Saudi Arabia's Badir & Kuwait's Cubical ink MoU to promote startup ecosystem
King Abdulaziz City for Science and Technology (KACST), represented by Badir Program for Technology Incubators and Accelerators, and Cubical Services, a Kuwait-based business incubator, have just signed a Memorandum of Understanding (MoU) to boost startup collaboration between the Kingdom of Saudi Arabia and Kuwait.
Mohammed Alhouzimi, shared services department director of the Badir Program for Technology Incubators and Accelerators and Abdulrahman J. Al-Fawaz, CEO of Cubical Services signed the MoU to facilitate access to markets and investors in their respective countries. The intention behind the collaboration is purely focused on supporting and promoting an ecosystem for startups that allows them to grow and thrive in highly competitive markets.
Both countries are hoping to boost their economies through the growth of these startups and generate employment opportunities at the same time.
"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," said Mohammed Alhouzimi regarding the MoU.
Al-Fawaz also stressed the importance of the memorandum for the startups in Kuwait. He 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, established in 2017, is focused on improving technical entrepreneurship throughout Saudi Arabia. For this purpose, the Badir Program looks to facilitate the collaboration between entrepreneurs, government agencies, universities, and the private sector. By 2020, the program aims to create 600 startups which will, in turn, create 3600 jobs.