KACST and UAE Ministry of Economy Forge Partnership to Enhance Innovation

RIYADH: The King Abdulaziz City for Science and Technology (KACST), through its Badir Program for Technology Incubators, has formalized a strategic partnership with the UAE Ministry of Economy. This partnership was established via a memorandum of understanding (MoU) signed by Nawaf Al-Sahhaf, CEO of Badir, and Dawood Al-Shezawi, CEO of AIM Startup Forum. The signing of the MoU is timed to coincide with the Annual Investment Forum 2018, scheduled to take place in Dubai in April next year.

Objectives and Scope of the MoU

The MoU aims to enhance bilateral cooperation between Saudi Arabia and the UAE, focusing on promoting ambitious investments and supporting innovative projects in both nations. The agreement seeks to create a robust framework for collaboration in technology and innovation, driving growth and development in these key sectors. By leveraging the strengths of both KACST’s Badir Program and the UAE Ministry of Economy’s AIM Startup Forum, the MoU is set to foster an environment conducive to technological advancement and entrepreneurial success.

Details of the Partnership

The partnership signifies a commitment to building stronger ties between Saudi Arabia and the UAE, particularly in the areas of technology and innovation. The MoU outlines several key objectives:

• Promoting Innovation: Encouraging the development and implementation of groundbreaking technologies and innovative solutions.
• Supporting Startups: Providing support and resources to startups and entrepreneurs, facilitating their growth and scalability.
• Facilitating Investments: Creating opportunities for investment in emerging technologies and startups, thereby attracting global investors.

Role of AIM Startup Forum

The AIM Startup Forum, launched in 2017 by the UAE Ministry of Economy, plays a pivotal role in this partnership. AIM Startup is recognized as a global platform where disruptive startups from around the world can present their innovative products and services. The forum serves as a critical venue for connecting promising startups with investors and business partners, thereby fostering international networking and collaboration.

The initiative aligns with the UAE’s vision to support and promote innovation, offering a stage for startups to gain visibility and secure investment. The AIM Startup Forum has become an important event for entrepreneurs and investors seeking to explore new opportunities and partnerships.

Signatories and Their Roles

The MoU was signed by Nawaf Al-Sahhaf, CEO of the Badir Program for Technology Incubators at KACST. The Badir Program is renowned for its efforts in supporting and nurturing technology startups in Saudi Arabia. It provides essential resources, mentorship, and support to early-stage companies, helping them to grow and succeed.

On the other side, Dawood Al-Shezawi represents the AIM Startup Forum, which is a key initiative of the UAE Ministry of Economy aimed at fostering innovation and facilitating investment. Al-Shezawi’s role involves overseeing the forum’s operations and ensuring that it meets its objectives of connecting startups with global investors and partners.

Strategic Impact and Future Prospects

The partnership between KACST and the UAE Ministry of Economy marks a significant milestone in strengthening the relationship between the two countries in the field of technology and innovation. By combining their efforts, both organizations aim to create a synergistic environment that promotes technological advancement and supports entrepreneurial initiatives.

The collaboration is expected to lead to increased investment opportunities and innovative projects in both Saudi Arabia and the UAE. It reflects a broader strategic vision of enhancing bilateral ties and contributing to the economic development of both nations.

Annual Investment Forum 2018

The signing of the MoU aligns with the upcoming Annual Investment Forum 2018, which will be held in Dubai. This forum is a significant event in the investment calendar and is expected to highlight the collaborative efforts between Saudi Arabia and the UAE. It will provide a platform for discussing future investment opportunities and showcasing innovative projects.

The MoU between KACST and the UAE Ministry of Economy represents a strategic partnership aimed at driving innovation and investment in Saudi Arabia and the UAE. By fostering collaboration and supporting startups and entrepreneurs, the agreement seeks to advance technological development and economic growth in both countries. The partnership underscores the commitment of both nations to creating a dynamic and innovative ecosystem that benefits both local and global stakeholders.