Wa’ed, the entrepreneurship unit of Aramco, entered a strategic partnership with OQAL Angel Investors Network last week by signing a Memorandum of Understanding (MoU). Per this partnership, both entities will combine their resources to expedite the process of startup investment in Bahrain and Saudi Arabia.
OQAL’s reach as a leading early-stage investors group in both these countries will likely play a key role in the execution of the objectives highlighted in the MoU.
The MoU was inked in a virtual ceremony participated by Wa’ed’s Managing Director Wassim Basrawi, OQAL founder Faris Al Rashed; OQAL Bahrain founder and President Khaled Zainalabedin; and OQAL Saudi Arabia CEO Latifa BaNasr.
In the coming weeks and months, OQAL will channel promising startups from Bahrain and Saudi to Wa’ed Ventures, which currently has an investment portfolio of more than 30 companies.
Additionally, both entities also plan on putting up a united front to help startups with other agendas such as further innovation, diversification, digital transformation, and so on.
“We are pleased to announce this collaboration with OQAL, which has pioneered angel investing in Saudi Arabia and Bahrain. This is the first in a series of efforts by Wa’ed that aim to increase the intensity of our investment activity in Saudi Arabia and the Middle East,” said Mr. Basrawi said.
He added, “At Wa’ed, we are committed to helping grow the next generation of Saudi-based start-ups. Through this partnership with OQAL, we want to accelerate promising ideas and entrepreneurs and strengthen our ecosystem.”
Faris Al Rashed, Founder & Chairman of OQAL, chipped in by sayinng, “Access to early stage investment financing is key to help nurture start-ups, and our partnership with Wa’ed Ventures, a strong backer of Saudi-based start-ups, is invaluable.”