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

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.

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Quality of Life program plans annual conference to develop strategic index

Updated 22 January 2020

Quality of Life program plans annual conference to develop strategic index

  • There are 13 programs aiming to change and develop the lifestyles of citizens and residents

JEDDAH: The Saudi Arabian Quality of Life Program will organize an annual conference to develop a strategic index accredited by the UN, according to its spokesman Mazrou Al-Mazrou.

This news came in a meeting held at the King Abdul Aziz Public Library in Riyadh on Monday, during which Al-Mazrou presented insights about the program, and how it related to the National Transformation Program 2020 (NTP) and Saudi Vision 2030.

The program supervises 119 initiatives in the entertainment and recreational sectors, including in culture, sport, recreation and touristism, he added.

“There are 13 programs aiming to change and develop the lifestyles of citizens and residents,” Al-Mazrou said.

“The programs rely on the financing method and intersect with other authorities. A range of events and programs have been achieved, such as diversifying entertainment activities with more than 377 events so far, as well as increasing the index of families’ expenditure rate on entertainment activities."

He said the program had several other objectives, including enriching the local entertainment scene in the Kingdom, contributing to the construction media cities, and supporting the development of the Saudi film industry.