- Al Madinah Ventures aims to establish a USD 10M fund by 2025 to support startups in Saudi Arabia.
- The program focuses on job creation, economic diversification, and empowering Saudi youth through innovation.
- Backed by key collaborators, it seeks to attract 30+ investors annually and launch five startups each year.
A Bold New Chapter in Saudi Innovation
Under the patronage of HRH Prince Salman bin Sultan bin Abdulaziz, Al Madinah Ventures program has been launched. The program, led by Value Makers Studio, the Economic Development Center, and the Madinah Chamber of Commerce, sets ambitious goals. It aims to establish a USD 10 million investment fund by 2025 and attract over 30 investors annually.
“The Al Madinah Ventures program is a significant step toward achieving the goals of Saudi Vision 2030 by fostering entrepreneurship and attracting investments that contribute to economic diversification.”
Abdulrahim Shafie, Economic Development Center CEO
Al Madinah is home to over 60,000 SMEs and contributes 7% of Saudi Arabia’s GDP, making it a prime candidate for economic revitalization. Collaborating organizations bring extensive expertise: Value Makers Studio alone has invested in startups valued at over USD 180 million and created 800 jobs.
Unleashing Saudi Arabia’s Startup Potential
Al Madinah Ventures reflects Saudi Arabia’s broader push to diversify its economy away from oil reliance. The program is part of Vision 2030’s strategy to empower entrepreneurs and build a knowledge-based economy.
Saudi Arabia has emerged as a vibrant hub for venture capital, with its ecosystem witnessing a 72% increase in funding in recent years, according to Magnitt. Al Madinah Ventures taps into this momentum, with initiatives like The Bridge to attract startups and SaudiPreneur to develop skills.
This initiative is set to disrupt the traditional business landscape in Al Madinah, propelling the kingdom as a key destination for global investors and innovators. With its USD 10 million fund and focus on innovation, Al Madinah Ventures has a long way to go to create a significant ripple effect.
Building an Innovation-Driven Economy
Looking ahead, Al Madinah Ventures’ impact extends beyond the startup world. By fostering innovation, it can accelerate job creation, empower youth, and drive sustainable economic growth. Its focus on collaboration between the public and private sectors ensures a cohesive approach to transforming ideas into impactful ventures.
“By fostering relationships between entrepreneurs and both local and international investors, we are committed to developing Al Madinah’s business ecosystem and creating a fertile ground for innovative ideas to flourish into impactful, sustainable ventures.”
Ghassan Khalifa, Madinah Chamber of Commerce Secretary General
Programs like SaudiPreneur could help nurture the next wave of tech-savvy entrepreneurs. Furthermore, attracting international startups through The Bridge initiative opens doors for cross-border innovation and knowledge exchange.
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