Saleh Fareed

Saudi Gazette

 

JEDDAH — Qotuf Al Riyadh is partnering with Egyptian Falt6Labs to launch the first private tech startup accelerator program in Saudi Arabia focused on enterprises that inspire, equip and mobilize people to create positive change.



Successful serial entrepreneur Tuba Ozlem Terekli, co-founder and CEO of Qotuf Al-Riyadh will lead this unique project along with partners Flat6Labs and with the generous support of Arabian Cement Co., IKEA and the Jeddah Chamber of Commerce and Industry.



The accelerator represents an important economic development opportunity – a chance to support young businesses locally, with the hope that they will stay and grow here as well. “We’ve been working for many years to bring and keep new businesses, and to secure our local talent,” said Tuba.



Speaking in front of partners sponsors and mentors on Saturday in Jeddah, Tuba said the project fits well with the smart growth and economic development planning efforts of Saudi Arabia. “It is a historical moment where we witness the first private accelerator in Saudi Arabia and we are excited to help make this happen,” said Tuba.



The accelerator program will focus on small, fast-growing companies from information and communication technology sectors.



“When we talk about tech startups, everyone assumes that there aren’t enough tech inclined Saudi entrepreneurs. That is why, even though we see accelerators all over the Middle East and North Africa region, Saudi Arabia was left out of the trend and it is still very new as a concept. However, recent years have shown us that there are many talented Saudi programmers with tech-enabled innovative business ideas,” she added.



Speaking on behalf of the founding sponsors, Ghassan Al-Sulaiman, IKEA CEO, said “We have great faith in all of the Saudi entrepreneurs who are addressing everyday problems with unique tech solutions that can become sustainable businesses. As founding sponsors, we support Flat6Labs Jeddah that will develop these entrepreneurs.”



Hany Al Sonbaty, managing partner of Aawari Ventures and co-founder of the Egypt-based Flat6Labs, expressed delight at working with Saudi talent. “We are very proud to transfer our experience to a country which is well-known as a promising and stable market. In addition young Saudis are very talented and they need such support.”



“Not only will Flat6Labs Jeddah give opportunities to an entirely new generation of entrepreneurs, but it will also be a stepping stone in creating a bigger network of partners, mentors and investors in the Middle East,” said Ramez Mohammed, CEO of Flat6Labs.



“We’re thrilled to be selected for this program because of the impressive caliber of the participants and networks provided by Qotuf Al Riyadh,” he added.



Flat6Labs Jeddah plans to begin operations this summer and is scheduled to bring on the first accelerator cycle in Fall 2013 in a new state of the art facility.