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AfriLabs has announced the exchange of a strategic Memorandum of Understanding (MOU) with the Ministry of Investment of Saudi Arabia (MISA) during the recent LEAP 2024 event in Riyadh.
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This agreement signifies 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 MISA, delineating mutual commitments aimed at promoting investment opportunities, facilitating market entry, and supporting startups in both regions.
AfriLabs commits to supporting MISA in advancing and promoting investments opportunities in Africa and streamlining the process for Saudi businesses to enter and establish themselves in African markets seamlessly.
MISA commits to facilitating entry into Saudi Arabia for African entities, assisting with licenses and regulatory processes. Furthermore, MISA pledges to connect AfriLabs with key stakeholders in Saudi Arabia and provide dedicated support through investor services.
“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,” said Anna Ekeledo, Executive Director at AfriLabs. “This MOU opens up new avenues for cooperation, investment, and knowledge exchange, unlocking immense potential for both regions.”
The exchange of the MOU at LEAP 2024 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.
