Badir Program contributes SAR 2 bln to Saudi economy

Badir Program for Technology Incubators and Accelerators, an initiative of King Abdulaziz City for Science and Technology, has contributed an estimated SAR 2.1 billion ($560 million) to Saudi Arabia's economy on a cumulative basis from 2010 to the end of last year.

The contribution is based on the total revenues of SAR 620 million achieved by the incubated and graduated technical companies in the program. However, the contribution from the Badir Program to the Kingdom's economy rose by 56 percent to SAR 664 million in the past three years.

Announcing the results at the "GITEX Technology Week 2018" in Dubai on Sunday, Nawaf Al Sahhaf, CEO of the Badir Program for Technology Incubators and Accelerators, said: “The country attaches a special priority to the entrepreneurship sector, which is one of the key pillars of the diversification of national income sources, sustainable national economic growth, job creation, as well as strengthening the Kingdom's capabilities for moving toward a post-oil economy.”

Earlier this month, the Badir Program for Technology Incubators and Accelerators officially received the presidency of the Arab Technology Incubators and Techno Parks Network (ARTECNET), for a period of three years (2019 to 2021).