Riyadh – Mubasher: Business Incubators and Accelerators Company (BIAC), a subsidiary of the Saudi Technology Development and Investment Company (TAQNIA), owned by the Public Investment Fund (PIF), has signed four agreements for providing support to technology startups in the fields of finance, telecommunication, health insurance, and travel and tourism programs.
The four deals were signed with Social Development Bank (SDB), Saudi Telecom Company (STC), Al-mosafer, and Bupa Arabia for Cooperative Insurance Company, during BIAC’s participation at the GITEX Technology Week in Dubai, according to BAIC’s statement on Thursday.
TAQNIA unit has a diverse portfolio of programs, projects, and initiatives in the field of development of entrepreneurship, innovation and investment, such as Dulani Business Center, Badir Technology Incubators and Accelerators, Water Innovation Centre, Industrial enterprises accelerator along with an accelerator for outputs of last years’ Hajj Hackathon.
BIAC’s agreement with SDB aims to provide the necessary funding, through SDB products, for startups enrolled in incubators and accelerators managed and operated by BIAC in Saudi Arabia.
Moreover, it will deliver non-financial services by qualifying beneficiary groups through its qualification and training programs.
“SDB will provide funding support to startups, as per SDB's financing policies and regulations for the technology startup portfolio amounting to SAR 1 billion, in addition to providing non-financial solutions and services for qualifying startups through various programs including qualification, training and empowerment,” the statement highlighted.
As for the agreement between BIAC and STC, the telecom company will provide facilities to the startups by offering different telecommunication services at competitive prices, to support startups and contribute to reducing their costs.
On the other hand, the third deal with Seera Group will offer technology startups special offers, and discounts on hotel bookings, tourist packages, and air tickets.
Under the fourth agreement, Bupa Arabia will focus on covering the employees of technology startups and their families with health insurance through a range of services and low-cost insurance products.
