Global emerging markets-focused venture capital (VC) MSA Novo signed a memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to foster innovation and entrepreneurship in Saudi Arabia.
The partnership is aimed at bolstering the Saudi startup ecosystem.
“This strategic collaboration will leverage our global network and KAUST’s research capabilities to accelerate innovation within the kingdom,” MSA Novo said in a media release.
“Our company has always been at the forefront of bringing leading global technologies to Saudi Arabia that meet strategic demand, and our partnership with KAUST further solidifies that platform to bring global innovation to the country through the kingdom’s preeminent research university, allowing us to build world-class technologies domestically,” said Ben Harburg, Managing Partner at MSA Novo.
The partnership is expected to focus on joint investment initiatives and developing new startup accelerator programmes to support the growth of emerging companies and foster technological advancements in alignment with Saudi Arabia’s Vision 2030.
“KAUST is supporting a wave of innovation in Saudi Arabia, transforming the economy and fostering a culture of entrepreneurship. We are grateful to our investor partners for their support and vision to help us build a vibrant ecosystem,” said Ian Campbell, Vice President of National Transformation Initiative at KAUST.
Key areas of collaboration outlined in the MoU include joint investment and accelerator initiatives, access to research and mentorshipand advisory services through MSA’s partners and industry experts to enhance the growth of university portfolio companies, and entrepreneurship Education and Talent Development.
It also envisages technology transfer, establishing industry-specific hubs, and facilitating partnerships between startups and established corporations within KAUST and MSA’s networks.
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