Saudi Arabia-based companies Extend Group and Rassanah Financial, a company specializing in asset management and investment solutions, have partnered to launch a $26.6 million Extend Fund aimed to support Saudi small and medium-sized enterprises (SMEs).
This initiative emerges as a pioneering effort to stimulate innovation and development in sectors such as digital media, arts, Arab culture, and media production, thereby providing a fertile environment for competition and growth.
The fund is valued at SAR100 million and is managed by a specialised team from Rassanah Financial.This significant investment aims not only to create new job opportunities but also to empower national talents to highlight and enhance Saudi culture on the global stage, presenting an attractive investment opportunity for companies and investors interested in contributing to the expansion of this ambitious project.
During the 13th anniversary celebration of the Extend Group,held at Al-Bujairi Terrace in Diriyah, the fund was announced. In the same context, cooperation agreements were signed with Intuit.lap.Academy for Design and Strategic Creativity and Peaksource Group, specializing in digital innovation, to launch the Extend Academy.
The academy aims to offer comprehensive educational and training programs under the supervision of international experts, targeting the graduation of 200 students annually in creative design, strategic planning, communication consulting, digital innovation, and branding specializations, with an average of 40 graduates per specialization.
Additionally, Extend launched the third edition of the Digital Performance Report for Ministries in Saudi Arabia, in collaboration with strategic partners such as Crowd Analyzer, Tailwind, and Emplifi.
The report focuses on analyzing the digital media discourse of government entities, contributing to keeping pace with digital transformations and developing digital government media in Saudi Arabia. It aims to serve as a reference for performance measurement and conducting research and studies in this field.