Riyadh, Saudi Arabia – February 11, 2025 – In a significant step towards empowering tech entrepreneurs in the financial sector, 1957 Ventures and the National Technology Development Program (NTDP) have signed a strategic partnership agreement during LEAP 2025. This collaboration aims to support emerging and medium-sized tech startups, enhance the innovation ecosystem, and accelerate the growth of Saudi Arabia’s financial and technology sectors.
Executive Remarks
Ibrahim Neyaz, CEO of NTDP, emphasized the importance of the partnership, stating:
“At NTDP, we believe that enabling tech startups and SMEs is crucial for the growth of the digital economy and achieving Saudi Arabia’s Vision 2030. Through this agreement, we are committed to providing a comprehensive support system that includes technical advisory, funding, and access to new markets. Our tailored products cater to various growth stages, from the prototype phase to market entry. This partnership reflects our dedication to empowering Saudi talent and fostering local content in the tech sector.”
Eng. Emad Kashgari, CEO of 1957 Ventures, highlighted the significance of this agreement, saying:
“This agreement reinforces our deep commitment to supporting startups and contributing to an integrated ecosystem for entrepreneurship in the financial technology sector. We do not just provide co-working spaces and advisory services; we create a comprehensive ecosystem for innovation and investment. The success of startups depends on access to capital, resources, and the right markets, and this partnership will provide emerging companies with the opportunity for sustainable local and regional expansion.”
The Agreement’s Focus Areas
The partnership is centered on delivering tangible support to startups through a range of specialized products and initiatives, including:
✅ MVPLAB – Supports startups in the early stages (ideation, prototyping, and pre-seed) by providing funding and advisory services.
✅ Boost – Enables tech startups by offering financial incentives, incubation, and strategic consultancy.
✅ TechCrew – Covers up to 50% of salaries for Saudi tech professionals with at least three years of experience, helping local talent integrate into startups.
✅ Connect – Assists micro, small, and medium-sized local tech companies by covering 50% of proof-of-concept costs, allowing them to secure major tech projects.
Driving Saudi Arabia’s Vision 2030
This agreement is part of the broader efforts of 1957 Ventures and NTDP to accelerate innovation, support the digital economy, and enhance the contribution of the tech sector to GDP. It represents a long-term strategy aimed at building a competitive entrepreneurial environment that fosters startups and positions Saudi Arabia as a leader in fintech innovation and digital entrepreneurship.
Expected Impact
🚀 Accelerating the growth of startups and increasing their market readiness.
📈 Boosting investment in the tech startup ecosystem and providing essential resources.
💡 Creating a fully integrated innovation ecosystem that supports digital transformation.
🤝 Strengthening collaboration between the public and private sectors to develop Saudi Arabia’s tech landscape.
🏆 Contributing to Vision 2030 by supporting the digital economy and empowering Saudi talent.
