Aramco’s Wa’ed allocates $60m for startups in 2022: CEO

RIYADH: The Aramco Entrepreneurship Center, also known as Wa’ed, has already spent $60 million as venture capital investments for Saudi startups this year as the country steadily diversifies its economy, disclosed a top official.

Speaking on the sidelines of the second edition of the Fintech Accelerator Program in Riyadh, Fahad Alidi, the CEO of Aramco Entrepreneurship Center, said that Wa’ed had during the event granted seed funding of SR50,000 ($13,312) each to three fintech startup firms.