Saudi Arabia (February 8, 2022) – Wadi Makkah Venture, Derq and The Consultants for Business and Development signed a Memorandum of Understanding (MoU) to collaborate together and leverage their combined capabilities and experience in road safety and traffic management to develop and deliver solutions aiming at improving traffic experience and reducing congestion and traffic violations.
This MoU was signed by Mr. Amr Bin AbdulRahman Rowaihi in his capacity as Acting CEO of Wadi Makkah Venture, Dr. Georges Aoude in his capacity as CEO of Derq, and Eng. Ramy Assad Yaghmour, in his capacity as CEO of The Consultants.
Derq, an MIT spin-off and artificial intelligence (AI) company powering the future of roads for the safe and efficient movement of road users and autonomous vehicles, has recently received an investment from Wadi Makkah Venture, after building an award-winning platform powered by patented AI technologies and predictive analytics, and deploying its systems across the USA, Europe, and the UAE. Derq is looking to contribute to the development of smart infrastructure throughout the Kingdom in general and the Holy City in particular, through cooperating with The Consultants for Business and Development, a business consulting company that has more than 20 years of experience in combining professional consultancy methods, business know-how, international technological expertise, and traffic safety.
Wadi Makkah Ventures aims to invest in local and international start-ups that provide services and technologies to improve and develop the quality of the services in the Hajj and Umrah sector, to make Makkah a smart city and the Hajj and Umrah journey more convenient. Fulfilling this goal requires attracting international companies and investing in them and enabling them to enter the Saudi market to achieve the vision of the Kingdom of Saudi Arabia 2030 through supporting the local economy by attracting international investments to Saudi Arabia, exchanging experiences, and transferring knowledge to Saudi youth.