Wa’ed, the entrepreneurship arm of Aramco, signed a memorandum of understanding (MOU) with OQAL Angel Investors Network, the leading early-stage investor group in Saudi Arabia and Bahrain, in a move to accelerate the pace of start-up investment in both countries.
The collaboration aims to accelerate investment opportunities and promote start-ups that further innovation, digital transformation and economic diversification.
Per the deal, OQAL will channel promising start-ups for potential investment to Wa’ed Ventures, which is the largest and most active institutional VC investor for Saudi-based start-ups.
Notably, Wa’ed Ventures has a portfolio of 30+ Saudi-based companies. In addition
The MOU was signed in a virtual ceremony by Wassim Basrawi, the Wa’ed Managing Director, Faris Al Rashed, Chairman and Founder of OQAL, and Khaled Zainalabedin, the President and Founder of OQAL in Bahrain. The ceremony was also attended by Latifa BaNasr, the Chief Executive Officer of OQAL in Saudi Arabia.
“We are pleased to announce this collaboration with OQAL, which has pioneered angel investing in Saudi Arabia and Bahrain. This is the first in a series of efforts by Wa’ed that aim to increase the intensity of our investment activity in Saudi Arabia and the Middle East,” Basrawi said.
For his part, Faris Al Rashed, Founder & Chairman of OQAL, said the arrangement with Wa’ed Ventures will give young business founders a chance to shape the region’s economic future.
“Access to early stage investment financing is key to help nurture start-ups, and our partnership with Wa’ed Ventures, a strong backer of Saudi-based start-ups, is invaluable.”
Also, Khaled Zainalabedin, the President and Founder of OQAL in Bahrain, said: “We are very excited about this collaboration, which opens doors for Bahraini entrepreneurs and Bahraini start-ups to a significant source and access to both financial and business support as they expand their presence and operations across the Kingdom of Saudi Arabia and the Gulf.”
The partnership is the first of its kind by Wa’ed, which Aramco set up as a leading entrepreneurship center in 2011 to support Saudi-based businesses that diversify the economy and contribute towards economic development in the Kingdom.
Over the years, Wa’ed has invested in such successful Saudi start-ups as FalconViz, a maker of drones for mapping, surveying and monitoring, and Hazen.ai, which uses artificial intelligence to improve road and traffic safety.