Misk Foundation signs MoU with Hub71 to foster startups

Shaima Hamidaddin, executive manager of the Misk Global Forum, and Mahmoud Adi, CEO of Hub71, sign MoU to create a more dynamic market for startups in Saudi Arabia and the UAE. (Photo/Supplied)
Updated 14 November 2019
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Misk Foundation signs MoU with Hub71 to foster startups

  • MoU outlines ways to create a more dynamic market for startups in Saudi Arabia and the UAE

RIYADH: The Misk Foundation on Wednesday signed a memorandum of understanding (MoU) with Hub71, Abu Dhabi’s 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 Saudi Arabia and the UAE.

“At Misk, we’re committed to empowering as many young people around the world to realize their potential in the future economy,” said Shaima Hamidaddin, executive manager of the forum.

At Misk, we’re committed to empowering as many young people around the world to realize their potential in the future economy.

At Misk, we’re 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

“A 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.”

Mahmoud Adi, CEO of Hub71, said the MoU “means 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.”

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. 

Meanwhile, Hub71 was named the UAE’s 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.

“We’ll be on the hunt for UAE’s best startups from each of the … seven emirates and proudly showcasing the winning ideas to represent ‘Team UAE’ at the EWC 2020 next November,” Adi said. 

The EWC’s 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.


Ramadan ‘Basta’ stalls blend heritage, community and entrepreneurship in Jeddah

Updated 7 sec ago
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Ramadan ‘Basta’ stalls blend heritage, community and entrepreneurship in Jeddah

  • Spread across the city, these stalls form a vibrant social and cultural scene that reflects the identity of the community and the depth of its heritage
  • Stalls are no longer limited to Jeddah’s historic district or set up outside homes selling simple snacks such as French fries. Instead, they have evolved into a concept embraced by many aspiring entrepreneurs

JEDDAH: During Ramadan, the city of Jeddah takes on a different spirit. Neighborhoods and house entrances are decorated with bastat (street stalls) that recall the charm of traditional markets and the authentic character of Hijazi culture.

Spread across the city, these stalls form a vibrant social and cultural scene that reflects the identity of the community and the depth of its heritage.

This Ramadan season, however, has seen a new wave of creativity in the world of bastat. The stalls are no longer limited to Jeddah’s historic district or set up outside homes selling simple snacks such as French fries. Instead, they have evolved into a concept embraced by many aspiring entrepreneurs.

One example this year was the stalls at Batterjee Medical College, which attracted large crowds from across Jeddah. The gathering began after the Isha prayer and continued until about 3 a.m.

Another popular gathering took place in the Al-Zahra district, where several stalls came together in a unified and neatly designed setting.

Visitors could sample a wide range of foods, including balila (spiced chickpeas), fries, liver sandwiches, satay, cookies and many other treats.

These stalls have helped revive neighborhoods in Al-Balad and have become popular attractions for residents and visitors from diverse backgrounds.

They have created seasonal job opportunities for young men and women, and for many, the initiative reflects a growing spirit of local entrepreneurship.

Dina Al-Bakri, a visitor who came to enjoy the food and support stall owners, told Arab News that the experience also benefits the vendors themselves.

“Stall owners feel a strong sense of independence and confidence,” she said. “The work gives them the opportunity to prove their abilities and take on responsibility.

“Interacting directly with visitors also strengthens their sense of belonging and pride in their cultural heritage, especially when they see how much people appreciate the quality and authenticity of their products.”

Al-Bakri said: “These stalls allow vendors to unleash their creativity in front of the public, helping them develop their skills and potentially take the next step in turning their ideas into real businesses.”

Ahmed Al-Johani, who lives in Makkah but studies at King Abdulaziz University in Jeddah, is the owner of a stall called “Tatto,” a nickname he has carried since childhood. He said this year marks his second consecutive participation.

“The land next to Batterjee Medical College and Land of Happiness Resort is quite large, but its owner has dedicated it as a charitable endowment during Ramadan so residents of the area who want to sell and earn income through these stalls can benefit from it,” he said.

“The procedures to obtain a permit from Jeddah Municipality were simple, costing no more than SR200 ($53), to make it easier for participants.”

Al-Johani sells french fries with his developed recipe, liver sandwiches and juices.

“The one thing we are careful about is maintaining the cleanliness of the place,” he said. “It is our source of income, and it represents us and helps us gain the trust of visitors.”

During an Arab News tour of the area, 8-year-old Sama Al-Maghribi offered a sample of lemonade from behind her stall, called “Little Star Lemonade.”

Her mother, Dalia Al-Maghribi, said the idea had been postponed for a long time.

“Sama had always wanted to have a small project of her own, but we couldn’t find a suitable place to set up the stall she dreamed of,” she said. “When we found this nearby location, we decided to give it a try.”

The idea originally came from Sama herself. She wanted something of her own and knew she could earn money from it.

“At first she used to do simple tasks at home, like cleaning the kitchen floor after we finished or organizing things,” her mother said.

“Sometimes she would volunteer to do tasks that weren’t even required, but she would say: ‘I’ll do this, but you have to give me five or 10 riyals in return’.”

From there, the idea began to develop.

“She said: Why don’t I have something that I can sell and earn money from?”

Her mother encouraged her to think creatively rather than relying only on small household tasks to save money.

Sama now sells lemonade and Rice Krispies bars at her stall. She had initially planned to set it up in front of their home, but realized the area did not have enough foot traffic.

“With the start of Ramadan, she said: Why don’t you let me open a stall near the mall?” her mother said. “That’s how the idea started. The location was actually her suggestion from the beginning.”

Stalls in Al-Balad tell the story of a city that is proud of its history.

This year, many of the stalls had vendors chanting inspired by traditional Hijazi street calls from the western region.

The chant, titled “Ya Halawa Ya Tarawa,” loosely translates to “Oh sweetness, oh freshness,” and reflects the joy of vendors welcoming customers during the unusually cool Ramadan weather.

The pleasant temperatures helped boost visitor numbers compared with previous years, drawing crowds eager to explore the stalls and sample the wide variety of foods on offer.

Nuha Batoubara, one of the visitors to Al-Balad, said: “Every Ramadan season surprises us with excellent organization and a level of variety that you won’t find anywhere else, along with the authentic Ramadan atmosphere.”

She added: “The concept of buying food from an outdoor stall and waiting in line creates an exciting atmosphere that makes the experience even more enjoyable.”

Another new development this year was the participation of several well-known Jeddah restaurants, which took advantage of outdoor spaces to set up stalls representing their brands.

These stalls offered the restaurants’ signature dishes in a more street food style, often at lower prices and with different menu options.

Fine dining restaurants also took part, setting up stalls next to their main locations. Arab News visited the stall of Yashi, an Asian cuisine restaurant owned by renowned Saudi chef Sama Jad, which sells dumplings and fried potatoes with a distinctive Japanese-inspired flavor.

The trend has even spread beyond the western region to Riyadh, where fried potato stalls have begun appearing more frequently than usual.

Some vendors have adopted the traditional Hijazi-style chants used by western-region sellers, sparking humorous comparisons and playful debates on social media about the different selling styles behind the stalls.