Riyadh, Saudi Arabia – In a major move to solidify the Kingdom’s position as the leading regional hub for digital innovation, the Saudi Center for Digital Entrepreneurship (CODE) has officially launched a new $200 million initiative specifically designed to attract and support global DeepTech and SaaS startups. Under the Ministry of Communications and Information Technology (MCIT), this landmark program combines direct financial grants, extensive cloud infrastructure credits, and fast-tracked licensing routes to accelerate market entry for international builders.
Comprehensive Support Package
The initiative offers a highly structured support framework to ensure the long-term success and scaling of participating digital ventures:
- Non-Dilutive Capital Grants: High-potential startups developing proprietary intellectual property in AI, blockchain, robotics, or advanced SaaS can qualify for significant non-dilutive startup grants to fund local engineering team setup and initial operations.
- Sovereign Cloud Credits: Partners including major local cloud infrastructure providers (such as AWS Saudi Arabia, Alibaba Cloud, and Google Cloud) are offering substantial cloud hosting credits to offset infrastructure costs during the critical development phase.
- Dedicated Co-working Infrastructure: Startups gain access to subsidized premium co-working spaces and innovation labs within Riyadh's digital hubs, including The Garage and CODE spaces.
Fast-Track MISA Licensing Route
One of the most attractive pillars of the new initiative is the integration with the Ministry of Investment (MISA) licensing pipeline. Under the joint framework, startups accepted into the CODE program receive an immediate official endorsement letter. This letter serves as the primary qualification document to secure a MISA Entrepreneur License, completely waiving the standard minimum capital requirements and expediting commercial registration to under 48 hours.
Target Profiles & Focus Sectors
CODE has indicated that priority will be given to international startups with existing validated products or active venture backing, specifically in the following sectors: Artificial Intelligence (AI) and Machine Learning, Enterprise Software-as-a-Service (SaaS), Cyber Security, FinTech, and Web3/Distributed Ledger Technologies. The focus remains on building a highly skilled local ecosystem by encouraging knowledge transfer and local employment.