Saudi-Canada Innovation Day Organised By KACST To Enhance Tech Partnerships And Attract Investments

The Saudi-Canada Innovation Day commenced in Riyadh, organised by King Abdulaziz City for Science and Technology (KACST) alongside The Garage, National Technology Development Program (NTDP), and the Canadian Embassy.

This event aimed to boost collaboration in innovation and deep technologies, attract investments, and support Saudi startups' global expansion. Participants included startups, venture capital funds, entrepreneurs, and experts from both nations.

Dr. Munir bin Mahmoud Eldesouki, President of KACST, emphasised Saudi Arabia's progress in converting knowledge into economic value. He noted that the Kingdom hosts over 40,000 researchers, 100 laboratories, and 3,000 scientists. KACST has implemented practical solutions to enhance innovation's economic impact through initiatives like an open-access policy for research infrastructure and The Garage project.

The Garage project has supported more than 600 startups valued at over $2 billion and created 7,500 high-value jobs. Dr. Eldesouki stated: "From Riyadh, we connect our laboratories to the world, and the world to our opportunities." The Kingdom has become a global hub attracting talent and projects from various continents.

Ambassador Jean-Philippe Linteau of Canada highlighted the strong historical ties between Saudi Arabia and Canada. He praised Saudi Arabia as a key partner in transforming innovation into economic and social value. Linteau affirmed Canada's eagerness to establish practical partnerships with Saudi Arabia to unlock new pathways for innovation.

Dr. Rami Niazi from the Research, Development and Innovation Authority (RDIA) outlined national priorities for research and innovation. These focus on education, innovative financing tools beyond traditional methods, regulatory frameworks, research infrastructure development, and fostering behavioural aspects within the ecosystem.

Khalid Almutawa from NTDP reviewed initiatives accelerating the national tech ecosystem through innovative financial solutions. These efforts generated a cumulative impact of approximately SAR13.41 billion on GDP by Q3 2025 while creating 17,000 jobs. The goal is to establish 10 unicorns by 2026 through increased company numbers and strengthened investments.

Dr. Basma Albuhairan from C4IR highlighted efforts to position Saudi Arabia as a leader in Fourth Industrial Revolution technologies like AI, quantum computing, smart cities, and future mobility. Initiatives include the Quantum Economy Map, collaborative platforms for SMEs, AI in education, and digital governance.

Sadeem Al-Anizan from PIF Private Sector Hub discussed boosting local and international participation in PIF’s giga-projects. She noted over 170 investment opportunities worth more than $10 billion across sectors like renewable energy, mining, telecommunications technology, media, transportation logistics.

The event featured panel discussions where Saudi and Canadian companies showcased their innovative solutions to investors from both countries. Direct business meetings were held between investors and venture capital funds to exchange expertise and explore potential collaboration opportunities in technology innovation.

This gathering underscored the commitment of both nations to foster innovation-driven partnerships that can lead to significant advancements across various sectors while enhancing economic growth.

With inputs from SPA