Following its decision to provide SR8.9 million in new loans and grants, Wa’ed nearly doubled its financial support to Saudi-based start-ups to SR19.1 million at a national entrepreneurship roadshow.
Wa’ed recommended two loans and three incubation seed grants to five new start-ups at the socially distanced meeting at the King Fahd Cultural Center in Yanbu. At its inaugural roadshow in Jubail on 6 September, Wa’ed set aside SR10.2 million for six start-ups.
The Yanbu roadshow emphasized the petrochemicals industry and attracted entrepreneurs from a multitude of sectors. Drones, security technology, reverse engineering, green technology, banking, and tourism will be among the topics covered during the remaining roadshows.
Fahad Alidi, the Wa’ed Managing Director, commented: “With this second round of support in Yanbu, Wa’ed is broadening its commitment to the next generation of ambitious Saudi entrepreneurs.”
Wa’ed’s financial support for Saudi-based entrepreneurs throughout the campaign is expected to increase as the Aramco entrepreneurship arm continues its national tour, which includes roadshows in Jeddah, Riyadh, Madinah, and Makkah until 6 December.
“With this second round of support in Yanbu, Wa’ed is broadening its commitment to the next generation of ambitious Saudi entrepreneurs”
In Yanbu, Wa’ed proposed loans to Rawabet, Saudi Arabia’s first provider of rubber rings, grommets, and other parts for the auto and appliance industries, as well as Tech Air (Surrati), the developer of a next-generation air filtration and sanitization system for buildings.
Wa’ed recommended an SR75,000 seed grant to Buy Sell Online Marketing Company, a start-up platform that allows companies to compare chemical prices; an SR50,000 seed grant to Rama Farms/iRAMA, a creator of hydroponics and aquaponics farm environments using advanced smart technologies; and an SR25,000 seed grant to Sorting Medical Waste, a female-led project developing a smart device to sort medical waste for safe disposal.
The awards were given out at an event hosted by The Royal Commission at Yanbu
The awards were given out at an event hosted by The Royal Commission at Yanbu, which oversees one of Saudi Arabia’s largest industrial zones.
The next Wa’ed Entrepreneurship Roadshow will be held on 5 October in Jeddah. Applications are open to entrepreneurs through November.