The Small and Medium Enterprises General Authority “Monsha’at” celebrated the graduation of 33 artificial intelligence companies from the first batch of the AI Incubator Program at the SMEs Support Center in Riyadh. The program was delivered in partnership with more than 20 supporting entities from the public and private sectors to support and strengthen local AI companies by fostering innovation, encouraging the adoption of advanced technological solutions, and contributing to technology localization and the sustainable growth of local content.

The program serves as an advanced incubation initiative focused on AI-based ventures and is implemented through a strategic partnership with the National Technology Development Program (NTDP). It aims to support the development of products and accelerate market growth through a range of services and benefits, including workspaces, incubation facilities, and access to a distinguished network of technology experts and specialists.

Monsha’at provided beneficiaries with a package of services and development initiatives aimed at enhancing their entrepreneurial capabilities. These included access to the MVP Lab product, one of the offerings under the NTDP Program, with support valued at up to SAR 150,000, in addition to free cloud hosting services and licenses for advanced AI tools and technologies. The six-month program covered several stages, from idea development to market entry, including assessments of companies’ needs and readiness, support for developing technology solutions and products, connecting participants with enabling entities and potential partners, and delivering a series of workshops, mentoring sessions, training programs, and specialized consultations.

The incubated companies represented eight sectors, including enterprise and operations solutions, healthcare, heritage, culture and tourism, fintech and trading, infrastructure and logistics, entrepreneurship enablement, e-commerce, and education and development.

During the graduation ceremony, the participating companies showcased their business models and investment pitches to investors and supporting entities. The event also featured an accompanying exhibition where companies presented their products and services.

Through its Innovation Center, Monsha’at continues to offer programs that support technology startups and the AI sector, contributing to the growth and sustainability of startups and supporting the national economy in line with the objectives of Saudi Vision 2030.