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MIT Enterprise Forum Pan Arab and MITEF Saudi Arabia announced that chamber Al Madinah Al Munawarah will support this year’s MIT Enterprise Forum Arab Startup Competition as a business alliance partner, hosted by Community Jameel Saudi Arabia and Bab Rizq Jameel, under the patronage and supervision of the governorate of the region of Medina.
The partnership between Al Madinah Al Munawarah Chamber and the MIT Enterprise Forum Startup Competition is in line with the role played by both parties in improving business development and economic growth in the Medina region and in the Kingdom.
The two sides also aim to promote economic development with social impacts, serving as a gateway to government and private programs to empower entrepreneurs and create sustainable projects and jobs in the Medina region and the Arab world.
On this occasion, the Secretary General of the House Al Madinah Al Munawarah, Eng. Abdullah Ahmed Abualnasr, said: “We wished the chamber of Al Madinah AlMunawarah to support the MITEF start-up competition in Saudi Arabia and the Arab world and to be the business partner of this year’s event.
This partnership stems from the role the Chamber plays in promoting business development and economic growth in the Medina region, empowering entrepreneurs, supporting distinct ideas, attracting investors to Medina and the development of the activity sectors of the region in accordance with the objectives of Vision 2030 which focus on the transformation of Medina into a digital, technological and innovative center.
“This competition will help build and maintain the culture of entrepreneurship and create local and regional work opportunities. It is indeed a golden opportunity to come together, network, build relationships as well as obtain training, mentorship and funding, ”added Abualnasr.
On December 27, 2021, 60 semi-finalists (20 from each track) will be selected from the pool of applications to advance to the next stages.
These teams will have the opportunity to attend the final event in Medina, where this year’s Startup Investment Forum (SIF) will also take place.
Three lucky winners will be selected for each track and their names will be announced at the final awards ceremony to be held at the King Salman International Convention Center in Al-Madinah Al-Munawara on February 23, 2022.
A total of nine winners in the different tracks will receive cash prizes as follows: The first prize for the winners of both Startup and Social Entrepreneurship tracks will be 50K for each team.
The top prize for the Ideas Track winners will be 15K. The prize for the first finalist for each track will be 10 km and the prize for the second finalist for each track will be 5 km.
For more information on the MITEF Startup Competition 2021-2022 application process, eligibility and judging criteria, please visit the competition website.