The National Technology Development Program (NTDP), the Saudi government agency funding the program, said the grants were being processed for startups that had filed the necessary paperwork. New Native stated that while it had the option to invest in Gaia startups, the investment was not guaranteed. The Gaia accelerator is part of Saudi Arabia's Vision 2030 plan to diversify its economy away from fossil fuels, but these issues have raised concerns about the kingdom's ability to attract and support tech startups.
Key takeaways:
- Saudi Arabia's government is trying to transform its capital city of Riyadh into an AI hub, with a goal of creating 300 new AI startups in three years through the Gaia accelerator program.
- However, founders who have gone through the Gaia program have reported that the kingdom has been slow to pay out on promised government grants and additional equity investment from New Native, the startup accelerator that ran the Gaia program.
- The National Technology Development Program (NTDP), the Saudi government agency bankrolling the program, has stated that the grants are now being processed for startups that had filed the necessary paperwork. New Native has stated that while it had the option to invest in Gaia startups, the investment was not guaranteed.
- The Gaia accelerator and Saudi Arabia’s AI ambitions are part of Prince Mohammed bin Salman’s Vision 2030 plan to diversify the kingdom’s economy away from its reliance on fossil fuels. This plan includes a $1.5 trillion project to build a new city and tourist hub, Neom, on the Red Sea.