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Saudi Aramco’s Wa’ed increases funding for start-ups

Saudi Aramco's Wa'ed increases funding for start-ups

Since Aramco launched the Saudi Aramco Entrepreneurship Center (Wa’ed) in 2011, to promote entrepreneurship in the Kingdom, it has served as an enabler of new business growth and economic diversification through its loan financing. Wa’ed aims to serve as a vital facilitator for the country’s business sector development and economic diversification.

The center offers start-ups loan funding, venture capital, and incubation services to help entrepreneurs make a significant impact in the selected industries.

In terms of the number of loans, the Saudi Aramco Center for Entrepreneurship “Wa’ed” increased the percentage of lending to new and developing enterprises in the Kingdom by 2020.

As part of the center’s attempts to provide financial support for entrepreneurs in the Kingdom, it is injecting more funds to support enterprises by investing in company capital.

Wa’ed also allocated SAR 43 million for venture capital investments, an increase of 34% compared to 32 million riyals in 2019.

It indicated that the number of financed loans in 2019 amounted to 4, while the number of loans increased to 12 in 2020.

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