RIYADH — Fifty new pioneering technology companies in the field of innovative solutions and applications have entered the competitive market, Saudi Press Agency (SPA) said, citing the Technology Pioneers Program of the Ministry of Communications and Information Technology (MCIT) as announcing recently. This is following the program's success in developing their business models and empowering Saudi male and female entrepreneurs to create innovative markets for these solutions by adopting their ideas and transforming them into real pilot projects. This is achieved by providing them with its bundle of appropriate tools and supporting them in all related aspects, technically, administratively and financially. In his speech, at the conclusion of the first phase of the Technology Pioneers Program, the Minister of Communications and Information Technology Eng. Abdullah Bin Amer Al-Swaha, reiterated the pride in witnessing this ‘momentum of innovative solutions and applications'. He said: "Today we are proud as we witness this momentum of innovative solutions and applications by Saudi hands and minds that put at the heart of their business models of the most prominent emerging and advanced technologies such as Artificial Intelligence (AI) and developing the use of data and their analysis, which will positively reflect on the development of the digital economy and strengthen the Kingdom's position as a vibrant regional center for information technology and innovation." During the closing ceremony, which was held recently, the Technology Pioneers Program celebrated the qualification of the winning projects among the 50 new digital companies, as the program's strategic partnership with the Social Development Bank and over 50 partners in the public and private sectors contributed to supporting Saudi male and female entrepreneurs through financial and technical empowerment packages at the rate of SR150,000 for each project. This was carried out through events, training camps, and counseling sessions and services to facilitate access to the market, targeting several vital and important sectors, including "health, sports and entertainment, smart cities, e-commerce, and Hajj and Umrah," which are markets that have an increasing demand at the local and global levels. The stimulus packages provided by the program included technical services and financing packages, in addition to guidance and advisory sessions in technologies and business development programs with the participation of a group of partners from different sectors.
