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  • 08-09-21

    Six local startups receive USD2.71M grants, loans from Aramco’s arm, Wa’ed

    (MENAFN)Six local startups in the first of Wa’ed’s six stops on its nationwide roadshow, received grants and loans that amounted at SR10.2 million (USD2.71 million). The first group of winners contain a maker of radioisotopes that is utilized in medical imaging technology, and a company that transforms used cooking oil into biofuels for use in diesel cars.

    The entrepreneurship arm of Aramco, Wa’ed, started a six-city national roadshow in Jubail to finance the Kingdom’s best new startups. The roadshows bring an element of Shark’s Tank TV show to Saudi Arabia with a top local TV personality bringing competition to the selection of winning entrepreneurs.

    According to Fahad Alidi, Wa’ed managing director, “The startups we recognize tonight in Jubail are part of a new wave of Saudi-based entrepreneurs who are driving economic growth and diversification in the Kingdom.”

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