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NRG Ventures signed a Memorandum of Understanding (MoU) agreement with The Garage, a subsidiary of King Abdulaziz City for Science and Technology (KACST)
This is an important first step to setting up an international innovation hub at the Garage/KACST premises and to making it the leading player in the technology field in the Kingdom of Saudi Arabia (KSA), the Gulf Cooperation Council (GCC), and the Middle East and North Africa region (MENA).
The partnership between NRG Ventures and The Garage aims at relocating and soft-landing international DeepTech startups to the Kingdom. The partnership will work to host emerging companies in deep technologies and to link them to the local private sector and entrepreneurship in KSA. It will help new companies to incorporate, accelerate and raise capital as well as to receive governmental support, guidance services, and mentorship to ensure their successful entry into the Saudi Arabia market. It will also enhance mutually beneficial integration between international technology startups and research and development professionals and scientists at KACST.
The signing took place at the LEAP23 International Technology Conference, organized by the Ministry of Communications and Information Technology of Saudi Arabia.
NRG Ventures continues to play a leading and proactive role in helping startups to enter the Middle East market through its hub in Saudi Arabia, localize there, raise capital, and find a strong footing in the region.