RVC’s General Director Alexander Povalko and the representatives of investment company of the Kingdom of Bahrain, Alkeri Partners, Chairman Jamal A. Al-Hazeem and Founder and Managing Partner Khaled Zainalabedin signed an agreement on creating a series of corporate accelerators GenerationS for the Russian and international startups in the Kingdom of Bahrain and the Middle East. The first directions for selection will be telecommunications, fintech, logistics and mining.
The objectives of the agreement are the development of scientific and technical potential, the ecosystem of startups and the exchange of projects between the countries. In 2019-2020, it is planned to launch two acceleration programs for Russian and Middle Eastern entrepreneurs. It first corporate partner will be one of the largest telecommunications corporation in the Middle East, Zain Mobile Telecommunications through Zain Bahrain. Following the program, the startups will be offered investments, as well as cooperation with the corporate client and development institutions of both countries.
”Contributing to international expansion of Russian technology business is one of the priorities of RVC and National Technology Initiative. Last year, we have been successfully implementing a pilot project of commercializing domestic companies in the IoT, Big Data and AI segments in the Asian markets. With the opening of GenerationS accelerator in Bahrain, Russian entrepreneurs will have access to the fast-growing markets of Middle East and Northern Africa. We want to thank our partners for their high appraisal of the RVC's expertise in the corporate acceleration field and feel positive about our successful long-term cooperation.”, says RVC’s General Director, Alexander Povalko.
”The Kingdom of Bahrain is considered one of the best jurisdictions for doing business in the Middle East region, and is also among the Top-5 countries for expats according to HSBC. Its innovation ecosystem is growing very quickly and GenerationS’ team is interested in testing the developed acceleration model on its market through using the Kingdom of Bahrain as a Launchpad. After we are planning to expand it to the Kingdom of Saudi Arabia and scale up across other regions within the Middle East”, adds Ekaterina Petrova, director of corporate accelerator GenerationS.
”The partnership with RVC is a unique project linking the Russian Federation with the Middle East region, which will help in establishing mutually beneficial economic cooperation. We are confident that the launch of the first Accelerator GenerationS in Bahrain will be favorable for talented entrepreneurs from the Middle East and Russia who are creating innovative startups for the global market”, said Jamal A. Al-Hazeem, chairman of Alkeri Partners and Khaled Zainalabedin, Founder and Managing Partner of Alkeri Partners.
GenerationS is the Federal corporate platform to develop acceleration tools. It has been held by RVC since 2013. To date, the accelerator infrastructure includes more than 14,000 startups from 30 countries, 400 corporate and ecosystem partners. GenerationS has become the first Russian accelerator included in the Global Accelerator Network (GAN), created by Techstars.
Alkeri Partners is Bahrain based startup Foundry and venture capital platform. Alkeri is led by seasoned investment professionals & entrepreneurs who know how to build & scale sustainable startups. Alkeri works with entrepreneurs, entrepreneurial investors and innovative organizations who have a clear vision and are looking for a partner to turn original ideas into successful companies. The company as a startup Foundry differentiates itself with a unique business model based on three core verticals (1) Ideate; through investing as co-founders (2) Accelerate; through running accelerator programs and (3) Elevate; through investing in startups and scaling them in the Middle East region and beyond.
Zain Group is the largest telecommunications corporation in the Middle East based in Kuwait. In Bahrain, Zain began its operations in 2003 under the brand MTC-Vodafone. Since then, the company has introduced 4.5G LTE services in the country. Zain network covers 100% of the population of Bahrain.