Riyadh, Saudi Arabia – AfriLabs is pleased to announce the exchange of a strategic Memorandum of Understanding (MOU) with the Ministry of Investment of Saudi Arabia (MISA) during the esteemed LEAP 2024 event in Riyadh. 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.

About MISA

The ongoing transformation of Saudi Arabia under the Vision 2030 plan is unlocking new opportunities at an unprecedented pace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by developing a vibrant cross-government investment ecosystem, while supporting businesses throughout their investment journey.  Through a network of dynamic business centers across the Kingdom, MISA partners with local and international businesses of all scales and sizes—from startups to blue chip multinationals—to help make investing in the Kingdom as streamlined and simple as possible. MISA takes a lead role in improving Saudi Arabia’s overall business environment, commissioning multiple market intelligence studies every year and developing local opportunities for joint ventures.

About AfriLabs

AfriLabs is a Pan- African organisation that works with multiple stakeholders to unlock Africa’s vast potential and drive sustainable economic growth across the continent through investment, innovation, technology, and entrepreneurship.

About LEAP

LEAP is one of the biggest tech events in the global tech ecosystem, organized and hosted by Saudi Arabia. It convenes tech entrepreneurs, startups, corporates, governments, investors, and other innovation players from all over the world. 

For more information about  AfriLabs, visit www.afrilabs.com, for information about MISA, visit MISA  and to learn more about LEAP 2024, visit LEAP 2024. 

For media inquiries, please contact pr@afrilabs.com & comms@afrilabs.com.