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Saudi Arabia Seeks to Accelerate Startups’ Growth

Saudi Arabia Seeks to Accelerate Startups’ Growth

Friday, 8 January, 2021 - 11:15
Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. REUTERS/Faisal Al Nasser

As part of the Saudi government efforts to harness successful projects in the national economy to support the employment of its nationals, the Human Resources Development Fund (Hadaf) signed a cooperation agreement to promote the employment of male and female citizens in e-services applications.

The agreement - signed by Hadaf Director General Turki Al-Jawini and the CEO of Jahez, the Saudi food delivery startup, Ghassab Al-Mandeel, comes in line with the employment support program, which covers all professions and economic activities in the private sector.

In remarks on the occasion, Al-Jawini affirmed the Fund’s commitment to “enhance training opportunities in partnership and cooperation with the private sector in order to develop national skills in a manner that ensures sustainability and career growth.”

Logistics and delivery application companies were among the main sectors that saw their business double in growth during the Covid-19 pandemic. The number of companies listed with the Communications and Information Technology Commission has risen by more than 300 percent.

Meanwhile, Saudi Aramco’s Entrepreneurship Center (Wa’ed) signed a memorandum of understanding with Namaa Al Munawara, an agency concerned with economic development in the Madinah region.

The agreement aims to explore ways to accelerate the growth of startups in one of the most dynamic and vibrant new business centers in the Kingdom.

Wa'ed and Namaa Al Munawara Center will work to “identify, support, direct and train promising startups to contribute to creating job opportunities in the Madinah region,” according to Saleh Bek, CEO of Nama Al Munawara.

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