(MENAFN) Saudi Arabia has announced the launch of a billion-riyal fund aimed at investing in Semiconductor companies that plan to establish operations within the country. This initiative, revealed during the third edition of the Semiconductor Future Forum 2024 in Riyadh, is designed to encourage and support small and medium-sized emerging companies to embrace the semiconductor industry. The new fund will be managed by the National Semiconductor Center and aims to increase the number of companies operating in this sector in Saudi Arabia to 50 within the next five to six years.

In an effort to attract international chip companies, Saudi Arabia is offering special incentives and necessary financing to facilitate their operations in the country. The Semiconductor Future Forum serves as a platform for bringing together key decision-makers, industry leaders, experts, and researchers in semiconductor technologies. Notable attendees include Professor Shuji Nakamura, a Nobel Prize laureate in Physics for his invention of blue/green LEDs and ultraviolet laser diodes; Professor Kang Wang, a co-director of the Center for Quantum Science and Engineering at UCLA and a professor at Raytheon Company; and Professor Stephen Denbars, a prolific inventor with over 190 US patents and co-founder of the Institute of Electrical and Electronics Engineers, as well as four companies in the photonics and electronics fields.

This strategic move by Saudi Arabia underscores its commitment to becoming a significant player in the global semiconductor industry by fostering a conducive environment for innovation and technological advancement.