$26.6 M fund launched by Extend Group, Rassanah Financial to support Saudi SMEs
Together, the Saudi Arabian businesses Extend Group and Rassanah Financial have established the $26.6 million Extend Fund (SAR100 million) to assist the country’s small and medium-sized businesses (SMEs).
A specialised team from Rassanah Financial will oversee the fund, which aims to empower the domestic talent pool and generate new job opportunities while showcasing and enhancing Saudi culture internationally.
The Extended Fund will prioritize supporting industries like media production, digital media, the arts, and Arab culture.
The Saudi-based “Extend Group,” in partnership with “Rassanah Financial,” a business that specializes in asset management and investment solutions, announced the launch of the “Extend Fund” as a calculated move to support and enhance the growth of small and medium-sized enterprises (SMEs) in Saudi Arabia. In order to foster competition and growth, this initiative stands out as a trailblazing attempt to support innovation and development in industries like digital media, the arts, Arab culture, and media production.
A specialised team from “Rassanah Financial” is in charge of managing the SAR 100 million fund. An alluring investment opportunity for businesses and investors eager to support the growth of this ambitious project is presented by this substantial investment, which aims to empower local talent to showcase and elevate Saudi culture in the international arena in addition to creating new job opportunities.
At the “Extend Group’s” 13th anniversary celebration, which took place at Al-Bujairi Terrace in Diriyah, the fund was revealed. In the same spirit, collaboration agreements were inked with the digital innovation experts “Peaksource Group” and “Intuit.lap” Academy for Design and Strategic Creativity in order to introduce the “Extend Academy.”
With 200 students expected to graduate each year in specializations including creative design, strategic planning, communication consulting, digital innovation, and branding, the academy hopes to provide extensive educational and training programs overseen by global experts. An average of 40 graduates will graduate from each specialization.
In addition, “Extend,” working with key partners including “Crowd Analyzer,” “Tailwind,” and “Emplifi,” unveiled the third iteration of the Digital Performance Report for Ministries in Saudi Arabia. The report’s primary objective is to analyze government entities’ digital media discourse in order to help Saudi Arabia develop its digital government media and stay up to date with digital transformations. It attempts to function as a guide for measuring performance and carrying out investigations and studies in this area.
