In an effort to draw in tech firms and promote innovation in Madinah, Al Madinah Ventures has established a $10 million investment fund.

Value Makers Studio, the Economic Development Center, and the Madinah Chamber of Commerce are working together on this project, which intends to make the area a center for economic growth and entrepreneurship.

Madinah is home to more than 60,000 small and medium-sized businesses and presently accounts for 7% of Saudi Arabia’s GDP. It intends to start five new businesses annually and draw in over 30 investors by 2025.

The Madinah Chamber of Commerce’s structural and logistical assistance makes it easier for investors and entrepreneurs to connect, creating a long-lasting atmosphere for creative endeavors including cooperation between the public and private sectors.

The program’s main goal is to empower Saudi youth by giving them the entrepreneurial skills they need to launch successful businesses through the SaudiPreneur initiative. To further improve international ties, The Bridge program also seeks to integrate foreign startups into the Saudi market.

In the past, Value Makers Studio has supported over 350 entrepreneurs, generated over 800 jobs, and invested a total of $180 million in 10 firms.