The Cooperative & Agricultural Credit Bank (CAC Bank) has signed a Memorandum of Understanding with Business World for Investment and Studies Ltd. to establish an investment fund aimed at supporting and financing innovative startups. This initiative seeks to enhance the entrepreneurial and innovation ecosystem in Yemen.

The agreement was signed on behalf of CAC Bank by Mr. Mohammed Darham Abu Hatim, Assistant Vice President for Business Development, and on behalf of Business World by Dr. Rabee bin Ali Al-Obathani, CEO of the company, during an official ceremony held at the company’s headquarters in the city of Mukalla.

This strategic partnership aims to empower entrepreneurs and innovative projects by providing access to sustainable funding sources and creating an investment-friendly environment that fosters growth and innovation across vital sectors. The initiative is expected to boost the contribution of startups to economic development and generate positive social impact.

During the signing ceremony, Mr. Abu Hatim emphasized that the MoU with Business World represents a strategic step toward supporting innovation and entrepreneurship in Yemen. He stated: “At CAC Bank, we believe in the importance of empowering youth and startups, and we are committed to providing the financial and investment tools that contribute to building a diversified and sustainable national economy.”

Following the MoU signing, a delegation from CAC Bank visited the Hadramout International Community College project, currently overseen by Business World. The delegation reviewed the progress of the project and was introduced to a number of emerging commercial startups being incubated and developed through the company’s startup-building programs.

This MoU aligns with the vision of CAC Bank’s Acting Chairman and CEO, Mr. Hashed Al-Hamdani, to create promising investment opportunities for youth and entrepreneurs, contributing to the development of an integrated economic system that supports sustainable development.