DUBAI: Saudi venture capital firm Sukna has partnered with Dubai-based Unifonic to host an entrepreneurship program in the Kingdom, the pair announced in a statement.
The 14-week program, called Unifonic X, will provide mentorship to aspiring entrepreneurs and early-stage ventures to further develop their business concepts, as Saudi Arabia ramps up investment in its startup ecosystem.
About 30 participants will be chosen to join the program, which will be delivered in three phases. They will be teamed up to focus on 10 venture ideas.
The teams will then present their ideas to prospective partners, angel and institutional investors.
“Unifonic and Sukna have put together an impressive consortium of partners to help the founders succeed and graduate successful investible ventures,” Fares Bardeesi, founder of Sukna, said.
“Founders with or without ideas joining this program will go through a structured venture building program while having access to a network of market experts, mentors and advisers thus significantly improving their chances of success,” he added.
Unifonic X is modeled after the Global Innovation Catalyst Innovation Execution program, and gives participants access to Silicon Valley experiences and resources from top universities, the company claimed.
“By launching ‘Unifonic X’, we connect this generation of entrepreneurship with the needed skills and resources to lead and excel,” Saudi deputy minister for future jobs and entrepreneurship, Ahmed Altheneyan, said.
“We are doubling down our investment in emerging technologies and entrepreneurship through various incentives and an integrated ecosystem,” he added.
Saudi VC Sukna, Unifonic launches entrepreneurship program
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Saudi VC Sukna, Unifonic launches entrepreneurship program
- The 14-week program, called Unifonic X, will provide mentorship to aspiring entrepreneurs and early-stage ventures to further develop their business concepts
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
