Saudi Aramo Entrepreneurship Center to double start-up investments in the next 2-3 years
JEDDAH: On Tuesday, it received applications from third-party street vendors for Waad, Saudi Aramo Enterprise Center in collaboration with King Abdullah University of Science and Technology (KAUST) Job Center in Jeddah.
Looking at the innovative ecosystem today, WAAD Managing Director Fahad Alidi said they will double their investments in the next two to three years.
“There is no doubt that the road show was a huge success. We had over 600 brilliant applications on the street scene. This makes us very excited for the next stops. We are in Riyadh, then we will finish our road show in Medina, then in Mecca, ”he told Arab News.
But the street show is just the beginning of a long-term relationship with us and our entrepreneurs. We help them grow not only in Saudi Arabia but also across borders. Partnership with WAAD means access to core infrastructure and our network. As they grow older, we will be with them on their journey. ”
He said the center’s investment strategy is based on quality, profitability and the impact on the creative system in the government. “We are looking for innovative ideas and products that meet the needs of critical people. We are not for profit only. We are partners in growth. ”
He said Waed focused on five high-impact strategic domains. Sustainability, Social, Digital, Industry and Manufacturing.
“Sustainability and socialization are driven by our deep sense of responsibility to the environment and society. At a time when the government is undergoing digital transformation, industrial and manufacturing are two important pillars of the government’s economic development history, ”he said.
According to Hatan Ahmed, head of KAUST Entrepreneurship Center, KAUST seeks access to deep and innovative technology start-ups.
He said the center aims to expand open online classes with a target of 100,000 students next year. “We are working with SABB in Saudi Arabia and expanding our main competitor TAQADAM to new markets in Mena,” he said.
The KAUST Entrepreneurship Center is committed to building talent through a variety of programs, including more than 71,000 students, boot camps, hacking, and creative challenges, and academic courses offered to students at KAUST.
“The center supports founders to support their travels and start-ups and connect them with industry players and eco-players,” he said.
He added, “The KAUST Entrepreneurship Model was built around creating a knowledge exchange zone to support founders and make an impact on their journey.
Mohammed al-Humali, a Saudi doctor and consultant who uses new technologies and artificial intelligence to improve health care services in the healthcare sector, explained how the center has supported the business.
Mavidi won the first round of the road show with a cash prize of SR75,000. “Waed has given us this platform to encourage entrepreneurship and has given us the advice and guidance we need as a start,” he said.