Riyadh - Mubasher: Saudi Arabia’s Value Makers Studio and the Economic Development Centre joined forces with the Madinah Chamber of Commerce to launch the Al Madinah Ventures programme.
Al Madinah Venture is a $10 million investment fund that aims to attract tech startups to the Saudi governorate, according to a press release.
Launched under the patronage of Prince Salman bin Sultan bin Abdulaziz, Governor of Al Madinah, the programme will position the region as a global hub for entrepreneurship, innovation, and investment.
It is set to attract more than 30 investors annually and launch five new companies each year.
This initiative seeks to unlock the untapped economic potential of Al Madinah, which is home to over 60,000 SMEs and contributes 7% of Saudi Arabia’s GDP.
Abdulrahim Shafie, CEO of the Economic Development Centre, said: “We focus on enhancing collaboration between the public and private sectors to create a dynamic and sustainable economic environment that transforms innovative ideas into successful projects.”
Ghassan Khalifa, Secretary General of the Madinah Chamber of Commerce, added: “By fostering relationships between entrepreneurs and both local and international investors, we are committed to developing Al Madinah’s business ecosystem and creating a fertile ground for innovative ideas to flourish into impactful, sustainable ventures.”
Motaz Abuonq, Founder and CEO of Value Makers Studio, noted: “This programme is built on a clear vision to establish a comprehensive platform where ideas are transformed into reality, with a focus on innovation and empowering Saudi youth to be active contributors to this economic renaissance.”
