By Emmanuel Nduka
A Saudi Arabian-based organisation, Digital Cooperation Organisation (DCO), has launched Startup Passport initiative for African tech startups, including those from Nigeria.
The initiative makes it quicker, easier and less expensive for startups to do business across borders, opening up potentially lucrative markets in Africa.
The DCO launched the initiative on Wednesday in Riyadh, Saudi Arabia, the venue of the maiden edition of LEAP, a technology conference and exhibition organised by the Ministry of Communications and Technology, Saudi Arabia.
Speaking at the launch, DCO Secretary-General, Deema Al-Yahya, explained that the Startup Passport would provide expedited entry and support in the markets of eight DCO countries.
Al-Yahya said the initiative would be rolled out first in Saudi Arabia and Nigeria before extending it to other African countries. The founding member nations of DCO are Bahrain, Jordan, Kuwait, Nigeria, Oman, Pakistan and Saudi Arabia.
She added that the initiative would reduce administrative and financial burdens and accelerate corporate registration and other processes for entrepreneurs.
Meanwhile, the DCO is focused on 10 areas (access to connectivity, cross-border data flows, ethical use of technology, digital identity management, data pooling and user privacy, mobility of skilled ICT labour, accelerating startups and SMEs, adoption of emerging technologies, alignment on digital taxation and cooperation on Research and Development (R&D) and innovation).
“Through this passport, they will be able to enter the markets of other DCO member states. This will further our mission of coordinating efforts and sharing expertise to grow the digital economy for the benefit of all nations,” she said.
She further explained that during LEAP 2022, the DCO also endorsed Elevate50, an initiative launched to support 50,000 small to medium-sized enterprises over the next three years to sell their products online.
Interestingly, about 10 Nigerian startups are billed to pitch with those from other regions for the $600,000 startup support grant.
Also speaking on the sideline of the event, Aramco Ventures, the venture capital arm of Saudi Aramco, announced the formal launch of its $1 billion diversified growth fund, called Prosperity7.
The fund according to Aramco, backs exceptional entrepreneurs, across the globe, including Nigeria, to build transformative companies and solve some of the world’s toughest problems. Prosperity7 provides its portfolio companies with the funding and connections to scale and enter new markets to attain global reach.
“Prosperity7 will connect the dots through big ideas, top talents and disruptive technologies from around the world as we look beyond the energy value chain to areas like healthcare, education and blockchain, for viable solutions to the world’s most pressing challenges,” President and CEO of Saudi Aramco, Amin Nasser, said.
Saudi Arabia’s technology sector is said to be worth more than $40 billion, with the new investments announced at LEAP 2022 part of the kingdom’s ongoing plans to transform into an innovation-based economy.
Saudi’s Minister of Communications and Information Technology, Abdullah Alswaha added that: “Investments and initiatives are manifestation of the kingdom’s push toward the growth of the digital economy for the greater good of people, the planet and the prosperity of the MENA region. They mark the next level of growth for the digital economy in Saudi Arabia, the MENA region’s largest technology and digital market.”
