OREANDA-NEWS. March 27, 2014. Wa’ed held its third semi-annual entrepreneurship meeting and exhibition at the Technical Exchange Center.

The meeting, which was presided over by Motassim A. Al-Ma’ashouq, Saudi Aramco’s vice president of New Business Development, was attended by businessmen and presidents of major agencies specializing in entrepreneurship that are interested in supporting small and medium enterprises in the Kingdom. Other attendees included Wa’ed strategic partners, representatives from Saudi universities and Saudi Aramco officials.

The event provided an opportunity for entrepreneurs to meet with the entities that funded their projects and gave them a chance to meet with decision makers and agencies that can help their enterprises develop and thrive. The meeting was part of the post-funding support that Wa’ed provides to all the enterprises it has supported.

“This forum comes to gather entrepreneurs with Saudi Aramco’s decision makers, businessmen and our strategic partners to provide the appropriate opportunities to develop new enterprises and overcome all difficulties that small and medium enterprises may face,” Al-Ma’ashouq said. “We are about to establish a distinctive orientation program to support innovative ideas to help their owners to transform them to successful firms. For this reason, this forum is considered a practical assurance of Wa’ed’s commitment to its mission to provide post-funding support to entrepreneurs, and I am totally confident that the attendees will benefit from this important forum by building strong relationships with officials and consultants whom we shall meet today under one roof to help Wa’ed-supported enterprises thrive and grow,” he added.  

The forum featured an accompanying exhibition consisting of more than 20 booths that displayed a number of Wa’ed supported enterprises. Entrepreneurs had the opportunity to introduce their activities and showcase their work to the attendees with the goal of possible commercial, technical and industrial cooperation and experiences sharing.

“Wa’ed has recently doubled its efforts in supporting entrepreneurs,” said Jamal Naboulsi, Wa’ed executive director. “Funding committed by the company has reached SR165 million allocated to support 22 small- and medium-size enterprises, in addition to 10 other larger projects by means of venture capital. Wa’ed will also cooperate soon with permanent international agencies to launch an international contest to search for innovative solutions for technical and economic challenges facing the Kingdom such as water desalination. The hope is that this contest will provide solutions that will contribute to transferring and employing technology and support the Saudi economy in many areas,” he added.

Wa’ed strives to support and fund 250 small and medium-enterprises in the next five years with SR1 billion and create quality and well-paying new jobs by supporting young entrepreneurs and small and medium enterprises through loans and partnership.