MBZUAI, the world’s first graduate-level, research-based artificial intelligence (AI) university, and OurCrowd Arabia, a leading equity crowdfunding platform in the Middle East and North Africa (MENA) region, have signed a Memorandum of Understanding (MoU) to collaborate on boosting funding for AI startups and research.
The MoU signing took place during the UAE-Israel Business Leaders Summit, which was held virtually on October 26-27, 2020. The summit was organized by the Abu Dhabi Investment Office (ADIO), the Israel Export Institute, and the Federation of Israeli Chambers of Commerce.
Under the terms of the MoU, MBZUAI and OurCrowd Arabia will work together to identify promising AI startups and research projects in the MENA region and provide them with access to funding, mentorship, and other resources. The collaboration aims to accelerate the growth of the AI ecosystem in the region and support the development of innovative solutions to address local and global challenges.
MBZUAI was established in 2019 by the UAE government to advance AI education and research. The university offers Master of Science (MSc) and PhD programs in AI, with a focus on machine learning, computer vision, and natural language processing. MBZUAI aims to attract top talent from around the world and contribute to the development of AI technologies that can benefit society.
OurCrowd Arabia is a joint venture between OurCrowd, a global equity crowdfunding platform based in Israel, and Saudi Arabia’s Al Naboodah Investment Company. The platform enables investors to participate in funding rounds for startups and early-stage companies in various sectors, including AI, fintech, healthcare, and cybersecurity.
The collaboration between MBZUAI and OurCrowd Arabia is expected to create new opportunities for AI startups and researchers in the MENA region. By leveraging the expertise and resources of both organizations, they can help bridge the gap between academia and industry and promote the commercialization of AI innovations.
In a statement, Dr. Behjat Al Yousuf, Interim Provost of MBZUAI, said, “We are excited to collaborate with OurCrowd Arabia to support the growth of the AI ecosystem in the MENA region. This partnership will enable us to identify and nurture promising startups and research projects and provide them with the resources they need to succeed.”
Jon Medved, Founder and CEO of OurCrowd, added, “We are thrilled to partner with MBZUAI to help drive innovation and growth in the AI sector. OurCrowd Arabia is committed to supporting the development of the region’s startup ecosystem, and this collaboration is a significant step towards achieving that goal.”
Overall, the MoU signing between MBZUAI and OurCrowd Arabia is a positive development for the AI industry in the MENA region. By working together, they can help unlock the potential of AI startups and research projects and contribute to the advancement of AI technologies that can benefit society.
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