SAGIA issues foreign investment license to AstroLabs

The General Investment Authority (SAGIA) issued the first foreign investment license for a business incubator to AstroLabs, the MENA region’s premier co-working space and startup incubator.
Updated 26 November 2018
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SAGIA issues foreign investment license to AstroLabs

The General Investment Authority (SAGIA) issued the first foreign investment license for a business incubator to AstroLabs, the MENA region’s premier co-working space and startup incubator. The company plans to build a technology startup incubator, providing training programs and events to support the innovation and entrepreneurial ecosystem in the Kingdom.

SAGIA also signed an MoU to enable entrepreneurs to establish startups in the Kingdom, including foreign entrepreneurs who are now allowed to obtain licenses with 100 percent ownership, as part of the Vision 2030 transformation that aims to increase the participation of the private sector in the GDP and diversify the economy, to provide employment opportunities in various sectors.

Dr. Mazin Al-Zaidi, head of the innovation and entrepreneurship sector at SAGIA, said: “AstroLabs will help build an enriched entrepreneurial community in the Kingdom by providing specialized training and events that will enhance the entrepreneurs’ technical skills, attract investors, develop the entrepreneurial ecosystem, and promote Saudi investment opportunities through their regional and global networks.” 

“Over the last five years, AstroLabs has been actively engaged in startup ecosystem and we are now proud to be the first international business incubator licensed locally in Saudi Arabia,” said Muhammed Mekki, founding partner of AstroLabs. “We look forward to working closely with SAGIA, assisting global entrepreneurs to establish their companies and succeed in the Kingdom.”


Record-breaking attractions at LuLu Food Carnival

Updated 25 March 2019
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Record-breaking attractions at LuLu Food Carnival

LuLu Hypermarket is hosting a two-week food festival offering a wide variety of products and culinary treats inspired by flavors from around the world.
Food Carnival 2019 was launched on Sunday at the LuLu Hypermarket Murabba branch in Riyadh and runs until April 6.
On offer are a number of special deals on food products and exciting in-store activities such as cooking competitions, live cooking demos, free sampling, quiz contests and gigantic displays of food.
LuLu has partnered with Almarai and Guinness World Records to offer customers a chance to be the next Guinness World Records title holder. Customers can make an attempt to break up to nine world records, such as the fastest time to drink a 250-ml quantity of milk through a straw or the fastest time to stack cheeses. The Guinness World Records events will be held on March 29 at LuLu Hypermarket, Atyaf Mall, Riyadh; on March 30 at LuLu Mall Dammam; and on April 5 at LuLu Hypermarket, Marwah, Jeddah.
LuLu Director for Saudi Arabia Shehim Mohammed said: “LuLu has once again transformed into a culinary destination. This year, we have brought together a well-chosen product selection that will satisfy the lifestyle requirements of our customer base. This festival also celebrates the innovative spirit of our culinary talents with the support of top chefs in the country. People will have a chance to interact with celebrity chefs during the festival’s live cooking demonstrations. Super offers, such as product of the day, daily surprise, hourly offers, and so much more awaits our shoppers for the entire 14-day promotion.”