Latest news with #MohammedbinNasserAlJasser
Arabian Business
2 days ago
- Business
- Arabian Business
PIF launches Tasama to boost Saudi entrepreneurship and tech ecosystem
Saudi Arabia's Public Investment Fund (PIF) has officially launched Tasama Business Services Company, a national platform aimed at transforming the Kingdom's business services landscape and accelerating growth across both public and private sectors. The launch follows the merger of BIAC—a startup incubator and accelerator formerly owned by TAQNIA, another PIF portfolio company—with the PIF's Shared Services Centre, creating a new national champion for integrated business services. Tasama will offer a comprehensive suite of services for startups in Saudi Arabia, including: Accounting and financial support Human resources and procurement services Digital solutions and innovation platforms Startup incubation and acceleration Workspace and co-working solutions PIF launches Tasama in Saudi Arabia The company is designed to support local businesses in both their startup and growth phases while also enabling international companies headquartered in Saudi Arabia to operate more efficiently. Tasama CEO Mohammed bin Nasser Al-Jasser said the company seeks to elevate the business services sector as a strategic industry in the Kingdom and actively contribute to economic diversification by supporting vital sectors. He emphasized the company's commitment to fostering innovation, empowering national talent, and developing Saudi capabilities, building on the achievements of BIAC in the public and private sectors. He added that Tasama aims to play a pivotal role in developing the business services sector, becoming a key partner in shaping its future and promoting the growth of the technology ecosystem and business environment in the Kingdom. The launch aligns with the PIF's strategic ambitions to diversify Saudi Arabia's economy, strengthen its technology and business ecosystems, and enhance private sector participation. Tasama will also help attract and support foreign companies establishing their regional headquarters in the Kingdom—a key goal under the government's regional HQ programme.
Arab News
2 days ago
- Business
- Arab News
PIF launches Tasama to deliver world-class business services in Saudi Arabia
RIYADH: Businesses operating in Saudi Arabia — including international firms setting up regional headquarters — are set to benefit from the launch of Tasama, a new integrated business services platform established by a subsidiary of the Public Investment Fund. Tasama was created through the merger of the Business Incubators and Accelerators Co., previously owned by the Saudi Technology Development and Investment Co. or TAQNIA, with PIF's Shared Services Center. The company aims to support both the public and private sectors, according to an official statement. The launch forms part of PIF's broader strategy to diversify the Saudi economy and deepen its collaboration with the private sector by accelerating the growth of local enterprises and easing the entry of global firms into the Kingdom's business environment. It also comes as PIF surpasses $1 trillion in assets, marking a major global milestone. According to Global SWF, the fund is now shifting focus from rapid expansion to a new phase defined by solvency, strategic discipline, and long-term sustainable returns. 'The company seeks to advance business services as a strategic sector in the Kingdom, and to contribute effectively to supporting economic diversification by providing support to strategic sectors,' said Mohammed bin Nasser Al-Jasser, CEO of Tasama. Al-Jasser added that the company remains committed to 'fostering innovation, empowering Saudi talent, and enhancing national competencies,' building on BIAC's track record across public and private sector partnerships. He further emphasized Tasama's ambition to evolve the business services sector, positioning the firm as a 'key partner in shaping its future and ongoing progress,' while contributing to the expansion of the Kingdom's tech ecosystem and broader commercial landscape. According to the statement, Tasama will offer a full suite of services aimed at boosting operational efficiency, supporting companies through their launch and growth phases, and assisting international firms in establishing their regional bases in Saudi Arabia. The platform will provide end-to-end support, including accounting, human resources, and procurement services, along with access to digital tools, business incubators, and workspace solutions. Tasama also plans to expand nationwide, with the goal of becoming the leading provider of business services across Saudi Arabia. Earlier this month, Global SWF noted that the Kingdom's sovereign wealth fund — which recently posted an 18 percent rise in assets under management to SR4.32 trillion ($1.15 trillion) in 2024 — is now focused on 'solvency over scale' and 'substance over show.' This strategic pivot underscores a broader recalibration of Vision 2030's investment engine, balancing domestic megaproject development with financial discipline, international outreach, and responsible capital deployment.
