Saudi telecom ministry, Social Development Bank to support technology projects

The agreement will provide finance for modern technology projects

  
Photo used for illustrative purpose. A Saudi man looks at his mobile phone in front of a Saudi Telecom sign in Riyadh.

Photo used for illustrative purpose. A Saudi man looks at his mobile phone in front of a Saudi Telecom sign in Riyadh.

REUTERS/Zainal Abd Halim

Riyadh – Saudi Arabian Ministry of Communication and Information Technology has signed a cooperation agreement with Social Development Bank (SDB).

The agreement aims at supporting and incentivising projects and activities relevant to emerging technologies through the creation of SAR 1 billion, the Saudi Press Agency (SPA) reported on Wednesday.

The agreement will provide finance for modern technology projects in areas including artificial intelligence, internet of things, virtual reality, 3D printing, robotics, and e-commerce, minister of communication and information technology Abdullah bin Amer Al-Sawahah commented.

Saudi Arabia is planning to support and develop small and medium-size enterprises (SMEs) to up their contribution to the kingdom’s GDP from 20% to 35% by 2030.

Source: Mubasher

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