Wa’ed, OQAL Angel Investors Network to collaborate on start-up investing in Saudi Arabia and Bahrain

Published 04 Dec,2020 via bizbahrain - Wa’ed, the entrepreneurship arm of Aramco, signed a memorandum of understanding (MOU) with OQAL Angel Investors Network, the leading early-stage investor group in Saudi Arabia and Bahrain, in a move to accelerate the pace of start-up investment in both countries.

The MOU was signed in a virtual ceremony by Wassim Basrawi, the Wa’ed Managing Director, Faris Al Rashed, Chairman and Founder of OQAL, and Khaled Zainalabedin, the President and Founder of OQAL in Bahrain. The ceremony was also attended by Latifa BaNasr, the Chief Executive Officer of OQAL in Saudi Arabia.

Under the agreement, OQAL will channel promising start-ups for potential investment to Wa’ed Ventures, the VC arm of Wa’ed, which is the largest and most active institutional VC investor for Saudi-based start-ups. Wa’ed Ventures has a portfolio of 30+ Saudi-based companies. In addition to accelerating investment opportunities, the collaboration aims to promote start-ups that further innovation, digital transformation and economic diversification.