JEDDAH: The MIT Enterprise Forum (MITEF) Saudi Arabia has announced the signing of a new memorandum of understanding (MoU) with the Saudi Arabian General Authority Investment (SAGIA) under the “Invest Saudi” initiative.
MITEF signed the MoU in collaboration with Bab Rizq Jameel, an initiative of Community Jameel.
Under the agreement, SAGIA will join King Abdullah Economic City as a strategic partner of the 4th edition of the MITEF Saudi Startup Competition, held under the theme “Start, Dream, Inspire.”
The official partner of the competition is the Small and Medium Enterprises General Authority (Monshaat).
The MITEF Saudi Startup Competition is a dynamic platform that brings together Saudi entrepreneurs and attracts a unique quality of entrepreneurs in a variety of fields.
This year’s competition will focus on investing in startups through the establishment of the Startup Investment Forum from March 5-7 that will be attended by some of the most promising startups from Saudi Arabia, the Arab region and the world.
The deputy governor of SAGIA, Ibrahim Saleh Al-Suwail, said that the authority welcomes its partnership with the competition, which follows series of programs supporting the growth of entrepreneurship in Saudi Arabia.
“We will continue to work with our public and private strategic partners to turn their ideas into promising projects on the ground,” said Al-Suwail.