Wa’ed has recommended a combined 10.2 million SAR in seed grants and loans to six Saudi entrepreneurs as the entrepreneurship arm of Aramco began a six-city national roadshow in Jubail to fund the best new start-ups.
The 2021 Wa’ed Entrepreneurship Roadshow recommended loans be issued to Ahmad Alkhowaiter, the first Saudi producer of a ubiquitous oil and gas drilling compound; Motlaq Almotairy, founder of Saudi’s first radioisotopes firm; and Abdullah Al Otaibi, the founder of a company that converts used cooking oils into biofuels.
Wa’ad also recommended incubation seed funding grants to Nawaf Alabra, founder of a new-generation B2B platform; Ahmed Abdulmohsen, founder of a business software maker that manages infrastructure, buildings and lighting; and Muhannad Alhamed, founder of a smart home automation solutions maker based on IoT technology.
The recommendations were made before a socially distanced gathering of 50 entrepreneurs, investors and officials at the Al Fanateer Conference Center in Jubail.
Wa’ed roadshows will also be held this year in Yanbu, Jeddah, Riyadh, Madinah and Makkah. Wa’ed is selecting Saudi-based entrepreneurs for loans, incubation services and venture capital investment. The roadshows are being hosted by Mohammed Almousa, a Saudi entrepreneur and broadcast presenter for MBC television.
“The start-ups we recognize tonight in Jubail are part of a new wave of Saudi-based entrepreneurs who are driving economic growth and diversification in the Kingdom,” said Fahad Alidi, the Wa’ed Managing Director.
Created as a wholly owned venture of Aramco in 2011, Wa’ed has helped drive growth of the Kingdom’s entrepreneurial ecosystem by deploying more than 400 million SAR in VC investment, loans and incubation services into more than 100 Saudi-based start-ups.
The Jubail roadshow highlighted industrial manufacturing and services and drew entrepreneurs from a range of fields. The event was sponsored by The Royal Commission for Jubail & Yanbu, which oversees the Kingdom’s largest industrial zones.
Future roadshows will focus on drones, security technology, reverse engineering, petrochemicals, environmental tech, fintech, supply chains, tourism and hospitality, among other sectors.
“The Royal Commission welcomes the Wa’ed Entrepreneurship Roadshow to Jubail, one of the Kingdom’s most important industrial hubs,” said Mohammed Alzahrani, General Manager for Investment at the Royal Commission for Jubail & Yanbu. “The entrepreneurs recognized today are the catalysts of our tomorrow.”
Wa’ed recommended a non-collateral loan be issued to SICCO, a maker of calcium bromide, a ubiquitous compound in oil and gas drilling used to regulate wellbore pressure. SICCO will also be the first domestic producer of this essential product.
Modern Isotopes, the first Saudi company to manufacture, store and dispose of radioisotopes for industrial and healthcare use, was also recommended for a loan, as was Green Energy, a start-up that aims to convert waste cooking oil into biofuels.
Wa’ed recommended that e-procure, a B2B platform built on blockchain technology to change how businesses interact, receive an incubation seed grant. Also recommended was AshyaTech, maker of business software to manage infrastructure, streetlights, buildings and facilities, and Home Run, a tech start-up providing smart home automation solutions based on Internet of Things (IoT) technology.
Entrepreneurs recommended for loans and incubation support must pass Wa’ed background checks. The next Wa’ed Entrepreneurship Roadshow will be on September 21 in Yanbu.
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About Wa’ed
Wa’ed is the entrepreneurship arm of Saudi Aramco and the largest and most active institutional venture capital investor for Saudi-based start-ups, providing end-to-end support in mentoring, incubation, loan financing and venture capital investment. Established by Saudi Aramco in 2011 to harness the Kingdom’s entrepreneurial spirit, Wa’ed is an essential enabler of new business growth and economic diversification through its loan financing activities and Wa’ed Ventures VC arm, which oversees a $200 million investment fund and a portfolio of 30+ Saudi-based companies. Based in Dhahran, Saudi Arabia, Wa’ed is a fully owned venture of Saudi Aramco. www.waed.net
About the Royal Commission for Jubail & Yanbu
The Royal Commission for Jubail & Yanbu oversees the largest industrial zones and cities in the Kingdom in Jubail, Yanbu, Ras Al-Khair and Jazan. The commission is a major promoter of investment in the Saudi petrochemicals and energy-intensive industries and a driving force for economic diversification and localization of industry in the Kingdom through its extensive networks of partnerships with investors, industry and other key stakeholders. www.rcjy.gov.sa
For more information please contact:
Emi O’Connor Kevin O’Brien
E: emi.oconnor@waed.net E: kevin.obrien@waed.net
Yasmeen Almattaboli
E: Yasmeen.almattboli@hkstrategies.com
© Press Release 2021
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