MIT Enterprise Forum Pan Arab and MITEF Saudi Arabia announced that Al Madinah Al Munawarah Chamber would support the MIT Enterprise Forum Arab Startup Competition this year as a Business Alliance partner, organized by Community Jameel Saudi Arabia and Bab Rizq Jameel, under the patronage and supervision of the governorate of Madinah region.
Al Madinah Al Munawarah Chamber and the MIT Enterprise Forum Startup Competition partnership comes in line with the role played by both sides with regards to enhancing business development and economic growth in the Madinah region and the Kingdom.
The two parties also aim at promoting economic development with social impacts, serving as a gateway to government and private sector programs to empower entrepreneurs and create projects as well as sustainable jobs in the Madinah region and the Arab world.
On this occasion, Al Madinah Al Munawarah Chamber Secretary General, Eng. Abdullah Ahmed Abualnasr, said: “We were keen at Al Madinah AlMunawarah Chamber to support the MITEF Startup Competition in Saudi Arabia and the Arab world and to be the business partner of this year’s event.”
This partnership stems from the role the Chamber plays with regards to fostering business development and economic growth in the Madinah region, empowering entrepreneurs, supporting distinct ideas, attracting investors to Madinah, and developing the region business sectors in line with the Vision 2030 objectives that focus on turning Madinah to a digital, technological and innovative center.”
“This competition will contribute to building and nurturing the culture of entrepreneurship, and create local and regional work opportunities. It is indeed a golden chance for gathering, networking, building relationships as well as getting training, mentoring, and funding,” Abualnasr added.
On Dec. 27, 2021, 60 semifinalists (20 from each track) will be selected from the pool of applications to proceed to the next steps.
These teams will have the opportunity to attend the final event in Madinah, during which this year’s Startup Investment Forum (SIF)will also take place.
Three lucky winners will be selected from each track, and their names announced during the final awards ceremony taking place at King Salman International Convention Center in Al-Madinah Al-Munawara on Feb. 23, 2022.
A total of nine winners across the different tracks will receive cash prizes as follows: The first prize for the winners of both Startup and Social Entrepreneurship tracks will be 50K for each team.
The first prize for the winners of the Ideas track will be 15K. The prize for the first runner-up of each track will be 10k, and the prize for the second runner-up of each track will be 5K.
For more information on the MITEF Startup Competition 2021-2022 application submissions process, eligibility, and judging criteria, please visit the competition website.