iGate and Alawwal Capital sign a memorandum of understanding to finance and grow emerging companies in Saudi Arabia

iGate, the Saudi innovation gateway, has announced its success in signing a memorandum of understanding with Alawwalcapital to finance and accelerate the growth of technology and innovation startups.

The signing ceremony took place on the sidelines of the prominent “Leap” technology conference in the Saudi capital, Riyadh, from March 4 to 7, 2024, under the theme “New Horizons.”

The purpose of the agreement is to attract tech startups in line with the Kingdom’s Vision 2030 investment goals.

iGate, headquartered in the Eastern Province and currently with its main office in Riyadh, aims to create a more efficient and cost-effective innovative environment through the continuous development in Saudi Arabia and comprehensive progress within the framework of Vision 2030, especially in the entrepreneurship sector to support the technology industry.

iGate aims to enter a growing market in the next year by offering unique models for business incubators and accelerators, working within an integrated system for entrepreneurs across various pioneering sectors in Saudi Arabia.

Alawwalcapital, licensed by the Saudi Arabian Capital Market Authority with a paid-up capital of 50 million Saudi Riyals, offers wealth and asset management services, investment services, financing arrangement, financial consultancy, and business development services.

Alawwalcapital began its operations in 2008 under the leadership of Dr. Saleh Jameel Melhaika, believing in the importance of wealth development in Islamic societies and preserving gains for future generations, concurrently with the accelerating pace of the global economy at present, to play a leading role in achieving investment and financing objectives for companies and individuals.

Saudi Arabia successfully hosted the third edition of the prominent “Leap” technology conference in Riyadh from March 4 to 7, 2024, under the theme “New Horizons,” with the participation of over 18,000 exhibitors from leading technology companies worldwide.

The conference was organized by the Ministry of Communications and Information Technology, the Saudi Federation of Cybersecurity, Programming, and Drones, the “Tahaluf” company, in addition to the General Authority for Small and Medium Enterprises “Monsha’at,” with the participation of a distinguished group of experts and speakers.

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