Over SR7mln Allocated Wa’ed Center to Launch 4 Start-up Companies

Wa’ed Center for Entrepreneurship, at the Saudi Aramco, has allocated around 7.65 million, in support of 4 startup companies, in the sixth and final leg of Wa’ed’s Entrepreneurship Tour, that was held in the holy city of Makkah.

The event, which was organized, in partnership with Wadi Makkah Investment company, of the Wadi Makkah Technology company, at Umm Al-Qura University.

It attracted Saudi technology-based start-ups, in various fields, such as e-commerce, Internet of things (IoT) and educational technology.

The total financial support allocated by the Wa’ed center for entrepreneurs, with the conclusion of its last leg of the tour, since the beginning of its tour, in September until December, has risen to more SR46 million, divided among 28 Saudi entrepreneurs, whose startups qualified them to join the programs of venture capital, loans for the incubators. The jobs that the center shall be provide for them, following passing the latest joining procedures.

The Managing Director of Waed Center, Eng. Fahd Al-Eidi considered this support as a strong incentive for the start-up companies that participated in various stations of the tour.

The Wa’ed tour constituted the ideal platform to present the ambitions and goals of the emerging generation, and the perfect opportunity to provide investment and entrepreneurial support for these young people, by opening the field for submission to all emerging entrepreneurs, and with its keenness to support the most innovative and advanced startups.

The event included the center’s announcement of its investment, in a financial technology company, with a value of SR7.5 in the form of a bold capital investment, to provide financing solutions for small and medium-sized companies, including financing solutions, in the field of the supply chain, and the use of investment support provided to fill the financing gaps for those companies that representing the SMEs, challenging to obtain credit risk ratings, which directly affects cash flows.

Wa’ed center, in Makkah station, also announced the allocation of an initial grant of SR70 thousand to the first-place winning company.