AI Chip Startup Groq Secures $1.5 Billion Investment From Saudi Arabia

by THEFUTURE.TEAM

February 11, 2025

Groq, a U.S.-based AI semiconductor startup, has secured a $1.5 billion commitment from Saudi Arabia to expand its advanced AI chip delivery in the country. The startup, founded by a former Alphabet AI chip engineer, specializes in AI inference chips that optimize speed and execute commands for pre-trained models.

Groq already has a partnership with Aramco Digital, the tech arm of oil giant Aramco, through which they developed a key AI hub in the region in December. The investment will fund the expansion of Groq’s data center in Dammam, with the startup having obtained the necessary licenses to export its chips despite U.S. export controls.

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The announcement was made at Saudi Arabia’s LEAP 2025 event, where the country also secured $14.9 billion in AI investments. One of the technologies supported by the Dammam Center is Allam, an AI language model developed by the Saudi government that operates in both Arabic and English.

In August, Groq raised $640 million in a funding round led by Cisco, Samsung, and BlackRock, bringing its valuation to $2.8 billion.

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Applications Open For Cyprus Youth Entrepreneurship Awards 2026

by THEFUTURE.TEAM

June 9, 2026

The Cyprus Chamber of Commerce and Industry (Keve) has opened applications for the 2026 edition of its Youth Entrepreneurship Awards, which are being held for the ninth consecutive year.

Overview Under Presidential Auspices

Held under the auspices of President Nikos Christodoulides, the initiative recognises entrepreneurs under the age of 40 across sectors including commerce, industry, services, tourism, shipping, research, innovation, technology and culture. This year’s edition also introduces a new category for young entrepreneurs from the Cypriot diaspora based in Greece and the United Kingdom.

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Comprehensive Eligibility And Criteria

Applications are open to entrepreneurs who have established their own businesses, as well as successors leading family-owned companies. Eligible businesses must primarily operate in Cyprus, while the newly introduced diaspora category applies to entrepreneurs based in Greece and the United Kingdom. The awards are open to both newly established ventures and established businesses undergoing leadership transitions.

Rigorous Evaluation Process

A special committee appointed by Keve will rigorously assess contenders on multiple fronts. Evaluation criteria include entrepreneurship, innovation, business performance, reputation, social responsibility and the development of new products or services. The committee will also assess leadership, personal contribution to business growth and future development plans. Additional factors include environmental responsibility, efficient use of resources, sustainability initiatives, international expansion and job creation.

Awards Ceremony And Strategic Partnerships

Nominations must be submitted by July 17, 2026, through the online application process. The awards ceremony is scheduled for October 7, 2026, and will bring together influential business leaders and innovators from Cyprus and abroad. The initiative is organised in collaboration with Thessalonikis Dromena magazine and supported by the Ministry of Energy, Commerce and Industry and Eurobank.

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