Truos was established in 2000 as a local factory for small mechanical parts where it used to meet the needs of small companies in the Eastern Province of Saudi Arabia. Later on, Truos received an approval to be financed by Wa’ed in 2011, which transformed it into a full-fledged factory that specializes in different mechanical manufacturing services such as metal cutting and forming metal parts such as gears, cylindrical axles, blades and large metals in the Eastern Province. Nowadays, the factory covers the needs of more than 120 clients in the Kingdom.
In addition, Mr. Abdul Hafiz Al Khunaizi stated that with the expansion of the factory, they have focused on recruiting young talented Saudis as a great contribution to localize the jobs (saudization) in the Kingdom. Currently, there are more than 15 Saudi engineers working in the factory. Mr. Abdul Hafiz also added that the factory opened its doors to train the Saudi students who wish to join and contribute in raising the level of Saudi industry.
Mr. Khalil Alshafei mentioned that Wa’ed Center is interested in supporting and financing Saudi projects that will achieve strategic goals such as localizing jobs (saudization) and investing in the Saudi youth and manufacturing new products and local factories which will enhance self-sufficiency and will reduce the proportion of external imports in Saudi Arabia.
Saudi Aramco Entrepreneurship Center was established in 2011 to ignite the spirit of entrepreneurs in Saudi Arabia and to accelerate the promising chances through developing Start-Ups and SMEs in addition to developing the economy in Saudi Arabia and supporting the Saudi ecosystem for entrepreneurship and innovation.
Wa’ed supports the value-based projects and the ones that are compatible with the vision of 2030 that aims to develop the local economy and to create distinctive job opportunities and to diversify the kingdom dependency on oil and gas. It also funds projects for a huge number of sectors including healthcare, education, energy, technology, automated technology, food processing, advanced preparation, entertainment, e-commerce, lifestyle, and many other sectors.