{"id":21067,"date":"2021-03-02T11:30:00","date_gmt":"2021-03-02T08:30:00","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=21067"},"modified":"2026-03-27T20:37:50","modified_gmt":"2026-03-27T17:37:50","slug":"waed-taibah-valley-company-collaborate-on-supporting-start-ups-in-emerging-saudi-hub-for-ai-iot-blockchain","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/waed-taibah-valley-company-collaborate-on-supporting-start-ups-in-emerging-saudi-hub-for-ai-iot-blockchain\/","title":{"rendered":"Wa\u2019ed, Taibah Valley Company, collaborate on supporting start-ups in emerging Saudi hub for AI, IoT, blockchain"},"content":{"rendered":"\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Wa\u2019ed, the entrepreneurship arm of Aramco, and Taibah Valley Company, one of Saudi Arabia\u2019s leading hubs for block chain and artificial intelligence development, signed a memorandum of understanding to boost support for start-up firms.\u00a0<\/em><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/saudishopper.com.sa\/ar\/?p=37326\" target=\"_blank\" rel=\"noreferrer noopener\">\u0639\u0631\u0628\u064a<\/a><\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>March 2, 2021<\/strong>&nbsp;\u2013 Wa\u2019ed, the entrepreneurship arm of Aramco, signed a memorandum of understanding (MOU) with Taibah Valley Company, an emerging Saudi hub for artificial intelligence (AI), Internet of Things (IoT), and blockchain development, to support start-ups in Madinah.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The collaboration was signed in a virtual ceremony by Wassim Basrawi, the Wa\u2019ed Managing Director, and Dr. Jaber Faraj Almutairi, the Chief Executive Officer of Taibah Valley Company (TVC). Under the agreement, Wa\u2019ed\u2019s venture capital fund, Wa\u2019ed Ventures, will screen TVC start-ups for potential incubation and investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The announcement comes as Wa\u2019ed continues to expand the Kingdom\u2019s entrepreneurial ecosystem through alliances. Last December, Wa\u2019ed signed an MOU with Namaa Almunawara, the economic development agency in Makkah, and in November, Wa\u2019ed signed an MOU with Oqal, the leading angel investor network in Bahrain and Saudi Arabia. The pacts are designed to share opportunities and resources and cultivate entrepreneurs whose disruptive products and solutions fill gaps in the Saudi economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Established in 2008, Taibah Valley Company launched the Madinah region\u2019s first blockchain development lab in 2018.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The new MOU with Wa\u2019ed will nurture and potentially fund some of the 16 start-ups active at TVC, including five in blockchain applications. Blockchain is a decentralized method of organizing information and services that gives users more control over data. The technology was popularized by Bitcoin, the cryptocurrency that is based on blockchain principles. TVC\u2019s other tech start-ups focus on AI, IoT, augmented and virtual reality, eCommerce, healthcare, trading and retail solutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We are thrilled to collaborate with Wa&#8217;ed, the entrepreneurship arm of Saudi Aramco, which we hope will expand commercial opportunities for start-ups in one of the Kingdom&#8217;s most dynamic hubs for block chain, AI and Internet of Things development,&#8221; said Dr. Jaber Faraj Almutairi, the Taibah Valley Company Chief Executive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TVC is a hub in Saudi Arabia for research and development work in cryptocurrencies, and one of TVC\u2019s start-ups, Nisbah Capital, is an emerging leader in the MENA region in developing commercialized applications that are based on popular blockchain ecosystems such as Tezos, which is used in cryptocurrency development.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wassim Basrawi, the Wa\u2019ed Managing Director, said the partnership is another example of Wa\u2019ed\u2019s outreach to identify and enable the next generation of Saudi entrepreneurs. \u201cWe are proud to be working with Taibah Valley Company and to be providing greater visibility and market access to a growing network of entrepreneurs and start-ups in Madinah. We see tremendous opportunities in digital transformation, and TVC is nurturing these technologies under specialised technology development tracks\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under the MOU, Wa\u2019ed Ventures will liaise with Taibah Valley to screen and evaluate start-ups that are raising venture capital or loan financing, offer virtual incubation and mentorship to entrepreneurs, and connect them to Wa\u2019ed\u2019s innovation ecosystem. Taibah Valley in turn will cultivate promising opportunities for funding, support Wa\u2019ed\u2019s portfolio companies in accessing and expanding in Madinah, and provide a dedicated co-working space to entrepreneurs.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wa\u2019ed, the entrepreneurship arm of Aramco, and Taibah Valley Company, one of Saudi Arabia\u2019s leading hubs for block chain and artificial intelligence development, signed a memorandum of understanding to boost support for start-up firms.\u00a0 March 2, 2021&nbsp;\u2013 Wa\u2019ed, the entrepreneurship arm of Aramco, signed a memorandum of understanding (MOU) with Taibah Valley Company, an emerging [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":21068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":449,"_extra_hide_author_box":"","_extra_featured_post":"0","_partner_post_id":0,"footnotes":""},"categories":[449],"tags":[],"class_list":["post-21067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wa\u2019ed and Taibah Valley - AI, IoT, blockchain start-ups | Saudi Shopper<\/title>\n<meta name=\"description\" content=\"Wa\u2019ed and Taibah Valley sign an MOU to boost support for start-ups in Saudi\u2019s AI, IoT, and blockchain hub. 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