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.


Saudi Arabia announces 38 more deaths from COVID-19

Updated 07 August 2020

Saudi Arabia announces 38 more deaths from COVID-19

  • The total number of recoveries in the Kingdom has increased to 248,948
  • A total of 3,093 people have succumbed to the virus in the Kingdom so far

LONDON: Saudi Arabia announced 38 more deaths from COVID-19 and 1,567 new cases of the disease on Friday.
Of the new cases, 281 were reported in the Eastern Province, 268 in Makkah, 259 in Asir and 208 in Riyadh.
The total number of recoveries in the Kingdom increased to 248,948 after 1,859 more patients recovered from the virus.
A total of 3,093 people have succumbed to the virus in the Kingdom so far.