KAPITA and VMS forming a bridge for investment between Iraq and Saudi Arabia

Cairo, Egypt — April 2024

KAPITA, a leading Iraqi business hub, and Saudi-based Venture Studio, VMS, are delighted to announce a strategic partnership aimed at promoting entrepreneurship and facilitating investment in startup ventures within Iraq and expanding into the Saudi market.

This collaboration is launched under the “Bridge Program”, designed to strengthen ties and foster bilateral cooperation between Iraq and Saudi Arabia in the entrepreneurial sector. The partnership was officiated alongside the previously successful Bridge program in Egypt, underscoring a shared commitment to nurturing business innovation and economic development across the region.

Mujahid Waisi, CEO of KAPITA, expressed enthusiasm about the partnership: “We are excited to leverage the Bridge Program to enhance the entrepreneurial landscape in Iraq and empower Iraqi entrepreneurs to enter and succeed in the Saudi marketplace. This initiative not only supports our vision to stimulate business growth but also enables our entrepreneurs to scale their operations internationally.”

Dr. Moataz Abounq, CEO of VMS, commented on the collaboration, “We are thrilled to partner with KAPITA and the Iraqi Angel Investors Network IAN to replicate our successful model from Egypt in Iraq. This partnership will allow us to extend our reach and impact, facilitating Iraqi startups to explore and penetrate the Saudi market, which is ripe with opportunities for innovative business solutions.”

The Bridge Program is set to launch in Baghdad in 2024, featuring intensive workshops and networking sessions conducted by Saudi investors and business leaders. Selected Iraqi startups will participate in a three-day summit in Baghdad, receiving tailored mentorship and growth strategies to prepare them for market entry and investment in Saudi Arabia.

The culmination of the program will see the top participating companies embarking on a fully-funded trip to Saudi Arabia, where they will meet with potential investors and explore further growth and inves no tment opportunities.

Both KAPITA and VMS bring a wealth of experience and an extensive network in their respective markets, which will be pivotal in the success of this program. Through this partnership, both entities aim to create a robust platform for knowledge exchange, innovation, and economic growth, bridging Iraqi creativity with Saudi market opportunities.

About KAPITA

KAPITA is a private sector development company based in Iraq, specializing in empowering SMEs and startups through investment, research, and incubation programs. Known for its data-driven approach, KAPITA has been instrumental in pioneering initiatives like the Iraqi Angel Investors Network and the Scale Up Academy to foster a thriving business ecosystem in Iraq.

About VMS

VMS is a Saudi-based venture studio that focuses on building and investing in innovative startups. With a robust portfolio and a dynamic approach to business development, VMS aims to strengthen the entrepreneurial fabric of the MENA region through strategic partnerships and impactful programs.