African innovation hub support organisation AfriLabs has announced the exchange of a strategic Memorandum of Understanding (MOU) with the Ministry of Investment of Saudi Arabia (MISA), aimed at fostering collaboration and mutual growth in the technology and innovation sectors between Africa and Saudi Arabia.
AfriLabs is a network organisation that is committed to driving innovation and entrepreneurship on the continent by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem. It has over 430 members.
The MOU with MISA outlines a framework for cooperation between the two parties, delineating mutual commitments aimed at promoting investment opportunities, facilitating market entry, and supporting startups in both regions.
AfriLabs commits to supporting MISA in advancing and promoting investments opportunities in Africa and streamlining the process for Saudi businesses to enter and establish themselves in African markets seamlessly.
MISA commits to facilitating entry into Saudi Arabia for African entities, assisting with licenses and regulatory processes. Furthermore, MISA pledges to connect AfriLabs with key stakeholders in Saudi Arabia and provide dedicated support through investor services.
“We are delighted to formalise our partnership with the Ministry of Investment of Saudi Arabia, to drive innovation-led growth, foster meaningful collaboration and open up new markets between Africa and Saudi Arabia,” said Anna Ekeledo, executive director at AfriLabs. “This MOU opens up new avenues for cooperation, investment, and knowledge exchange, unlocking immense potential for both regions.”
