Abu Dhabi’s startup cluster Hub71 and Saudi Ministry of Communications and Information Technology’s (MCIT) Digital Innovation Centre have entered into a three-year deal to boost digital innovation and tech entrepreneurship between the UAE and the Kingdom.
The agreement aims to bring support to the growth of entrepreneurs and startups in the MENA region and beyond as well as to encourage knowledge exchange and talent growth.
The Hub71 and Digital Innovation Centre will also offer help in obtaining the required licenses to ease the process of setting up new tech startups in the Kingdom as well as in the UAE to give entrepreneurs a united tech ecosystem that supports companies and future leaders.
Entrepreneurs in Abu Dhabi and Saudi Arabia will have joint access to Hub71 and Digital Innovation Center’s network of corporate partners, mentorship and international expertise. Further, the training courses and workshops will facilitate the exchange of info and digital expertise.
Commenting on the current agreement, the Digital Innovation Center General Manager, Ibrahim Al-Nasser stated that, “as a key pillar of Saudi Arabia’s digital infrastructure and the main ecosystem player in the development of ICT entrepreneurship, our priority is to stimulate innovation and opportunities for entrepreneurs to put their best foot forward in scaling their businesses.”
“Partnering with the Digital Innovation Centre at MCIT opens the door even wider to the lucrative Saudi market for our fast-growing startup community. Equally, our new strategic partnership will make it easier for Saudi entrepreneurs to advance their knowledge and capabilities in the tech sectors driving forward our burgeoning tech ecosystem in Abu Dhabi.”
The partnership allows Saudi-based startups to gain priority access to the Hub71 Incentive Program, which offers seed companies 100 percent free housing, office space and health insurance for two years and a 50 percent waiver for three years for emerging companies, worth nearly $8.1 million.