Skip to main content

Saudi Arabia approves two new AI companies

Saudi Arabia and the UAE are both intent on growing their artificial intelligence sectors.

The Saudi Ministry of Finance announced Monday that it approved two more artificial intelligence companies to operate in the kingdom. The ministry tweeted that Faceki and QVALON now have entrepreneurial licenses in Saudi Arabia.

Faceki, which has offices in Bahrain and the United States, sells facial recognition software that is used to verify identities. The company announced in August that it raised an undisclosed amount of seed funding in a round led by Riyadh-based Nama Ventures. Seed funding pertains to early-stage startups. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 for annual access.