RIYADH: Red Sea Global has joined forces with Bunat Ventures to launch a pioneering fund dedicated to artificial intelligence startups in the Kingdom.
The new AI venture fund will target early-and growth-stage companies that are either built on AI or use it as a core component of their business, according to a press release.
With plans to support around 25 startups over the next three years, the fund offers more than capital. It will provide selected companies, specifically those based in Saudi Arabia, with access to real-world testing grounds within RSG’s expansive operations, including luxury resorts and an international airport.
Sultan Moraished, group head of Technology and Corporate Excellence at Red Sea Global, framed the partnership as essential for the future. “At Red Sea Global, we view innovation as a catalyst for a regenerative future,” he said.
“This partnership with Bunat VC reflects our belief that technology is fundamental to sustainability, enabling us to invest in bold ideas that will accelerate the Kingdom’s digital transformation and inspire global progress,” Moraished added.
The initiative aims to strengthen the Kingdom’s innovation ecosystem by focusing on local entrepreneurs and Saudi-founded global ventures entering the country. The goal is to spur job creation, attract international talent, and position the nation as a leader in the global AI landscape.
Khaled Zainalabedin, CEO and managing partner at Bunat VC, emphasized the collaborative vision. “Our collaboration with Red Sea Global brings together visionary development and agile venture capital,” he said.
Zainalabedin added: “Together, we are building a platform to empower the next generation of Saudi AI pioneers who will redefine industries, shape communities, and strengthen Saudi Arabia’s leadership in the global innovation arena.”
Red Sea Global, the developer behind the regenerative tourism projects The Red Sea and AMAALA, began welcoming guests to The Red Sea in 2023 and now operates 10 resorts and an international airport.
The launch coincides with the ongoing expansion of its flagship destination, including the opening of the first resorts on Shura Island this year.
Source: www.arabnews.com