Aramco’s Wa’ed aims to double its support to startups by 2023

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Jeddah

Supporting Saudi entrepreneurs and small and medium-sized enterprises (SMEs) is a core goal of the Kingdom’s Vision 2030 program, with the government aiming to increase the contribution that SMEs make to the gross domestic product (GDP) to 35 percent by 2030, up from 20 percent in 2016.

One of the organizations helping to achieve this target is the Saudi Aramco Entrepreneurship Center (Wa’ed), which is a subsidiary of the world’s largest oil company.

Established in 2011, Wa’ed has so far helped around 90 companies with loans and venture capital investments. It aims to double that number by 2023, with around 20 deals forecast during 2021.—AN

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