AfriLabs, Ministry of Investment of Saudi Arabia to Foster Innovation Between Africa and Saudi Arabia

AfriLabs has signed a strategic Memorandum of Understanding with the Ministry of Investment of Saudi Arabia a significant step towards fostering collaboration and mutual growth in the technology and innovation sectors between Africa and Saudi Arabia.

The MoU outlines a framework for cooperation between AfriLabs and the Ministry of Investment of Saudi Arabia, delineating mutual commitments aimed at promoting investment opportunities, facilitating market entry, and supporting startups in both regions.

AfriLabs commits to supporting the Ministry of Investment of Saudi Arabia in advancing and promoting investment opportunities in Africa and streamlining the process for Saudi businesses to enter and establish themselves in African markets seamlessly.

The Ministry commits to facilitating entry into Saudi Arabia for African entities, assisting with licenses and regulatory processes. Furthermore, the Ministry pledges to connect AfriLabs with key stakeholders in Saudi Arabia and provide dedicated support through investor services.

Ms. Anna Ekeledo, Executive Director at AfriLabs in a press statement said, “We are delighted to formalize 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.” Adding “This MoU opens up new avenues for cooperation, investment, and knowledge exchange, unlocking immense potential for both regions.”

The MoU was signed during the esteemed LEAP 2024 event in Riyadh which underscores AfriLabs’ dedication to leveraging platforms like LEAP to forge strategic partnerships.

AfriLabs remains steadfast in its mission to support the development of Africa’s innovation ecosystem and facilitate cross-border collaborations that drive inclusive growth and prosperity.