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29-05-23

stc Group's InspireU Accelerator Empowers Entrepreneurs, Fuels Digital Innovation in Saudi Arabia

(MENAFN) In its ongoing dedication to fostering innovation and driving the digital economy in Saudi Arabia, the stc Group has facilitated investments totaling over SR700 million ($186.6 million) for entrepreneurs through its InspireU accelerator. During the graduation ceremony of the accelerator's ninth batch, the group announced plans for expansion by introducing a new program focused on supporting emerging technologies, as reported by the Saudi Press Agency.

Speaking at the event, Moataz Al-Anqari, Chief Investment Officer of the stc Group, highlighted the instrumental role played by the InspireU accelerator in nurturing entrepreneurship within the Kingdom. He emphasized that the accelerator is an integral part of the company's strategy to promote innovation and drive the digital transformation of various sectors.

Since its inception, the InspireU accelerator has supported more than 90 digital projects across a wide range of domains, with investments and financial transactions reaching a market value of SR12 billion ($3.1 billion). Furthermore, the projects launched under InspireU have benefitted over 40 million users, illustrating the significant impact of the accelerator in the digital landscape of Saudi Arabia.

Al-Anqari further announced the upcoming launch of a new program under InspireU, aimed at empowering businesses by enhancing their revenue streams and market competitiveness. This expansion reflects stc Group's commitment to continually support and nurture entrepreneurial ideas, facilitating their transformation into successful projects.

The graduation ceremony was attended by Mohammed Al-Faisal, Chairman of stc Group, Group CEO Olayan Al-Wetaid, and Haytham Al-Ohali, Vice Minister of Communications and Information Technology. Their presence demonstrated the significance and support given to InspireU and its contribution to driving the digital economy in Saudi Arabia.

Al-Anqari highlighted that InspireU projects have created more than 600,000 job opportunities, underscoring stc's commitment to not only fostering the digital economy but also driving job creation and supporting local content. Through these initiatives, stc Group continues to empower entrepreneurs, accelerate innovation, and strengthen the Kingdom's position in the global digital landscape.
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