CNTTECH Builds Network for Korean Startups’ Fast-Track Entry into Saudi Arabia
Korean accelerator CNTTECH announced on March 3rd that during its visit to Riyadh and Jeddah in Saudi Arabia last February, it successfully established a network to facilitate fast-track entry for Korean incubation institutions, companies, and startups into the Saudi Arabian market. This initiative is expected to lead to formal contracts by May.
KAUST (King Abdullah University of Science and Technology), Saudi Arabia’s leading public research university, hosts a wide range of STEM disciplines and operates 12 research centers dedicated to both research activities and graduate education programs. CNTTECH held meetings with Nawaf, the Industrial Collaboration Leader; Hattan, the Head of Strategic Partnerships; and Ian, the Vice Chancellor for Academic Affairs to explore and discuss viable collaborative programs.
The Garage, located in Riyadh and operating under KACST (King Abdulaziz City for Science and Technology), acts as an incubation hub for promising local and global venture startups. KACST, as the national institution driving Saudi innovation in science and technology, works in close partnership with KAUST. CNTTECH engaged in discussions with Omar, the representative of The Garage, about plans for MOU cooperation.
Sanabil Investments, a government-owned corporation in Saudi Arabia, invests over $3 billion annually in private investments and manages the world’s largest sovereign wealth fund (PIF) with an AUM of $620 billion. CNTTECH and Sanabil Investments have been in dialogue since last April and have laid out preliminary plans for a definitive MOU signing in May.
Falak Investment Hub, awarded as Saudi Arabia’s top accelerator in 2021 and also functioning as a venture capital firm, has agreed to actively collaborate in facilitating Korean startups’ market entry into Saudi Arabia, covering aspects like industry analysis, visa processing, legal support, and account opening. Additionally, Qirat Ventures committed to continuously assist Korean startups as a local landing agent.
Furthermore, CNTTECH plans to introduce its proprietary ‘Startup Value Check System 2.0 Global Version’, a standardized platform for startup incubation, to these institutions. This move is anticipated to pave the way for the SaaS expansion of domestic startup incubation programs.
Jeon Hwa-sung, CEO of CNTTECH, stated, “Following several meetings between the leaders of Korea and Saudi Arabia last year, and with the startup ecosystem still buzzing, we should attempt a concrete entry into the Middle Eastern market using Saudi Arabia as a base before the momentum cools.” He expressed CNTTECH’s commitment to serving as a bridgehead for Korean startups entering Saudi Arabia.
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[…] CNTTECH Builds Network for Korean Startups’ Fast-Track Entry into Saudi ArabiaCNTTECH builds a network in Saudi Arabia, facilitating fast-track market entry for Korean startups, with plans for formal agreements and collaborations with key Saudi institutions and investment firms. […]