March 02, 2021
Wa’ed, the entrepreneurship arm of Aramco, and Taibah Valley Company, one of Saudi Arabia’s leading hubs for blockchain and artificial intelligence development, signed a memorandum of understanding to boost support for start-up firms.
RIYADH — Wa’ed, the entrepreneurship arm of Aramco, signed a memorandum of understanding (MOU) with Taibah Valley Company, an emerging Saudi hub for artificial intelligence (AI), Internet of Things (IoT), and blockchain development, to support start-ups in Madinah.
The collaboration was signed in a virtual ceremony by Wassim Basrawi, Wa’ed managing director, and Dr. Jaber Faraj Almutairi, chief executive officer of Taibah Valley Company (TVC). Under the agreement, Wa’ed’s venture capital fund, Wa’ed Ventures, will screen TVC start-ups for potential incubation and investment.