New Biotech Startup Secures Funds In Saudi Arabia

The biotech field is the development of biological cells and organism and use them to implement certain tasks. This is mainly concerned with the medicine field, by treating harmful diseases sing biotech techniques.

This field has been expanding only lately in Saudi Arabia, part of their plan to expand their reach to new fields. With the medicine field reaching its prime in Saudi Arabia, the government has moved their focus towards the biotech sector, encouraging people to start their startups in the corresponding topic. This was observed through an incubator program called Badir Biotechnology Incubator created by King Abdul Aziz City for Science and Technology (KACST) which focuses on building many different startups. The incubator has just recently secured a total of $10.133 million (SAR38 million) in investment money for a new biotech startup.

The CEO of Badir Program for Technology Incubators and Accelerators, Nawaf Al Sahhaf commented on the startup and the monetary value provided saying, “Badir Biotech Incubator aims to encourage and support the launch of new biotechnology projects. The Incubator hosts pioneering projects for researchers, technicians, and doctors in the fields of biotechnology and life sciences, such projects that have the potential to grow into promising and valuable companies in the Kingdom. The Biotech Incubator has received over 500 applications since its establishment, and it is currently incubating about 30 technical projects, all of which achieved sales of SR 3.6 million and created more than 136 job opportunities to Saudi young people.”