The Expanding Horizon of Entrepreneurship in Saudi Arabia

The burgeoning entrepreneurial landscape in Saudi Arabia has experienced rapid growth, owing to a robust partnership between the public and private sectors, as emphasized by prominent business leaders during a two-day event in Riyadh.

Convening at the King Abdul Aziz International Conference Center, the Social Development Bank Forum for Entrepreneurship and Modern Business Practices brought together 85 local and international speakers, 30 global organizations, and over 100 consultants.

In the course of the event, Saudi Minister of Human Resources and Social Development, Ahmed bin Sulaiman Al-Rajhi, who also serves as the chairman of the board of SDB, disclosed that the 53-year-old bank infused more than SR11 billion ($2.9 billion) into the national economy in 2023 to bolster startups, thereby benefiting over 150,000 citizens. Furthermore, he noted that the number of small and medium enterprises surged from 429,000 entities in 2016 to more than 1.2 million, underscoring the pivotal role of SMEs in propelling the gross domestic product to achieve the objectives of Saudi Vision 2030.

Under the theme of “DeveGo — Into a Thriving Future,” the two-day forum sought to invigorate innovation in the provision of financial services and support for emerging and micro-enterprises, ultimately contributing to the Saudi GDP.

Former UK minister of the Foreign Office and Faith and Communities, Sayeeda Warsi, deliberated on potential global collaborations, particularly with the UK, to foster entrepreneurship and modern business practices in Saudi Arabia. She emphasised the enduring diplomatic ties between the two nations and underscored the potential for the UK and Saudi Arabia to collaborate and fortify their business relations.

Warsi also addressed the role of entrepreneurship in upholding and advancing cultural heritage while fostering economic growth, particularly in relation to the country’s transition to a green-powered economy. She stressed the significance of supporting individuals and geographical locations traditionally engaged in sectors benefiting from oil and gas, while also considering their history, heritage, and geography.

Chairman of Global Entrepreneurship Network, Jeff Hoffman, offered insights on achieving success as an entrepreneur, emphasising the importance of human capital and cultivating leaders within a company. He also underscored the remarkable growth of the Saudi entrepreneurial ecosystem, highlighting the seamless collaboration between various facets of the ecosystem and organisations within the government and private sectors in Saudi Arabia.

The forum served as a platform for discerning discussions, knowledge-sharing, and collaboration within the entrepreneurial community, demonstrating the robust entrepreneurial spirit and the potential for global partnerships to drive innovation and growth. As the Kingdom places significant emphasis on entrepreneurship as part of its Vision 2030 goals, collaboration and exchange of best practices on a global scale are imperative for the success of entrepreneurs across borders.