Page 32 - UNIFONIC PR REPORT - DECEMBER 2023

12/27/23, 2:11 PM PRESSR: Unifonic selected in first cohort of National Technology Development Program’s Bridge initiative — TradingView News
The National Technology Development Program plays a crucial role in advancing

the technology ecosystem in Saudi Arabia. Through various interventions and
support mechanisms, it enhances effectiveness and fosters sustainable growth,

aligning with the initiatives of other stakeholders. Additionally, the program

empowers key enablers in the technology market, who strive to position the

country as a preferred regional hub for innovation and industry investment.

Under the program, Bridge Initiative participants, including Unifonic, can

leverage various benefits to enhance their regional and global presence. One of
the key benefits for national companies in the IT and emerging technologies

sector is the extensive support to increase local market share and global

exports. Similarly, the program encourages the local private sector to embrace

IT solutions, initiatives, applications, and services. It also helps attract both

local and global companies that support innovation and research centers that

are key for the IT sector. Furthermore, NTDP contributes to the localization of
the IT sector, particularly by increasing local content in the field of emerging

technologies.

Unifonic’s selection in the initiative marks a significant step in its long-standing

commitment to support its client base in the Middle East region. Since its

inception in 2006, the company consistently developed its product line and

offers an affordable enterprise-grade multilingual and omnichannel
communications platform across the region. Furthermore, Unifonic achieved a

groundbreaking milestone by securing over USD 21 million in the largest-ever

Series A financing for a Saudi startup in 2018. The subsequent Series B round

saw an impressive increase, with the startup raising a remarkable USD 125

million.

In recent years, Saudi Arabia experienced substantial growth in its

entrepreneurial ecosystem, driven by the Saudi Vision 2030. The growing
startup community reflects the country’s commitment to diversifying its

economy and decreasing its dependence on oil trade. Currently, the Saudi

startup community is well-positioned as a hub for innovation and disruption in

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