Aramco’s Wa’ed signs deal to boost venture capital investment

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The agreement was signed at Wa’ed’s headquarters in Dhahran by Falak’s founder and CEO Adwa Aldakheel and the managing director of Wa’ed, Wassim Basrawi. (Supplied)
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The agreement was signed at Wa’ed’s headquarters in Dhahran by Falak’s founder and CEO Adwa Aldakheel and the managing director of Wa’ed, Wassim Basrawi. (Supplied)
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Updated 29 April 2021
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Aramco’s Wa’ed signs deal to boost venture capital investment

  • The investment hub also offers local entrepreneurship podcasts, incubation and acceleration programs for government entities

JEDDAH: Saudi Aramco’s entrepreneurship arm Wa’ed signed a collaboration agreement with the Falak Investment Hub to help drive venture capital investment in the Kingdom.

The agreement was signed at Wa’ed’s headquarters in Dhahran by Falak’s founder and CEO Adwa Aldakheel and the managing director of Wa’ed, Wassim Basrawi.

Falak is a hybrid firm between a startup accelerator, co-working space, angel network, and an investment firm targeting regional tech startups focusing on Saudi Arabia.

Founded in 2018 by female entrepreneur Adwa Aldakheel, Falak’s portfolio of startups has generated combined revenue of more than SR550 million ($146.67 million).

“With the robust platforms and complementary resources our organizations bring to the table, I am confident this cooperation will enable us to fund more entrepreneurs and innovators that will add value to the Kingdom’s venture capital ecosystem,” Basrawi said in a press conference.

Both organizations aim to exploit synergies to improve early stage and growth stage startups’ chances of success through support with training programs, market access, and mentorship.

“The Saudi entrepreneurial ecosystem grows through alliances and this collaboration with Wa’ed will leverage the synergies between our companies to benefit entrepreneurs across the Kingdom,” Aldakheel said. Falak launched the first angel-backed acceleration program in Saudi Arabia and has 15 startups in its investment-backed acceleration program.

It has graduated two batches of startups from its flagship acceleration program while applications for a third batch are currently open until the end of May.

The investment hub also offers local entrepreneurship podcasts, incubation and acceleration programs for government entities.

virtual boot camps across the Middle East and North Africa, and an angel network partnered with Saudi Venture Capital.

The agreement with Falak is Wa’ed’s fifth alliance announced since December.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.