Saudi Arabia: Red Sea International and Bunat VC join hands to set up AI-focused investment fund
Red Sea
International has formed a strategic partnership with Bunat Ventures Limited (Bunat VC) to establish an
AI-focused investment fund in Saudi Arabia. This fund is the first of its kind
in the Kingdom, exclusively dedicated to advancing artificial intelligence
technologies. Its mission is to support startups that rely on AI-driven
business models at their core.
The new AI investment initiative will target
companies at all stages, from pre-seed to growth, offering both financial
investment and operational assistance. Red Sea International aims to incubate
and support approximately 25 startups within three years, with a strong
emphasis on ventures based in Saudi Arabia that align with the country’s
digital transformation goals.
AI Fund
Saudi Arabia: Powered by Bunat VC
Startups supported by the fund will have access to Red Sea International’s
destinations, which will act as a "living lab" for real-world testing
and deployment. This practical environment is designed to help companies refine
their products, speed up commercialization, and enhance the application of AI
in tourism and hospitality across local and regional markets.
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Sultan Moraished, Red Sea Global Group’s head of
technology and corporate excellence, commented on the partnership: "Our
collaboration with Bunat VC highlights our commitment to technology as a key
driver of sustainability. It allows us to invest in innovative minds and bold
ideas that contribute to Saudi Arabia’s digital transformation, while also
delivering groundbreaking technological solutions to the world."
The fund’s strategy focuses on supporting
Saudi entrepreneurs while remaining open to international talent. It aims to
attract leading global startups to establish regional headquarters in the
Kingdom, with the goal of expanding into international markets. Additionally,
the initiative will foster connections between investors, universities, and
technology partners, promoting knowledge transfer and the development of
specialized talent to create long-term value.
Khaled Zainalabedin, CEO and managing partner
of Bunat VC, emphasized that the partnership provides a robust platform for AI
founders. He believes this collaboration will help shape the next generation of
AI entrepreneurs, enabling them to make a significant impact on key industries
and advancing Saudi Arabia’s vision of becoming a global hub for innovation.
The AI investment fund is based in a rapidly
developing destination that has already achieved significant milestones. The
Red Sea destination welcomed its first guests in 2023 and now manages 10 luxury
resorts. These resorts are connected to Red Sea International Airport, which
offers scheduled flights linking the destination with Riyadh, Jeddah, Dubai,
and Doha.
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Development on Shura
Island, the heart of the destination, is progressing with the opening of
its first international hotels. The launch of the 18-hole Shura Links Golf
Course adds a new recreational facility, further enhancing the destination’s
appeal to regional and international visitors.
By
integrating AI innovation with real-world applications, this partnership aims
to elevate Saudi Arabia’s position as a leader in digital transformation. With
plans to support 25 AI-focused startups over the next three years, the
initiative also aims to strengthen the growth of tourism and hospitality,
aligning technological advancements with the Kingdom's broader strategic goals.
Source:
One Arabia
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