The Ministry of Investment of Saudi Arabia (MISA) and the African innovation hub support organization AfriLabs have signed a strategic Memorandum of Understanding (MOU) with the aim of promoting mutual growth and cooperation in the technology and innovation sectors between Saudi Arabia and Africa.
AfriLabs is a network organization that brings together investors, startups, technology hubs, and other important players in the ecosystem with the goal of promoting innovation and entrepreneurship across the continent. With more than 430 members.
A framework for cooperation between the two parties is outlined in the MOU with MISA. It outlines mutual commitments aimed at facilitating market entry, promoting investment opportunities, and assisting startups in both regions.
AfriLabs pledges to assist MISA in expanding and marketing investment prospects in Africa and expediting the procedure for Saudi companies to smoothly enter and establish themselves in African markets.
MISA pledges to help with license and regulatory procedures in order to make it easier for African entities to enter Saudi Arabia. In addition, MISA promises to facilitate AfriLabs’ engagement with important Saudi Arabian stakeholders and offer committed assistance via investor services.
“We are delighted to formalise our partnership with the Ministry of Investment of Saudi Arabia, to drive innovation-led growth, foster meaningful collaboration, and open up new markets between Africa and Saudi Arabia,” said Anna Ekeledo, executive director at AfriLabs. “This MOU opens up new avenues for cooperation, investment, and knowledge exchange, unlocking immense potential for both regions.”
