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 deserves praise for best Hajj arrangements

Muslim pilgrims leave after offering noon prayers outside the Namirah mosque on Arafat Mountain, during the annual hajj pilgrimage, outside the holy city of Makkah, Saudi Arabia, Monday, Aug. 20, 2018. (AP)
Updated 26 January 2020

Saudi Arabia deserves praise for best Hajj arrangements

  • Presence of 2.6 million Indian expats in Saudi Arabia boosts bilateral ties

On the occasion of India’s 71st Republic Day, I extend my best wishes to my fellow Indian citizens in the western region of the Kingdom of Saudi Arabia.

India and Saudi Arabia enjoy cordial and friendly relations which reflect centuries-old economic and socio-cultural ties.
Visits by Prime Minister Narendra Modi to Saudi Arabia in April 2016 and in October 2019 plus the exchanges of other high-level visits have further strengthened the warm relations between the two countries.
As our prime minister said during his visit in October 2019, India would work hand-in-hand with Saudi Arabia on the Kingdom’s Vision 2030 plan.  
The presence of over 2.6 million Indian expatriates in the Kingdom has also contributed immensely to the strength of economic and socio-cultural ties between our two nations.
Bilateral trade delegations have also increased in the last few years. Indian business delegations are now a regular feature of trade exhibitions in Jeddah and other parts of the Kingdom. The Indian Consulate in Jeddah works tirelessly and diligently to provide the best possible service to Indian nationals residing in the western region of the Kingdom.
This good service includes reducing to three working days the length of time required for issuing/reissuing passports.
The introduction of an e-visa facility for Saudi nationals has further streamlined visa processing and provides a smooth first step for those wanting to visit India.
The Indian government and the people of India are grateful to King Salman, Crown Prince Mohammed bin Salman and Hajj Minister Dr. Mohammed Benten for making excellent arrangements during Hajj 2019. In that year, 200,000 Indian nationals performed Hajj and more than 650,000 Indians came for Umrah.
The Indian side remains committed to partnering closely with Saudi Arabia and working toward a very successful Hajj 2020.
We sincerely express our gratitude to King Salman, Crown Prince Mohammed bin Salman and the Saudi ministries of foreign affairs, labor, interior and the authorities of Jawazat, Tarheel and other concerned agencies who have always provided exemplary assistance to the consulate which has enabled the comfortable stay of the many Indians visiting, living, and working in the Kingdom.


• Md. Noor Rahman Sheikh is India’s consul general in Jeddah.