Business Incubators and Accelerators Company (BIAC) has announced a new initiative to expand its footprint in the burgeoning startup ecosystem in Saudi Arabia. Under the new initiative, the company has entered four strategic partnerships to facilitate better telecommunication, finance, travel, and health insurance services to the startups under its wings.
The organizations that entered new partnerships with BIAC via these four agreements include the Social Development Bank (SDB), Saudi Telecom Company (STC), Bupa Arabia for Cooperative Insurance Company, and Al-mosafer. All four of these agreements were signed on the sidelines of the GITEX Tech Week in Dubai.
For those out of the loop, BIAC is a subsidiary of the Saudi Technology Development and Investment Company (TAQNIA), which in turn, is a part of the Kingdom’s Public Investment Fund.
The company boasts quite a large portfolio of projects, programs, and initiatives in the fields of investment, innovation, and entrepreneurship development
BIAC’s newly forged partnership with SDB is geared towards funding promising startups enrolled in accelerators and incubators managed by BIAC in the Kingdom. The agreement with STC will ensure that the startups associated with BIAC will receive superior telecommunication services at competitive prices.
“The third agreement signed with Seera Group’s flagship consumer travel brand Almosafer will offer technology startups special offers, and discounts on hotel bookings, tourist packages, and air tickets,” read the company’s announcement.
Meanwhile, the agreement with Bupa Arabia for Cooperative Insurance Company will enable all startups under BIAC’s wings to offer comprehensive health insurance schemes to their employees without having to spill a ton of money.