RIYADH — Zubair SEC, a social impact initiative by the Zubair Corporation to support the growth of SMEs in Oman, and the Business Incubators and Accelerators Company (BIAC), a Saudi government company owned by TAQNIA that is owned by the Public Investment Fund (PIF), signed a Memorandum of Understanding (MoU) to support the SME sector in Oman and the Kingdom of Saudi Arabia.

The MoU was signed by Mohammed Mubarak Al Hasani, Chief Communications Officer, The Zubair Corporation, and Khalid Almahfouz, Director of Business Development of BIAC.

The partnership will allow both parties to boost SME's collaboration between Oman and the Kingdom of Saudi Arabia and provide access to the local market, network, and potential investors in their respective countries.

In addition, the partnership also leaves abundant room for Zubair SEC and the Badir Program for Technology Incubators and Accelerators, which is managed and operated by BIAC, to cooperate on several fronts to support startups and contribute to the economy by creating quality employment opportunities.

Commenting on the signing ceremony, Mohammed Mubarak Al Hasani, Chief Communications Officer at The Zubair Corporation and Supervisor of Zubair SEC, said Zubair SEC has been playing a key role in supporting small enterprises and young entrepreneurs in the Sultanate since its establishment in 2013,” he added. “This significant collaboration marks yet another highpoint for Zubair SEC’s efforts to open business development opportunities for our members".

He added. “We are happy to sign this MoU with the Badir Program which is managed, operated by BIAC, and we hope this collaboration would bear promising results in the near future.”

Khalid Almahfouz, Director of Business Development of BIAC, said “it is a true pleasure to collaborate with Zubair SEC, a significant supporter of small businesses in the Sultanate of Oman. Together, we hope to explore opportunities for promoting SMEs in both countries and encourage regional cross-selling among SMEs.”

Established in 2013, Zubair SEC is today a professional body that capitalises on its high professionalism, diversified offered knowledge, wide range of accumulated expertise, and its own global and local network and strategic partners.

BIAC focus is to establish, operate and manage business incubators and accelerators as well as entrepreneurship support platforms, innovation programs and technology transfer. One of its important program's is the Innovation Center for Industry 4.0 (ICI4), an initiative that strives to provide a specialized platform for business and industry activities related to Industry 4.0

Managed, developed, and operated by BIAC, the Badir Program aims to support and create opportunities for business enterprises in the technological field. Since its launch until the end of the second quarter of 2019, the Program has incubated nearly 655 technical projects and successfully raised around SR 334 million ($89 million). — SG