During the LEAP 2024 event held in Riyadh, AfriLabs and the Ministry of Investment of Saudi Arabia (MISA) solidified a significant partnership through the signing of a Memorandum of Understanding (MOU). This collaboration aims to foster innovation and investment cooperation between Africa and Saudi Arabia’s tech and innovation sectors.
Established in 2011, AfriLabs has been dedicated to supporting innovation centers across Africa, nurturing the continent’s emerging technology hubs. The MOU outlines a framework for mutual collaboration between AfriLabs and MISA, focusing on facilitating investment opportunities, easing market entry processes, and providing support for startups in both regions.
Under this agreement, AfriLabs will assist MISA in promoting investment opportunities in Africa, while MISA will reciprocate by aiding African entities in navigating regulations and establishing a presence in Saudi Arabia. Both parties are committed to facilitating cross-border collaboration and creating an enabling environment for innovation and growth.
Anna Ekeledo, Executive Director for AfriLabs, expressed enthusiasm about the partnership, emphasizing its potential to drive innovation-led growth and open up new markets between Africa and Saudi Arabia. She highlighted the importance of platforms like LEAP in establishing strategic partnerships and fostering inclusive growth within Africa’s innovation ecosystem.
The signing of the MOU at LEAP 2024 underscores AfriLabs’ commitment to leveraging global platforms to advance its mission of nurturing innovation and fostering cross-border collaborations. As both organizations look ahead, the partnership holds promise for unlocking the immense potential of technology and innovation in Africa and Saudi Arabia, paving the way for mutual prosperity and growth.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
16th April, 2024
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