IT Park Uzbekistan strengthens collaboration with Saudi Arabia

The delegation of IT Park Uzbekistan led by the Executive Director Abdulakhad Kuchkarov participated in the BIBAN 2024 Conference and hosted a series of strategic meetings in Riyadh, Saudi Arabia, successfully promoting Uzbekistan as a global technology hub. The IT Park delegation, accompanied by 13 Uzbek startups, engaged in multiple discussions with potential investors, local authorities, and tech ecosystem leaders, positioning Uzbekistan as a promising destination for foreign investment and tech collaboration.

As a part of the official program, IT Park Uzbekistan, along with local startups such as Jobster, Kitcheff, Testbor, DataGaza, Cradle Vision, Sales Doctor, Iman Invest, FOM Group, TIMZ, Deepen, and kpi.com, participated in BIBAN 2024. The participation highlighted Uzbekistan’s dynamic startup ecosystem and the support infrastructure available to international investors. Uzbek startups initiated in-depth discussions with potential partners, exploring investment and partnership opportunities to expand their reach and strengthen Uzbekistan’s tech sector.

Uzbekistan Tech Conference in Riyadh

In collaboration with StrategEast and Monsha'at, IT Park Uzbekistan organized the Uzbekistan Tech Conference in Riyadh, hosted by the SME Support Center. The event gathered over 50 representatives of  government representatives, venture funds, business angels, and industry leaders. 

The opening set the tone for an engaging session on the IT potential of Uzbekistan, with presentations spotlighting the country’s tech advancements, investment opportunities, skilled human resources, and recent developments in the startup and venture capital ecosystems. The guests were introduced to the startup and tech ecosystem of Uzbekistan, explored investment opportunities, and learned about promising areas for collaboration and growth.

The event continued with startup pitches, where nine Uzbek tech companies — TIMZ, KitCheff, TestBor, Cradle Vision, Sales Doctor, Jobster, Deepen, DataGaze, and kpi.com — presented their innovative solutions to a distinguished audience of venture funds and investors from Saudi Arabia. Each startup showcased unique ideas across various domains, generating strong interest and prompting insightful discussions on potential collaborations. Startups also explored ways to secure new clients, partners, and investors, making the atmosphere vibrant and productive.

The event marked an important step in strengthening the tech bridge between Uzbekistan and Saudi Arabia, reaffirming both countries' commitment to fostering innovation and expanding global tech ecosystems. It sparked investor interest and promoted cross-border collaboration, positioning Uzbekistan as a key player in the regional startup landscape.

Ministry of Communication and Information Technology

Delegation of IT Park headed by the Executive Director Abdulakhad Kuchkarov had a meeting with the Ministry of Communication and Information Technology represented by General Manager of digital entrepreneurship center Abdullah Alshamrani.

Discussions focused on opportunities for establishing a venture fund and collaborating on IT Park projects, laying the foundation for future partnerships to support both current and upcoming initiatives. The conversation highlighted the growing need for developing startups in key sectors like gaming, sports, blockchain, and digital media, emphasizing the importance of joint efforts to foster innovation in these areas. 

The CODE project was also discussed, with the aim of building strong connections between startups, investors, universities, and venture funds, and the potential for organizing joint events for Uzbek startups was explored. Effective strategies to engage the private sector in startup investments were addressed, seeking to encourage broader involvement in Uzbekistan's growing tech ecosystem. The Ministry of Information Technology expressed readiness to collaborate with IT Park in supporting startup growth in these emerging fields and agreed to explore ways to incentivize private sector investments. A joint event with the CODE project for Uzbek startups was also scheduled, marking another step forward in fostering cross-border collaboration and innovation.

Ministry of Investments, Saudi Arabia

Abdulakhad Kuchkarov held discussions with the Ministry of Investments, represented by Abdulrahman A. Almutlaq, Chief Manager of Business Development, and Mukhammad Al-Kharbi, Business Development Analyst. The IT Park delegation discussed potential collaborations, including establishing a venture fund and supporting startups in GameDev, AI, deep tech and digital media. 

Both sides also explored opportunities for introducing Uzbek startups to the Saudi market, discussing support programs that could facilitate their entry and meet local market needs. The meeting also involved planning the official visit of Uzbekistan’s Minister of Digital Technologies, aiming to enhance collaboration between both nations' ministries and initiate joint projects. The Ministry of Investment expressed its readiness to assist with the registration process for IT Park and committed to supporting the entry of Uzbek startups into Saudi Arabia.

A key part of the talks was planning the upcoming official visit of Uzbekistan’s Minister of Digital Technologies, which aims to strengthen ties between the ministries of both countries and kickstart joint projects.

The Garage—Riyadh’s Premier Incubation Hub

The delegation visited The Garage, where both sides discussed launching a cross-border startup exchange program. Additionally, during the meeting, the parties discussed support for Uzbek startups and the launch of joint initiatives to promote Uzbekistan's startup ecosystem and explore partnership opportunities.

Notably, The Garage is recognized as the world's second-largest incubation center by area, following Station F. This initiative aims to establish long-term support frameworks for startups from both nations, enhancing growth and fostering innovation.

The Garage is a premier startup incubator providing resources and support for early-stage companies.

Visit to Vision Invest and DataVolt

IT Park’s delegation, led by Executive Director Abdulakhad Kuchkarov, met with key representatives of Vision Invest, part of Data Volt Holding, including Yazid Althnean, Senior Manager for Strategic Partnerships, and Yusef Alzuhair, Vice President of the Privatization Sector. Also present at the meeting was Yahya Aldahiri, chief manager at DataVolt.

Discussions focused on potential collaborations to support Uzbek startups, emphasizing opportunities for impactful ventures in the Saudi market. The attractiveness of the Saudi market for Uzbek startups and the economic benefits of targeted sectors were explored, with Vision Invest expressing interest in facilitating the establishment of a regional headquarters for Uzbek startups under favorable conditions.

Both sides agreed on promoting Uzbek startups in the Saudi market as well as initiatives to attract venture capital. The Saudi representatives showed a strong commitment to supporting IT Park's goals of establishing a meaningful presence in Saudi Arabia, pledging assistance for IT Park's plans to have a permanent representation in the Kingdom. 

Vision Invest is an investment and project management firm specializing in building strategic partnerships and driving growth across multiple sectors. With a focus on fostering economic development, Vision Invest aims to create value through innovative investment strategies and strong collaborations. The firm is operating in Uzbekistan, playing a key role in advancing the region's growth and economic diversification.

Data Volt is a leading provider of comprehensive data management and technology solutions, focusing on empowering businesses through innovative data-centric strategies and infrastructure development.

Memorandum of Understanding with Nawah AI 

IT Park Uzbekistan held discussions with CEO of Nawah AI Mohammed Hatata to explore market entry strategies for Uzbek startups in Saudi Arabia, resulting in a Memorandum of Understanding (MoU). This partnership, formalized by Executive Director Abdulakhad Kuchkarov and CEO Mohammed Hatata, sets the stage for collaborative efforts. Nawah AI will support Uzbek startups in entering and expanding within the Saudi Arabian market.

The agreement includes assistance in B2B sales and securing capital from local investors, fostering growth and strategic development for Uzbek tech companies. The comprehensive nature of the MoU opens doors for extensive future collaborations and shared growth opportunities.

Nawah AI is an AI and technology solutions company that bridges international markets and facilitates technological growth through strategic partnerships.

Additionally, meetings were held with organizations such as Monsha'at, SDAIA, the Digital Cooperation Organization (DCO) and Transcend Consulting.

Monsha’at

Executive Director Abdulakhad Kuchkarov held a meeting with Hashem Almarzouk to discuss potential joint programs aimed at developing the Uzbek startup ecosystem and expanding its reach into the Saudi Arabian market. Collaboration with Monsha'at, the Small and Medium Enterprises General Authority of Saudi Arabia, presents significant opportunities for Uzbek startups to strengthen their presence in the Saudi market. Monsha'at offers support through its acceleration programs, which are valuable resources for startups seeking regional growth. IT Park Uzbekistan aims to leverage these opportunities by connecting Uzbek startups with Saudi accelerators, providing them with the support needed for successful market entry.

Furthermore, the collaboration could extend to establishing joint acceleration and incubation centers, alongside training and mentorship programs in high-potential areas such as artificial intelligence and fintech. These initiatives would foster innovation and growth in both countries, creating a more vibrant and supportive environment for the development of the startup ecosystem.

Monsha'at is the Small and Medium Enterprises General Authority of Saudi Arabia, dedicated to fostering business development, providing financial support, and strengthening international connections. Monsha'at implements various programs aimed at helping startups enter international markets.

SDAIA

Moreover, the IT Park team met with SDAIA, represented by Turki Alramah, Director of Local and Global Partnerships. Discussions focused on implementing AI projects, supporting startups in their digital transformation journey, and providing AI and IT services from Uzbekistan. The conversation also emphasized opportunities for investments in startups and experience exchange initiatives.

SDAIA (Saudi Data and Artificial Intelligence Authority) is an organization in Saudi Arabia focused on the development of artificial intelligence and data initiatives. During the meeting, discussions centered on implementing AI projects, supporting startups in their digital transformation efforts, and providing Uzbek startups with access to resources for growth in the fields of artificial intelligence and big data.

Digital Cooperation Organization

IT Park also met with the Digital Cooperation Organization to discuss expanding collaboration and supporting Uzbek startups in entering international markets. Both sides agreed on mechanisms for mutual support, strengthening the tech partnership between Uzbekistan and the member states. The organization proposed assistance in fostering collaborations across all member countries to facilitate startup growth and cross-border cooperation.

The Digital Cooperation Organization is an international organization dedicated to accelerating digital transformation and fostering collaboration among its member states to drive economic growth and digital inclusivity.

Transcend Consulting

In a final meeting, Transcend Consulting offered legal and operational support for establishing IT Park in Saudi Arabia. Transcend will assist with regulatory compliance and documentation, enabling IT Park to establish a solid foundation in the Saudi market.

Transcend Consulting is a legal and business advisory firm specializing in regulatory and operational support for international business expansion.

The delegation of IT Park also engaged in discussions with representatives from 1K Leaders, Flat6Labs, Raed, Maak Solution, and Arab Consult House.  During the meetings, company representatives discussed the conditions being created for the development of the startup and venture ecosystem in Uzbekistan, including the talent capabilities within the business environment and the incentives offered by IT Park. Presentations were made to highlight the economic growth of the country and recent positive political changes. The representatives expressed interest in exploring Uzbekistan's startup and venture potential and were impressed by the rapid progress the country has made in recent years.

These engagements mark a significant step in deepening Uzbekistan’s partnership with Saudi Arabia, promoting foreign investment, and enhancing the global presence of Uzbek startups and tech firms. This collaboration provides Uzbekistan with access to increased capital, new markets, and technological expertise, while fostering economic growth, job creation, and the diversification of its economy beyond traditional industries.