Riyadh - Sharikat Mubasher: The Emirate of Al-Madinah Province launched the Medina Ventures program to position Al-Madinah as a global hub for entrepreneurship, innovation, and investment.
The program aims to establish a $10 million investment fund by 2025 to foster startups, attract 30 investors yearly to back high-potential ventures, invest in five new startups annually, and attract more regional and global startups to Saudi Arabia, a recent statement revealed.
It was designed to drive job creation, stimulate innovation, and bolster the province's growth.
This initiative was unveiled by the Province's Governor Salman Al-Saud during the Madinah Investment Forum, which takes place on December 22–23.
the Emirate's Economic Development Center, the Madinah Chamber of Commerce, and Value Makers Studio (VMS), Medina Ventures seeks to unlock the untapped economic potential of Al-Madinah, which is home to over 60,000 small and medium enterprises and contributes 7% of Saudi Arabia’s GDP.
Abdulrahem Shafea, CEO of the Emirate's Economic Development Center, said: “The Al Madinah Ventures program is a significant step toward achieving the goals of Saudi Vision 2030 by fostering entrepreneurship and attracting investments that contribute to economic diversification. 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.”
On his part, Motaz Abuonq, Founder and CEO of VMS, commented: “This program 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.”
With the extensive expertise of VMS, which invested in 10 startups valued at over $180 million, supported more than 350 entrepreneurs, and created over 800 jobs, the program is founded on strong fundamentals. Initiatives such as The Bridge program will enable international startups to enter the Saudi market, while SaudiPreneur will equip Saudi youth with the skills needed to establish impactful startups.
