The program targets creating 600 startups and 3,600 jobs by the end of 2020
King Abdulaziz City for Science and Technology (KACST), represented by Badir Program for Technology Incubators and Accelerators, has signed a memorandum of understanding (MoU) with Cubical Services, a Kuwait-based business incubator, in a move to boost startup collaboration between Saudi Arabia and Kuwait.
The deal was signed by Mohammed Alhouzimi, shared services department director of the Badir Program, and Abdulrahman J. Al Fawaz, CEO of Cubical Services, according to KACST’s recent statement.
The newly signed agreement will allow both entities to provide access to the local market, network and potential investors in their respective countries.
“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,” Alhouzimi commented.
Both parties will collaborate on several issues to support startups, to generate employment opportunities and boost the national economies of both the GCC countries.
“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,” Al Fawaz said.
It is worth noting that Badir Program, which was launched in 2007, aims at improving and supporting 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 targets creating 600 startups and 3,600 jobs by the end of 2020.