ITFC and ICD promote partnership for capacity building of Mauritania’s NFZ

Hani Salem Sonbol, CEO ITFC and Khalid Al-Aboodi, CEO, ICD, exchange documents after signing the agreement in Jeddah.
Updated 17 August 2016

ITFC and ICD promote partnership for capacity building of Mauritania’s NFZ

The International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Development of the Private Sector (ICD), members of the Islamic Development Bank (IDB) Group, signed a cooperation framework agreement in Jeddah on Monday.
The agreement aims to enable Nouadhibou Free Zone Authority (NFZA) to adopt international practices in organization design, HR management, financial planning and management through a twining program, a major model of Aqaba Special Economic Zone Authority (ASEZA).
Hani Salem Sonbol, CEO ITFC and Khalid Al-Aboodi, CEO ICD, signed the agreement, in the presence of representatives from both entities.
Launched in June 2013, the Nouadhibou Free Zone (NFZ) was in line with the national vision of the government of Mauritania to develop Nouadhibou Bay as the leading economic pole for the national economy, a trade logistical hub and a commercial gateway for the export of fishery and mineral products.
The purpose of this agreement is to provide the cooperation framework between ITFC and ICD, particularly for the implementation of the project, which has been approved by the fourth meeting of the Aid for Trade Initiative for the Arab States (AfTIAS) Board held in Cairo on Dec. 1, 2015.
AfTIAS focuses on the capacity building of trade related institutions, which will contribute to drive the development and management of NFZ as the investment and trade hub for Mauritania.
Sonbol said: “This agreement is a milestone in the AfTIAS program that reflects its aim to achieve inclusive economic growth with increased employment opportunities and greater competitiveness through trade policy reforms in Arab countries as an integral part of the regional trade and economic integration agenda.”
Al-Aboodi said: “The NFZ is a good platform to attract both national and foreign investments to the country within more conducive business environment.”


5th MITEF Saudi Startup Competition kicks off

Updated 17 September 2020

5th MITEF Saudi Startup Competition kicks off

The MIT Enterprise Forum Saudi Arabia, part of MIT Enterprise Forum global network, announced the launch of registration for the MITEF Saudi Startup Competition under the slogan “Innovate, Inspire, Connect.” A fully digital version that simulates a real event, this year’s competition is held in challenging atmospheres in light of the global health crisis, and the competition’s commitment to continue supporting entrepreneurs in Saudi Arabia to overcome the current challenges, and promoting innovation processes in the Kingdom.

Registration for the 5th edition opened on Sept. 15 through the competition website, and will continue until Dec. 10. Saudi and non-Saudi entrepreneurs of all ages and economic sectors can apply to participate within one of the three contest tracks: Ideas track, startups track, and the social enterprises track, according to the terms of the competition.

Hassan Jameel, president Saudi Arabia, Community Jameel, said: “The MITEF Saudi Startup Competition continues to be a hugely significant annual event, attracting thousands of entrepreneurs from across the Kingdom. Given the current global challenges, our mission to support young Saudi talent and to help small businesses develop, is now more important than ever. I would strongly encourage entrepreneurs from all sectors to register for what promises to be another outstanding event.”

Since its launch in 2015, the MITEF Saudi Startup Competition has succeeded in attracting more than 7,500 participants from all over the Kingdom, establishing more than 45 startup projects, training more than 260 entrepreneurs and creating more than 110 job opportunities through the startups. The winners received a total of SR1.6 million ($426,500) in the form of free investments. In the Startup Investment Forum, which was held during the 4th edition of the MITEF Saudi Startup Competition over a period of three days, the event hosted 65 innovative startups from around the world, including the UAE, Egypt, Lebanon, Turkey, Greece, and Poland, in addition to 27 innovative startups participating in the MITEF Saudi Startup Competition 2019-2020.

The MITEF Saudi Startup Competition is organized by the MIT Enterprise Forum (MITEF) Saudi Arabia, a branch of MIT Enterprise Forum global network, in collaboration with Bab Rizq Jameel, an initiative of Community Jameel. The competition aims to promote and enrich the entrepreneurial environment in Saudi Arabia by supporting and celebrating all startups and entrepreneurs in the Kingdom.