Wa’ed, the entrepreneurship arm of Aramco, has nearly doubled its financial support to Saudi startups to SR19.1 million ($5.1 million) during an event in Yanbu, following the SR8.9 million in grants last week.
The investment company issued two loans and three incubation seed grants to five new startups during the event, which took place at the King Fahd Cultural Center.
Startups in the petrochemical sector were the highlight of the Yanbu roadshow, while future shows will focus on drones, security technology, reverse engineering, tourism among others.
“With this second round of support in Yanbu, Wa’ed is broadening its commitment to the next generation of ambitious Saudi entrepreneurs,” Fahad Alidi, Wa’ed’s managing director, said.
Wa’ed recommended loans to Rawabet, a supplier of auto and appliance parts, and Tech Air, a developer of air filtration and sanitization systems for buildings.
The three startups that were granted seed funds were Buy Sell Online Marketing Company, a platform for comparative price quotes for chemicals; Rama Farms, which develops hydroponics and aquaponics farm environments; and Sorting Medical Waster, a female-led medical waste disposal project.
These were all part of Wa’ed’s national roadshow to find and fund Saudi startups, with future events planned in Jeddah, Riyadh, Madinah, and Makkah through December 6.
The next event will be in Jeddah on October 5.