Riyadh - Sharikat Mubasher: Wadi Jeddah Company, the investment arm of King Abdulaziz University, signed a memorandum of understanding (MoU) with the Saudi-based biotechnology company Pure Advance to enhance innovation and foster tech startups.

Under this agreement, both parties will collaborate to empower technology and innovative companies, and develop an enabling environment that contributes to sustainable development in alignment with Vision 2030’s objectives, according to the official press release.

The MoU, which was signed by Sattam Lingawi, CEO of Wadi Jeddah, and Sultan Alhayyani, a representative of Pure Advance, underscores Wadi Jeddah’s role in enhancing the innovation ecosystem and knowledge-based investment.

Both parties will join hands to strengthen cooperation in areas of mutual interest and develop these fields by outlining frameworks and scopes of collaboration and partnership.

The MoU sets out mechanisms to establish sustainable strategic partnerships in commercial, scientific, research, training, cultural, and investment fields, in accordance with a joint action plan agreed upon to efficiently achieve the intended goals.

Moreover, this partnership reflects Wadi Jeddah’s commitment to building high-value partnerships that contribute to supporting the knowledge economy and strengthening the innovation and entrepreneurship environment in the Kingdom of Saudi Arabia.