Riyadh - Sharikat Mubasher: The Emirate of Al-Madinah Province launched Medina Ventures, a $10 million early-stage venture fund, to foster Saudi startups and promote innovation.

Medina Ventures seeks to create a sustainable business environment by forging strategic partnerships with public and private entities, according to the Emirate's announcement.

The initiative was unveiled by the Province's Governor Salman Al-Saud during the Madinah Investment Forum, which takes place on December 22–23.

Abdulrahem Shafea, CEO of the Emirate's Economic Development Center, stated that launching the Medina Ventures represents a significant milestone in achieving Vision 2030 goals, particularly those centered on fostering entrepreneurship and diversifying the national economy.

Spearheaded by Emirate's Economic Development Center, the Madinah Chamber, and Value Makers Studio, Medina Ventures aims to attract 30 investors and establish five startups annually as of 2025, focusing on initiatives designed to attract startups and upskill Saudi talent, such as The Bridge and SaudiPreneur.

It is worth noting that Al-Madinah Province is home to more than 60,000 small and medium-sized enterprises (SMEs), contributing 7% to Saudi Arabia's gross domestic product (GDP).