The Al-Farabi Innovation Hub has opened in Riyadh.

The opening of a joint Innovation Hub with Saudi Arabia in Riyadh will serve as a major expansion to support the international promotion of regional IT solutions and startups in global markets.

The new Innovation Hub is named after Abu Nasr Muhammad ibn Muhammad al-Farabi, a distinguished Islamic philosopher and scholar of his time, who continues to inspire and will remain an inspiration for future generations. The Hub's concept focuses on attracting talented entrepreneurs and innovative startups from Kazakhstan to Saudi Arabia, supporting their relocation and growth in the region by providing initial investments from the Tumar Venture Fund, incubation and acceleration programs, valuable industry expertise, and networking opportunities.

The target KPIs over five years include growing at least three unicorns, attracting no less than $300 million in startup investments, and exporting over $1 billion in services.

Source: gov.kz