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Saudi Arabia-based Extend Group has launched a $26.6-million Extend Fund in partnership with Rassanah Financial, an asset management and investment solutions firm, to support small- and medium-sized enterprises in Saudi Arabia.

The focus of the extended fund will be to support sectors such as digital media, arts, Arab culture, and media production, according to Wamda.

The fund, which is managed by a specialised team from Rassanah Financial, aims to create job opportunities and empower national talent to showcase Saudi culture globally.

Extend Group announced the fund during its 13th-anniversary celebration in Diriyah. Cooperation agreements were also signed with Intuit.lap Academy for Design and Strategic Creativity and Peaksource Group for the launch of the Extend Academy.

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With an average of 40 graduates per specialisation, the academy aims to offer programmes in creative design, strategic planning, communication consultancy, digital innovation and branding under the supervision of international experts.

Meanwhile, Extend, in collaboration with strategic partners such as Crowd Analyzer, Tailwind and Emplifi, has released the third edition of the Digital Performance Report for ministries in Saudi Arabia, analysing government entities’ digital media discourse to facilitate digital transformation and development.