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Aramco's Wa'ed signs agreement with Falak Investment Hub to increase Saudi startup funding

Aramcoâs Waâed signs agreement with Falak Investment Hub to increase Saudi startup funding
Saudi Arabia-based Falak Investment Hub has signed a memorandum of understanding (MoU) with Wa’ed, the entrepreneurship arm of Aramco, to increase venture capital investment for early and growth stage Saudi startups.
This marks the fifth alliance by Wa’ed with a startup since December of last year, following previous cooperations with Oqal, Taiba Valley Companies, and Namaa Almunawara among others.
The collaboration will also leverage Falak’s acceleration programme, angel network and entrepreneurial bootcamps.
Founded in 2018 by Adwa Aldakheel, Falak offers VC investments as well investment-backed accelerator programme, and is claimed to have generated SAR550 million ($147 million) for the 17 startups in its portfolio. ....

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New MoU to Support Establishment of Saudi Petrochemical Startups

Tuesday, 16 March, 2021 - 11:45
Saudi Arabia is seeking to implement programs and initiatives to support business and technology startups (Asharq Al-Awsat).
Dammam - Asharq Al-Awsat
Saudi Arabia is seeking to implement programs and initiatives to support business and technology startups. In this context, the Royal Commission for Jubail and Yanbu announced on Monday the signing of a memorandum of understanding with the Saudi Aramco Entrepreneurship Center (Waed), to support the establishment of startups in the petrochemical field.
The MoU aims to support startups in the energy and petrochemical sectors, to fill important gaps in the Saudi economy, and to accelerate the pace of modernization of the Kingdom’s industrial sector. Its scope of work extends to the industrial cities of Jubail and Ras Al-Khair on the Arabian Gulf, and the cities of Yanbu and Jazan for basic and downstream industries on the ....

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Wa'ed, Royal Commission for Jubail & Yanbu, announce start-up alliance

March 15, 2021
RIYADH Wa’ed, the entrepreneurship arm of Aramco, signed a memorandum of understanding (MOU) with the Royal Commission for Jubail & Yanbu to support the creation of new start-ups and SMEs in Saudi Arabia’s two largest industrial cities.
The agreement with the Royal Commission, which oversees the industrial cities of Jubail and Ras Al-Khair on the Gulf, and Yanbu and Jazan City on the Red Sea, is part of Wa’ed’s ongoing campaign to support all SMEs, including those in the energy and petrochemicals sectors, that fill needed gaps in the Saudi economy.
The Royal Commission was set up in 1975 by King Khalid to diversify the Saudi economy by harnessing natural gas from oil extraction to create Saudi’s petrochemicals industry. ....

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Wa'ed, Taibah Valley Company collaborate to support start-ups in emerging Saudi hub

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. ....

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