Outlier Ventures, a Web3 accelerator with over 300 portfolio projects in DeFi, AI, new Data economy, Blockchain, metaverse and more, has announced the launch of its Riyadh KSA Base Camp Program.

The Base Camp Program, will start in early September 2024 for a duration of 12 weeks. Investments will reach up to $100,000 to help startups who are accepted relocate to Saudi Arabia.

As per Outlier Ventures website, the Riyadh-based program will take the strongest founders across the region’s most promising technology verticals, giving them the resources they need to build industry-defining startups.

Outlier Ventures adds, that the Riyadh-based programme marks the beginning of a concerted focus on the MENA region. In accelerating the local deep-tech Web3 landscape. The accelerator is working with the best builders in sectors of local comparative advantage. These may include Gaming, Smart cities, AI, and Digital Identity.

Stephan Apel, CEO and Founding partner of Outlier Ventures stated, “The partnership with the NTDP (National Technology Development Program) marks an important milestone for the Outlier Venture’s presence globally and we are very much committed to the MENA region. Some of the best teams in our portfolio are based here and, through the accelerator program, I am excited to see the growth of many more.”

The National Technology Development Program of Saudi Arabia under the Ministry of Communications and Information Technology. The objective of the NTDP is to support the development of the technology ecosystem. Aside from supporting accelerators, the NTDP offers a number of direct support initiatives that founders may be able to access in the future after successfully graduating.

Ibrahim Neyaz, CEO of NTDP, “We are thrilled to partner with Outlier Ventures to achieve the goals of this partnership by working together to support the ecosystem of technology startups in Saudi Arabia. This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. By harnassing their extensive global expertise and advanced capabilities in the Web3 industry, Outlier Ventures will bring tangible value and make significant contributions to enhancing the Kingdom’s technological infrastructure.”

Salwa Radwi, Founder of NFT platform Nuqtah and the entrepreneur in residence at the Riyadh Base Camp program noted that Riyadh is the next big thing for startups, given the untapped potential in Riyadh’s startup scene, the opportunities for business ecosystem and the resources and support being offered to ambitious founders.