RIYADH: The Misk Foundation on Wednesday signed a memorandum of understanding (MoU) with Hub71, Abu Dhabi鈥檚 global tech ecosystem.
The MoU was signed during the three-day Misk Global Forum in Riyadh, and outlines steps toward creating a more dynamic market for startups in 黑料社区 and the UAE.
鈥淎t Misk, we鈥檙e committed to empowering as many young people around the world to realize their potential in the future economy,鈥 said Shaima Hamidaddin, executive manager of the forum.
At Misk, we鈥檙e committed to empowering as many young people around the world to realize their potential in the future economy.
At Misk, we鈥檙e committed to empowering as many young people around the world to realize their potential in the future economy.
Shaima Hamidaddin, executive manager of the Misk Global Forum
鈥淎 vital part of that is supporting innovative entrepreneurship and exciting founder-led ideas. This strategic MoU with Hub71 will allow us to create a more open and dynamic environment for these startups and others in the future, to grow, flourish and succeed.鈥
Mahmoud Adi, CEO of Hub71, said the MoU 鈥渕eans that Hub71 startups will have better access to the flourishing Saudi market. It also opens up a world of possibilities between two aligned ecosystems looking to develop a more collaborative approach to sharing market insights, investor relationships, strategic partnerships as well as co-working spaces.鈥
The MoU outlines steps toward building a larger shared ecosystem aimed at helping startups access the UAE and Saudi markets by offering shared in-market business development insights, introductions to investors, and mentor networks and strategic partnerships; business services and mentorship from local and international experts; and access to a close-knit community and ecosystem that support entrepreneurs.聽
Meanwhile, Hub71 was named the UAE鈥檚 national organizer for the Entrepreneurship World Cup (EWC) 2020, which is an integral part of the Misk Global Forum.
Hub71 startups will have better access to the flourishing Saudi market. It also opens up a world of possibilities between two aligned ecosystems looking to develop a more collaborative approach to sharing market insights.
Mahmoud Adi, CEO of Hub71
The EWC is a global startup and pitch competition. Winners will have the chance to be shortlisted for the Hub71 Incentive Program.
鈥淲e鈥檒l be on the hunt for UAE鈥檚 best startups from each of the 鈥 seven emirates and proudly showcasing the winning ideas to represent 鈥楾eam UAE鈥 at the EWC 2020 next November,鈥 Adi said.聽
The EWC鈥檚 inaugural 2019 edition has attracted entries from over 100,000 entrepreneurs, across various sectors, from 187 countries.
Entrants are competing to win cash prizes, global mentorship and support services, as well as the chance to relocate to Abu Dhabi for the Hub71 Incentive Program, which includes up to 100 percent subsidized living, office space and health care for two years.
