“Waed” Aramco’s entrepreneurial arm, supports more than 100 entrepreneurial businesses in the Kingdom of Saudi Arabia
Saudi Aramco’s Entrepreneurship Center “Waed” was established in 2011 with a mission to nurture Saudi entrepreneurs and their businesses to strive and help develop the Saudi economy.
“Waed” is proud to support more than 100 diverse entrepreneurial businesses in Saudi Arabia by providing the necessary financial support, guidance and tools for entrepreneurs with creative ideas and Start-Ups. “Waed” was keen to acquire creative and unique business ideas in order to steer the wheel of Saudi’s economic growth by the hands of its ambitious national youth. “Waed” is aware of the importance of diversity in the Saudi economy. Therefore, Waed Center has successfully supported multiple distinctive sectors like 13 industrial oil and gas projects, 14 healthcare projects, 6 in the education sector, more than 3 projects in the entertainment and industrial services, more than 3 in food processing field, and several others technology, energy and manufacturing sectors. This variety in supporting projects comes hand in hand with Saudi’s Vision 2030.
Waed Center is devoted to attend entrepreneurial events in search for ambitious Saudi talents who are ready to conquer any challenges or obstacles they may face. The Center will continue to seek opportunities for growth in the Saudi economy and market, where fierce competition continues to rise due to the entry of foreign company investments. The Saudi market has been exposed to noticeable change in the past few years. However, many local businesses proved to be a strong competitor against foreign companies.
Mr. Khalil Alshafei, Waed’s managing director states: “We in Waed are very proud of this accomplishment, and we consider it only the beginning of many achievements to come”. Alshafei added that entrepreneurship in the Kingdom has become a sustainable economy on its own. Therefore, it is evident nowadays that entrepreneurs play a vital role in economic growth around the world.
Waed’s COO Einas Alashger, also claims that not only does Waed financially support SMEs, but also provide the proper guidance in order to help build companies in their early stages, as well as offering workshops and specialized consultations in entrepreneurship.
These accomplishments are a big step forward for the country, doubling the number of diverse local companies that achieved national goals such as localizing jobs, decreasing the independency on foreign labor, providing raw materials and local industries that reduce the need for external imports with highly competitive prices and providing services for remote areas in Saudi Arabia.
In conclusion, Waed Center is honored by these monumental achievements over the past few years and believes that what has been accomplished so far is only a beginning of a success that contributes to the rise of the Saudi market and aligns with the path that the Kingdom is taking to decrease outsourcing and rely on domestic investments.