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BIAC signs 4 agreements to support entrepreneurship and innovation programs

BIAC has signed four agreements for providing support to technology startups in the fields of finance, telecommunication, health insurance, and travel and tourism programs.

Partnerships were signed with Social Development Bank (SDB), Saudi Telecom Company (STC), Al-mosafer, and Bupa Arabia for Cooperative Insurance Company This took place at GITEX Technology Week 2019 BIAC has a diverse portfolio of programs, projects, and initiatives in the field of development of entrepreneurship, innovation and investment

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 strengthened its strategic partnerships by signing four agreements for providing support to technology startups in the fields of finance, telecommunication, health insurance, and travel and tourism programs.

BIAC signed the four agreements with Social Development Bank (SDB), Saudi Telecom Company (STC), Al-mosafer, and Bupa Arabia for Cooperative Insurance Company, during its participation at the GITEX Technology Week in Dubai.

BIAC 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.

The agreement signed between BIAC and 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, in addition to delivering non-financial services by qualifying beneficiary groups through its qualification and training programs.

Read: Saudi Arabia and Jordan boost startup collaboration

Under the agreement, 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 second agreement signed between BIAC and STC stipulates that the latter shall provide facilities to the startups by offering different telecommunication services at competitive prices, to support startups and contribute to reducing their costs.

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 ticket.

Read: Both the UAE and Saudi advance in IMD World Digital Competitiveness ranking

The fourth agreement signed between BIAC and Bupa Arabia for Cooperative Insurance Company focuses on covering the employees of technology startups and their families with health insurance through a range of services and low-cost insurance products.

The agreements and memorandums of understanding were signed by Nawaf Al Sahhaf, CEO of BIAC, with Saeed Al-Zahrani, Assistant Director General of SDB; Abdulrahman Mutrib, Deputy CEO of Seera Group Holding; Mohammed Al Hakbani, Vice President of Enterprise Sales at STC, and Shadi Hassan, Head of Small and Medium Enterprises Department at Bupa Arabia for Cooperative Insurance Company.

Established in 2017, BIAC aims to operate and manage entrepreneurship support platforms, innovation and technology transfer programs, in addition to project management, specialized consultancy, training services and human resource capacity building.