Ministry of National Economy Announces Financial Grants for Nine Startups Worth $1.6 Million

SadaNews - The Ministry of National Economy announced today, Sunday, the signing of the "Joint Investment Grants" agreements under the project to support private sector innovations / Phase II (IPSD II) with nine Palestinian startups operating in the fields of artificial intelligence, e-commerce, educational technology, data analytics, technology solutions in the real estate sector, and logistics technology.

The value of the grants amounted to approximately 1.6 million US dollars, financed jointly by the World Bank and the European Union, against parallel investments exceeding 3.5 million US dollars from local and regional investors. These interventions are expected to contribute to maintaining and creating more than 160 direct and indirect job opportunities in the upcoming period, especially in the rapidly growing tech sectors.

During the signing ceremony at the ministry's headquarters, Minister of National Economy Mohamed Al-Amour confirmed that this type of program represents an effective tool to increase investors' confidence in the Palestinian market, as the joint investment model helps reduce risks for startups and encourages local and international investors to enter into funding partnerships that have economic and developmental impacts.

The minister also indicated that the ministry is committed to and continues to work on developing the legislative and regulatory environment for businesses, to enable companies to play their role in the development process, enhance investment partnerships, and create job opportunities to strengthen the resilience, growth, and sustainability of the Palestinian economy, despite the economic and financial challenges facing Palestine.

In the same context, IPSD II Project Manager Saeed Abu Hajleh confirmed that these agreements represent a qualitative step towards establishing a Palestinian system capable of innovation and enhancing the readiness of startups for growth and entry into new markets. He pointed out that the project works to connect promising companies with strategic investments that contribute to expanding their economic impact and solidifying their presence in the Palestinian entrepreneurial scene.

Below are the names of the companies that received the grant:
1. DataQueue (Jobify Electronic Solutions)
2. SyncMe (SyncMe Technology)
3. Nabeeh (Nabeeh E-commerce Application)
4. Siraj (Siraj Student Services and Career Guidance)
5. MENA Analytics (Cross Tab for Market Research and Studies)
6. Olivery (Rubik Tech for Programming)
7. Vatrin (Vatrin for Clothing and Shoe Trade)
8. Mental (Lucid Technologies)
9. Turqat (Car Service for Information Technology)

About the Private Sector Innovation Support Project - Phase II
The Private Sector Innovation Support Project - Phase II is one of the Ministry of National Economy's projects, funded jointly by the World Bank and the European Union, and implemented by Development Alternatives Inc. (DAI). The project, valued at 24.5 million US dollars, aims to improve economic opportunities for technology-enabled startups, innovative small and medium enterprises, and individuals working in the digital economy in the West Bank. It also aims - in case of a crisis or emergency that requires intervention - to respond quickly and effectively to those situations.