President of Umm Al Qura University (UQU) Dr. Bakri Bin M'atooq Bin Bakri Assas witnessed at the headquarters of Wadi Makkah Company the signing of a Memo of Understanding (MoU)  between  General Investment Authority, and Wadi Makkah Company, the investment arm of Umm Al-Qura University to develop investors and entrepreneurs services. The agreement was signed by the Deputy Governor of General Investment Authority for Investors Services and Consultations Mr. Ibrahim bin Saleh Al-Suwail and the CEO of Wadi Makkah Dr. Faisal bin Ahmed Al-Alaf, in the presence of the UQU Vice President for Development and Entrepreneurship Dr. Hani bin Osman Ghazi and a number of the company affiliates.   
 

The agreement is intended to boost cooperation between the two sides in the field of investors and entrepreneurs services development. As per the terms of the agreement, the General Investment Authority will provide licensing services for entrepreneurship and government services via business centers and the necessary consultation for entrepreneurship projects. The agreement will also allow Wadi Makkah to participate in the events and workshops organized by the Investment Authority relevant to investment development and encouragement and development of investment opportunities for entrepreneurs to establish entrepreneurship projects with high investment value via services of investment attraction and development.  

In return, Wadi Makkah Company will issue an annual report about the enterprises supported and licensed by the General Investment Authority, in addition it will invite the authority to all the events and workshops organized in the field of entrepreneurship besides supporting authority's works related to attracting entrepreneurs and establishment of entrepreneurship projects by providing investment programs.

Within the same vein, UQU President and the Chairman of Board of Directors of Wadi Makkah Company Dr. Assas praised the agreement which will contribute to consolidating the partnership between the General Investment Authority and Wadi Makkah Technology Company adding that Wadi Makkah endeavors to create effective partnerships with all parties and sectors involved in developing knowledge-based economy in and outside the Kingdom believing in the importance of such role  in creating proper environment for entrepreneurs encouraging youth to invest in this field. He then lauded the support provided and still to the university by the wise leadership and the direct follow up of the Advisor to the Custodian of Two Holy Mosques, Emir of Makkah HRH Prince Khalid Al-Faisal and his deputy Prince Bander bin Abdullah in addition to the support of the Minister of Education Dr. Ahmed bin Mohamed Al-Eesa to see Umm Al-Qura University amongst the leading international universities.   

All the more, The Deputy Governor of the General Investment Authority for Investors Services and Consultations Mr. Ibrahim Al-Suwail praised this partnership between the two sides and the importance of developing services provided for investors and entrepreneurs in the Kingdom by providing all services and programs needed by the them in such manner which will contribute to increasing size of the local and foreign investment, activating role of private sectors in the effective participation besides increasing its share in boosting the national economy.   

For his part, the CEO of Wadi Makkah Dr. Faisal Al-Alaf said as per this agreement, the two sides will embark on encouraging individuals initiatives, supporting domestic small and middle enterprises and entrepreneurship by providing funding, sponsorship and business development programs. He lauded both sides' desire to cooperate, integrate effort and harness capacities in such manner which will enrich the process of supporting entrepreneurship, provision of government services and other value-added services in such manner which will serve the public interest in line with the Kingdom Vision 2030. He then extended his thanks and appreciation to UQU President and Chairman of Board of Directors of Wadi Makkah Company and the UQU Vice President for Development and Entrepreneurship and Deputy Chairman of Board of Directors of Wadi Makkah Company for their honorable presence in this agreement signing ceremony and their provided support for such partnerships which will benefit the nation and its youth.