Badir Program for Technology Incubators and Accelerators, an initiative of King Abdulaziz City for Science and Technology (KACST), and Cubical Services, a Kuwait-based business incubator, signed a memorandum of understanding (MoU) to boost startup collaboration between the two countries, it said in a statement on Sunday.
The partnership will allow them to provide access to the local market, network and potential investors in their respective countries. It will also allow them to collaborate on several issues to support startups, to generate employment opportunities and boost the national economies of both the GCC countries.
Mohammed Alhouzimi, shared services department director of the Badir Program for Technology Incubators and Accelerators, said: “Our partnership with Cubical Services aligns with the Badir Program strategy, which aims to create a thriving ecosystem for startups through joint initiatives and activities, as we strive to promote entrepreneurship in line with the Vision 2030 program."
Abdulrahman J. Al-Fawaz, CEO of Cubical Services, said: “This strategic partnership with the Badir Program will provide Kuwaiti entrepreneurs and startups access and growth opportunity in Saudi Arabia, which is the biggest market in the region.”
Badir Program was established in 2007 to improve and support technical entrepreneurship throughout the Kingdom of Saudi Arabia by helping the strategic policy applied in entrepreneurship and incubators in collaboration with government agencies, universities and the private sector.
The program is steadily moving to achieve its objective of creating 600 startups and 3,600 jobs by 2020 by focusing on expanding its innovation and entrepreneurial hubs across the Kingdom.
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