Saudi Arabia launches SAR 1B fund to invest in semiconductor firms

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Saudi Arabia announced today, June 5, setting up a fund valued at up to SAR 1 billion, aimed at investing in semiconductor companies that plan to kick off operations in the Kingdom.

The fund targets bringing the number of semiconductor firms operating in Saudi Arabia to 50 in total over the five to six years.

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The Kingdom aims to attract 25 international industry experts and to support the sector’s startups to become global players.

During the Future of Semiconductors Forum 2024 today, Mohammed Alotaibi, Acting Head of the Research, Development and Innovation Authority, announced the launch of the National Semiconductors Center, which aims to bolster the Kingdom's field-specific ambitions.

The center will enable Saudi Arabia to step up its knowledge in this sector. It will also promote it as a global hub for semiconductor design companies and attract them to the Kingdom, in addition to providing high-quality jobs in the sector, he stated.

Alotaibi also expected the value of the global semiconductors industry to reach $1 trillion over the next few years, noting that the Kingdom is playing its role in this sector, especially given its strategic location.  

He added that Saudi Arabia works with all national authorities to develop semiconductors research and continue development and innovation, which is an ongoing goal to support the sector and its growth in the coming years.