RIYADH — The Ministry of Investment has organized over three days the "Catalyze Saudi" program — to accelerate startups — where a number of international entrepreneurs and investors participated and visited AlUla and Riyadh to explore venture capital and private equity opportunities in the Kingdom of Saudi Arabia’s entrepreneurship ecosystem.

The program witnessed wide international participation including Eldridge, owners of the Chelsea Football Club, Dodgers and Lakers; New Theory Ventures; Fireside, an interactive Web3 streaming platform; actor and designer Fai Khadra; music producer Fernando Garibay; Nike’s RTFKT CTO Samuel Cardillo; Groot Hospitality’s David Grutman; and celebrity chef Todd English.

The program started with a tour of AlUla, followed by a tour in Riyadh, and eventually closed with a tour in Diriyah, the birthplace of the first Saudi state.

Panel discussions focused on trends and investment opportunities in creative industries and featured fruitful conversations between international investors and Saudi Arabian entrepreneurs.

Topics included the effect of technology and increased digitization on consumers, the role of blockchain in gaming, and the future of tourism and travel.

According to MAGNiTT, a venture data platform, last year was a record-breaking year for the Saudi venture capital ecosystem, which grew 270% year-over-year as startups accumulated $548m in funding. Catalyze Saudi was launched in March 2022. — SPA