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AfriLabs and Saudi Ministry of Investment Sign MOU at LEAP 2024

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Vusi Melane
Vusi Melane
Staff Writer

AfriLabs is pleased to announce the exchange of a strategic Memorandum of Understanding (MOU) with the Ministry of Investment of Saudi Arabia- MISA) during the esteemed LEAP 2024 event in Riyadh. This agreement signifies a significant step towards fostering collaboration and mutual growth in the technology and innovation sectors between Africa and Saudi Arabia. AfriLabs is a Nigerian network organization supporting innovation centers across African countries since 2011 with the mission of building a community around the rapidly emerging technology hubs in Africa.

The Memorandum of Understanding (MOU) delineates a framework for collaboration between AfriLabs and MISA, detailing mutual commitments aimed at fostering investment opportunities, facilitating market entry, and supporting startups in both regions.

AfriLabs supports MISA in promoting African investment and easing entry for Saudi businesses into African markets. MISA reciprocates by aiding African entities to enter Saudi Arabia, including help with licenses and regulations. They also promise to link AfriLabs with Saudi stakeholders and offer investor services support.

Fostering meaningful collaboration

Executive Director for AfriLabs, Anna Ekeledo says “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.”

“This MOU opens up new avenues for cooperation, investment, and knowledge exchange, unlocking immense potential for both regions.” she said

The signing of the Memorandum of Understanding (MOU) at LEAP 2024 highlights AfriLabs’ commitment to utilizing platforms like LEAP to establish strategic partnerships. AfriLabs remains unwavering in its mission to foster the growth of Africa’s innovation ecosystem and facilitate cross-border collaborations that promote inclusive growth and prosperity.

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