Business Incubator & Accelerator Company

Nawaf Al Sahhaf served as CEO from BIAC's 2017 founding until the July 2025 merger with PIF's Shared Services Center. He operated under the governance of TAQNIA, BIAC's direct parent, with ultimate ownership held by the Public Investment Fund. Al Sahhaf also represented BIAC in external ecosystem roles, including as a board member of Global Entrepreneurship Network Saudi Arabia.

BIAC was structured as a government-anchored incubator operator rather than a blind-pool venture fund. It created and managed physical and programmatic incubation environments — such as the Badir Technology Incubators, Dulani Business Center, and the Water Innovation Centre — and deployed state-directed capital through partnership facilities like the SAR 1 billion SME portfolio with the Social Development Bank.

In July 2025, BIAC merged with PIF's Shared Services Center to form Tasama Business Services Company, a new entity consolidating back-office and entrepreneurial support functions under Saudi Arabia's sovereign wealth fund. The merger effectively dissolved BIAC's standalone incubator mandate while preserving its operational infrastructure and certain legacy incubator licenses within the PIF ecosystem.

BIAC combined incubation services with equity deployment. It operated sector-specific accelerators that likely took equity stakes in participating ventures, and it co-managed a SAR 1 billion funding portfolio with the Social Development Bank. The full instrument mix — grants, equity, venture debt — is not publicly disaggregated.

BIAC's incubators focused on industrial technology, water innovation, enterprise software, and dual-use technology localization, aligning with TAQNIA's broader mandate to commercialize technology for Saudi Arabia's sovereign priorities. The Industrial Enterprises Accelerator and Water Innovation Centre reflected explicit sector mandates.