Strengthening and diversifying the Saudi economy entails developing an ecosystem of small-and medium-sized enterprises that can capitalize on innovations and opportunities.
A key enabler of such ecosystem is The Aramco Entrepreneurship Center (Wa’ed), located in Dhahran Techno Valley Company (DTVC) on the campus of the King Fahd University of Petroleum and Minerals (KFUPM). Wa’ed is a business incubator that offers entrepreneurship training and mentorship programs, non-collateralized loans or venture capital partnering, and assistance in forging alliances with key stakeholders to foster human capital development, funding, and access to markets.
Wa'ed: Aramco's enterpreneurship arm
By combining deep sector knowledge and a collaborative team that is diligent, dynamic, and engaging, Wa'ed is harnessing potential business ideas and cultivating a great atmosphere that empowers every new generation of entrepreneurs.
In 2016, Wa’ed funded 12 projects and five investment deal proposals were approved. Since Wa’ed’s inception, $74 million has been committed to nearly 75 companies, including ventures in the medical sector, commercialization of technology, localization of our upstream value chain, and innovative solutions such as online payments.
With the expectation that Wa’ed supported startups can create nearly 3,000 jobs, it is positioned to play a vital role in our knowledge-based economy.