Extend Group and Rassanah Financial Unveil $27 Million Fund
The fund is expected to help foster innovation and advancement across various education, training, arts, and culture sectors.
Saudi Arabian Extend Group has teamed up with Rassanah Financial, an asset management and investment solutions firm, to introduce the Extend Fund to fortify the landscape for small and medium-sized enterprises (SMEs) in the kingdom.[1]
The fund is expected to help foster innovation and advancement across various sectors, including digital media, the arts, Arab culture, and media production. A specialized team from Rassanah Financial will be in charge of managing the Extend Fund, which has a valuation of SAR100 million ($26.66 million).
It also aims to generate employment opportunities and empower local talents to showcase and enrich Saudi culture globally.
The fund's announcement took place during the 13th anniversary celebration of Extend Group at Al-Bujairi Terrace in Diriyah. Concurrently, collaboration agreements were inked with Intuit.lap Academy for Design and Strategic Creativity, as well as Peaksource Group, specializing in digital innovation, to inaugurate the Extend Academy.
The Extend Academy is envisioned as a platform offering comprehensive educational and training programs under the guidance of international experts. Its mission is to graduate 200 students annually across various specializations, including creative design, strategic planning, communication consulting, digital innovation, and branding, with an average of 40 graduates per specialization.