in addition to the opportunity to move and work in the Kingdom.
It is also working to train and employ five thousand engineers in semiconductor design by 2030, in addition to attracting 25 world-class experts through a distinguished residency program.
