Saudi's Aramco Entrepreneurship Center continues to supports SMEs

19/10/2017 12:19 AST

The Saudi Aramco Entrepreneurship Center "Wa'ed" launched its pavilion at the 37th GITEX Technology Week that was held at Dubai World Trade Center between 8 to 12 October 2017.

Crown Prince of Dubai His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum opened this year's GITEX. The event is one of the Middle East's largest and popular technology exhibition whereby 4100 companies from 70 countries and from various fields participated this year under the theme "Re-Imagining Reality: Discover a transform and Innovate."

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai paid a visit to "Wa'ed's" Center pavilion where they expressed their delight for the local and international attendance in this annual international event. He described the pavilion as a "creative forum that brings together the majority of international companies with entities and individuals in the UAE and countries in the region."

During a panel discussion on the most important transformations witnessed by the Saudi economy, Mr. Khalil Al Shafei, CEO and Managing Director of Saudi Aramco Entrepreneurship Center Wae'd said: "Over the past few years, Saudi Arabia has witnessed a significant growth in the number of startup support organizations, accelerators, business incubators and funds, for the sake of supporting small and medium enterprises and to increase employment opportunities among Saudi youth in the Kingdom in line with Vision 2030."

The Wa'ed pavilion also welcomed a number of startups and discussed possible support programs to them to support some of their successful Saudi startups.

Wa'ed specializes in the financing of small and medium enterprises through various programs: Wa'ed's loan program for entrepreneurial talents, Wa'ed Seed Fund to encourage creative and innovative entrepreneurs and Wa'ed Venture Capital Program, according to which, Wa'ed is considered as the largest investor in entrepreneurial and start-up projects in the Kingdom of Saudi Arabia.

Other ventures were also present at the GITEX event including FalconViz, Near Motion and many other companies funded by Wa'ed.

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