Semiconductor Hub to Launch SAR 1 Billion Fund for Chip Manufacturers
The National Semiconductor Hub was established at this year’s Future of Semiconductors Forum in Riyadh.
Saudi Arabia’s newly-established National Semiconductor Hub intends to offer a support fund worth SAR 1 billion to attract international chip manufacturers to the Kingdom, aiming to draw at least 50 firms to the country by 2030. The hub was launched at the third annual Future of Semiconductors Forum in Riyadh, hosted by King Abdulaziz City for Science and Technology (KACST) in partnership with King Abdullah University of Science and Technology (KAUST).
With the global semiconductor industry predicted to become a USD 1 trillion industry in the coming years, Saudi Arabia is aiming to position itself as a regional centre for superconductor manufacturing and research. Thus far, reports suggest that three companies have already signed up to the hub, with another seven showing interest.
Country-wide investment in semiconductors has seen a significant uptick recently, the biggest example of which is the establishment of a USD 100 billion investment firm, Alat, targeting semiconductors and other deep tech industries. The new tech-focussed strategy is one of the ways that the Kingdom is pivoting away from oil; Alat is expected to generate 39,000 direct non-oil jobs in Saudi Arabia.
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Jun 14, 2024 -
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