BIAC signs 4 agreements to support Saudi tech startups

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 to provide support to technology startups, it said in a statement on Thursday.

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

The first agreement signed with SDB aims to provide the necessary funding for startups, as well as delivering non-financial services by qualifying beneficiary groups through its qualification and training programs.

The second agreement with STC will offer facilities to the startups through different telecommunication services at competitive prices, which will help to reduce startup costs.

The third agreement signed with Seera Group's consumer travel brand Almosafer will offer special offers and discounts on hotel bookings, tourist packages, and air tickets to technology startups.

The final agreement with 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.

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.