A memorandum of strategic partnership has been signed by Kazakhstan’s Al-Farabi Innovation Hub and Saudi Arabia’s Al Rajhi International for Investment.
The intention behind the agreement is to create a business accelerator for technology companies from Kazakhstan and Central Asia in Saudi Arabia, and provide opportunities for start-ups to pilot their practices, identify local business partners and secure venture capital.
Supported by the Kazakh Ministry of Digital Development, Innovation and Aerospace Industry, the Kazakh-Saudi Business Council, and Astana Hub, the partnership will help expand the potential of Central Asian start-ups in Saudi Arabia by providing easier access to new capital and opportunities to both expand and compete globally.
Emphasizing the significance of the agreement, Aslan Sultanov, founder, and CEO of Al-Farabi Innovation Hub, stated, “We are aimed at creating the best conditions for start-ups from Kazakhstan and Central Asia and strive to provide maximum development opportunities in the MENA market.”
The Al-Farabi Innovation Hub was set up to attract talented entrepreneurs and innovative start-ups from Kazakhstan and Central Asian countries to Saudi Arabia.
