In Riyadh, the business community has noted an impressive expansion in the entrepreneurial sector, a development attributed to the synergistic efforts of both public and private entities.
The Social Development Bank Forum for Entrepreneurship and Modern Business Practices, a gathering held at the King Abdul Aziz International Conference Center, brought together an extensive network of 85 speakers, 30 international organizations, and over 100 experts in various fields.
The Saudi Minister of Human Resources and Social Development, Ahmad bin Sulaiman Al-Rajhi, who also presides over the Social Development Bank (SDB), shared that in 2023, the bank has infused over SR11 billion (about $2.9 billion) into the economy. This investment aimed to bolster startups, positively impacting over 150,000 citizens.
Al-Rajhi emphasized the significant growth in the number of small and medium enterprises (SMEs), which have seen an increase from 429,000 in 2016 to over 1.2 million, a testament to the leaders’ commitment to nurturing entrepreneurship and its contribution to the nation’s GDP, in alignment with Saudi Vision 2030.
The minister underlined the labor market strategy, which is designed to enhance the entrepreneurial ecosystem and support startup incubators.
The SDB has been pivotal in supporting more than 9 million citizens and financing over 50,000 emerging startups throughout its operations.
The forum acted as a crucible for the exchange of innovative ideas, fostering a collaborative environment for entrepreneurs. Themed “DeveGo — Into a Thriving Future,” the event focused on spearheading innovation in financial services and bolstering micro-enterprises to contribute to Saudi’s GDP.
Sayeeda Warsi, the former UK minister, discussed the potential for global cooperation, particularly with the UK, in advancing entrepreneurial initiatives. Acknowledging the longstanding diplomatic ties between the two nations, Warsi highlighted the UK’s established financial and business sector, expressing optimism for future collaboration.
Warsi indicated that the insurance industry’s evolution signifies the central role of entrepreneurship in government initiatives. She pointed to the strength of diplomatic relations as a foundation for building robust business partnerships.
Addressing how Saudi entrepreneurship could preserve cultural heritage while driving economic growth, Warsi mentioned discussions at the conference about the green economy. She stressed the importance of supporting traditional sectors and communities during the transition to more sustainable practices.
Warsi also emphasized the value of international partnerships in achieving sustainable development goals, advocating for collaborative solutions to global challenges.
Jeff Hoffman, chairman of the Global Entrepreneurship Network, shared insights on successful entrepreneurship, emphasizing the importance of human capital over financial resources and the need for developing leaders.
Commenting on Saudi Arabia’s economic evolution, Hoffman praised the seamless cooperation within the Saudi entrepreneurial ecosystem, highlighting the benefits of global collaboration to align with Vision 2030’s emphasis on entrepreneurship.
The forum underscored the significance of international partnerships and the role of entrepreneurship in driving economic transformation and growth, both nationally and globally.