Kazakhstan and Saudi Arabia are setting up a venture fund to support DeepTech startups. Public funds from both countries will act as founders, which is expected to attract private investors and boost the fund’s capitalization to $100 million. The initiative will cover Kazakhstan, Central Asia, Saudi Arabia, the Middle East, and North Africa.
This collaboration will help Kazakhstani projects expand into the Middle Eastern market while also fostering the joint development of DeepTech solutions. Government participation in the fund is expected to stimulate private investments, create a leverage effect of at least 1:1, and strengthen market-driven project selection.
DeepTech refers to startups developing products and services based on scientific breakthroughs and advanced technologies.
Source: informburo.kz
