Wa’ed doubles its financial support to Saudi- based startups

Funding News

Wa’ed nearly doubled its financial support to Saudi-based startups to SAR19.1 million during a national entrepreneurship roadshow, following its decision to issue SAR8.9 million in new loans and grants at an event in Yanbu.

The socially distanced gathering at the King Fahd Cultural Center in Yanbu saw Wa’ed recommend two loans and three incubation seed grants to five new startups. Wa’ed on September 6 set aside SAR10.2 million for six startups at its first roadshow in Jubail.

The Yanbu roadshow highlighted the petrochemicals sector and drew entrepreneurs from a range of fields. The remaining roadshows will focus on drones, security technology, reverse engineering, green tech, fintech and tourism, among other sectors.

“With this second round of support in Yanbu, Wa’ed is broadening its commitment to the next generation of ambitious Saudi entrepreneurs,” said Fahad Alidi, the Wa’ed Managing Director.

Wa’ed’s financial support to Saudi-based entrepreneurs during the campaign is set to rise further as the entrepreneurship arm of Aramco continues its national tour with roadshows planned in Jeddah, Riyadh, Madinah and Makkah through December 6.

Created as a wholly-owned venture of Aramco in 2011, Wa’ed has helped drive the growth of the Kingdom’s entrepreneurial ecosystem by deploying more than 400 million SAR in VC investment, loans and incubation services into more than 100 Saudi-based start-ups.

The next Wa’ed Entrepreneurship Roadshow will be held on October 5 in Jeddah. Applications are open to entrepreneurs through November.

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