Outlier Ventures and the National Technology Development Program (NTDP) of Saudi Arabia have joined forces to launch Riyadh’s first deep tech Web3 accelerator program, marking a significant milestone in the Kingdom’s technological advancement.
The partnership, solidified through a Memorandum of Understanding, aims to support and nurture the most promising Web3 startups in Saudi Arabia. This initiative is in line with Saudi Vision 2030, which emphasizes the importance of technological and economic diversification.
Selected startups will benefit from Outlier Ventures’ expertise in critical areas such as product development, entity structuring, and token design. Additionally, they will have access to mentorship from leading figures in the Web3 industry and potential investment opportunities, paving the way for technological innovation in the Kingdom.
Mr. Ibrahim Neyaz, CEO of NTDP, expressed his excitement about the partnership, stating that it reinforces their commitment to advancing technology in Saudi Arabia. Stephan Apel, CEO and Founding Partner of Outlier Ventures, highlighted the alignment of this collaboration with Saudi Vision 2030, emphasizing the Kingdom’s rapid pace of development.
This initiative comes on the heels of the Ministry of Investment of Saudi Arabia’s partnership with The Hashgraph Association to launch a $250 million DeepTech Venture Studio in Riyadh earlier this year. The Kingdom’s focus on deep technology sectors such as AI, DLT, robotics, IoT, VR, and quantum computing underscores its readiness to lead in the era of digital transformation.
The launch of Riyadh’s first deep tech Web3 accelerator program signifies a new chapter of innovation and economic growth in Saudi Arabia, promising to propel the Kingdom to the forefront of technological advancement.
