The Al-Farabi Innovation Hub, designed
to promote innovative projects and all types of businesses seeking to scale in
the markets of the Middle East and North Africa, was unveiled in Riyadh. The
Kazakh hub is expected to attract talented entrepreneurs and domestic
innovative startups to Saudi Arabia. Additionally, innovators will have the
opportunity to undergo incubation and acceleration programs, as well as to build
networks with various experts and successful business people. Besides, the hub
will provide initial investments from the Tumar Venture Fund. According to the Kazakh
Ministry of Digital Development, Innovation and Aerospace Industry, the
Al-Farabi Innovation Hub is set to attract at least $300 million in startups
over five years and export services worth more than $1 billion.
