Riyadh - Sharikat Mubasher: King Abdullah University of Science and Technology (KAUST) signed a memorandum of understanding (MoU) with MSA Novo, the global emerging markets-focused venture capital firm, to bolster the startup ecosystem and drive innovation in Saudi Arabia, a recent statement unveiled.
Through this partnership, MSA Novo aims to enhance the growth of emerging companies and foster technological advancements by focusing on joint investment initiatives and launching new startup accelerator programs.
Both parties will collaborate across key areas, including access to research and mentorship, entrepreneurship education and talent development, corporate partnerships, and joint investments and accelerator initiatives.
KAUST and MSA Novo will also leverage global technologies to drive significant economic growth and technological advancement in the Kingdom.
Commenting on the partnership, Ben Harburg, Managing Partner at MSA Novo, said: “MSA Novo 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 Saudi Arabia through the Kingdom’s preeminent research university, allowing us to build world-class technologies domestically.”
Meanwhile, Ian Campbell, Vice President of the National Transformation Initiative at KAUST, emphasized the university's commitment to supporting innovation, transforming the economy, and fostering the entrepreneurship culture in the Kingdom.
MSA provides global best practices and institutional support to empower its portfolio companies to scale to become regional leaders. Its portfolio includes more than 50 companies across 14 different countries in Africa, Latin America, and the Middle East and North Africa (MENA).
