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.”


Bahri’s maritime solutions on show

Updated 20 February 2019
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Bahri’s maritime solutions on show

Saudi shipping company Bahri is demonstrating its commitment to advancing the growth of maritime industry and improving security in the logistics business at the International Defense Exhibition (IDEX) and Naval Defense and Maritime Security Exhibition (NAVDEX).

The events are being held under the patronage of Sheikh Khalifa bin Zayed Al-Nahyan, president of the UAE and supreme commander of the UAE Armed Forces in Abu Dhabi from Feb.17-21.

Khaled bin Hussain Biyari, assistant minister of defense — executive affairs; General Awwad Eid Al-Balawi, director general of Saudi Arabian Border Guards; and other officials visited Bahri’s booth during the events.

As part of its participation, Bahri is showcasing its maritime capabilities and innovation-driven solutions at the largest defense expo in the Middle East. The company is also highlighting its unmanned surface vessels (USVs) at its booth. Powered by MAP Pro technology, which transforms any vessel into an autonomous one, Bahri’s USVs are capable of numerous applications, including gathering data, surveillance and reconnaissance. In addition, the vessels offer significant cost savings and reduce human workload in high-risk operations. 

Bringing together more than 1,310 specialized companies from 62 countries, both events offer a strategic business platform for exhibitors to present their latest naval, maritime and coastal security technology, equipment and crafts, and explore partnership opportunities with local and international companies. 

Abdullah Aldubaikhi, CEO of Bahri, said: “Events such as IDEX and NAVDEX provide a unique opportunity to gather new insights into new security technologies that can help companies thrive in a safe and secure trade. With Saudi Arabia being at the forefront of efforts aimed at maintaining stability and security in the region, maritime security is a key focus area for the Kingdom.” 

Aldubaikhi added: “Bahri’s presence at IDEX and NAVDEX 2019 is part of our strategy to further strengthen our offerings to enhance the Kingdom’s maritime capabilities and support its transformation as the world’s leading logistics hub. The exhibition also provides us with an excellent platform to connect with our customers and explore new partnership opportunities that will further drive our ambitious expansion plans.”

Bahri Logistics, one of the five business units within Bahri and one of the top 10 breakbulk carriers in the world, operates six new state-of-the-art multipurpose vessels that are capable of carrying different types of cargo, including project, ro-ro, breakbulk, equipment, and container cargo.