Page 19 - SAMENA Trends - October 2019

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

source of job opportunities. Statistics show that 50 to 60% of the opportunities Badir Program seeks to support and develop the
total workforce works in enterprises classified as medium or small. technology incubators industry in Saudi Arabia, as well as to
As well as promote the concept of technology entrepreneurship promote the concept of technology entrepreneurship and transform
and transform technology projects into successful business technology projects into successful business opportunities. Badir
Technology Incubators and Accelerators Program is among the
most important national and creative environments supporting
the establishment and growth of entrepreneurial projects and
startups. It was founded in 2007 by King Abdulaziz City for
Science and Technology to support technology-based business
venture opportunities and develop technology entrepreneurship.
Support of companies and startups incubated by Badir Program
to accelerate the development of incubated technologies in this
emerging category whose business ventures graduated from
Badir Incubation Program. The program does this by providing
telecom service and digital solution offers at special prices (within
the powers of the Director General). This supports these startups
in their digital development, provides them with the empowerment
needed to deliver their work, and contributes to reducing their
operational costs.

STC and SIF Conclude a Cooperation Agreement to Promote Local Content
and Create Localization Opportunities

STC has concluded a joint cooperation products’ localization opportunities, and availability of a dedicated, fast track for
agreement with the Saudi Industrial Fund benefiting from the volume of purchases in projects enjoying a purchase agreement,
(SIDF) to promote local content and create major companies. In this respect, Tawteen and the possibility to link purchases with
localization opportunities in various - which contributes to the achievement major national companies and provide
sectors, as part of the Tawteen Program. of the national strategy of increasing consultancy services alike. Within the
This Agreement - signed by STC Group KSA’s local content - offers a number Rawafed program framework, STC has
CEO, Eng. Nasser bin Sulaiman Al Nasser of advantages, including the provision concluded a cooperation agreement
and SIF CEO, Dr. Ibrahim bin Saad Al Mojel of preferential financing terms and with SIDF with a view to transferring
- aims at contributing to the promotion of conditions implying a longer settlement international knowledge and expertise
local and foreign investments to increase period extending up to seven years and a to startup projects, increasing the
local content, as well as at highlighting grace period of two years, as well as the Saudization rate of leadership positions,
supporting SMEs, ensuring industry
localization, as well as supporting
innovation and enabling digitization, as
part of STC’s commitment to achieving the
Saudi Vision 2030 objectives of increasing
the share of local content and enabling
digital transformation. In this context,
it is worth mentioning that Rawafed
managed to achieve a 20-40% increase in
Saudization, in addition to all of its efforts
exerted in supporting small and medium-
sized enterprises and localization of the
industry. In 2018, the development and
expansion of the manufacturing of optic
fibers started to take place, in addition
to the implementation of several plans,
aimed at producing high-tech products
and building 4 innovative centers.

19 OCTOBER 2019