Misk Innovation partners with 500 Startups to encourage entrepreneurism

Around 500 applicants of young MENA-based companies have applied for the program, 21 of which were selected to start the program. (Misk Innovation Twitter account)
Updated 28 January 2019
Follow

Misk Innovation partners with 500 Startups to encourage entrepreneurism

  • Misk Innovation has previously signed the partnership with 500Startups which has contributed in establishing 2,000 new companies in 60 countries

JEDDAH: Misk Innovation has announced that it is partnering with 500 Startups to launch an accelerator program for entrepreneurism.

The program, starting on January 27, 2019, will work on encouraging innovative ideas to help create jobs and raise the contribution of entrepreneurship to GDP, a statement on the Saudi Press Agency has said.

Around 500 applicants of young MENA-based companies have applied for the program, 21 of which were selected to start the program, and move forward with their emerging companies into the global business community.

The internet-based mobile travel app Mosafir is also a partner in the program to facilitate traveling.

Misk Innovations has previously signed the partnership with 500Startups which has contributed throughout 8 years in establishing 2,000 new companies in 60 countries around the world.

The agreement offers an important chance where both parties work on creating a stimulating environment for entrepreneurship.

Speaking on the occasion, Misk Innovation Executive Director Dima Al-Yehia stressed that the program is a real beginning to discover promising young talent that can lead companies capable of strengthening the economy of the future.

On his part, Essam Bin Saleh Al Dhokair, Deputy Governor of 500 Startups: “We are working in establishments to prepare, implement and support programs and projects to spread the culture and thought of entrepreneurship, entrepreneurial spirit, entrepreneurship and innovation.”


Saudi Arabia launches initiative to reroute Gulf cargo to Red Sea ports

Updated 7 sec ago
Follow

Saudi Arabia launches initiative to reroute Gulf cargo to Red Sea ports

  • The initiative comes as shipping through the Strait of Hormuz has been severely disrupted by the widening conflict in the region
  • Since the US and Israel struck Iran last month, Tehran has moved to restrict passage through the waterway

 

RIYADH: Saudi Arabia has launched an initiative to redirect shipping from ports in the Arabian Gulf to its Red Sea ports amid the ongoing US-Israel-Iran war.

Transport Minister Saleh Al-Jasser, who also chairs the Saudi Ports Authority (Mawani), launched the Logistics Corridors Initiative alongside Zakat, Tax and Customs Authority Governor Suhail Abanmi, Mawani President Suliman Al-Mazroua, and other officials, the Saudi Press Agency reported.

The initiative will establish dedicated operational corridors to receive containers and cargo redirected from ports in the Kingdom's Eastern Region and other Gulf Cooperation Council states to Jeddah Islamic Port and other Red Sea coast ports.

Al-Jasser said the Kingdom was committed to ensuring supply-chain stability and the smooth flow of goods through global trade routes. Jeddah Islamic Port and other west coast ports, he added, were already playing a key role in accommodating shipments redirected from the east, while also linking Gulf cargo to regional and international markets.

The initiative comes as shipping through the Strait of Hormuz has been severely disrupted by the widening conflict in the region. Iran has long threatened to close the strait — the world's most critical oil and gas chokepoint, through which roughly a fifth of global oil supplies pass — in the event of a war.

Since the US and Israel struck Iran last month, Tehran has moved to restrict passage through the waterway, sending freight rates soaring and forcing shipping companies to seek alternative routes.

Saudi Arabia's Red Sea ports offer a viable bypass, connecting Gulf cargo to global markets without passing through the strait.