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The National U.S.-Arab Chamber of Commerce (NUSACC) today published a first-of-its-kind newsletter dedicated to entrepreneurship in the Kingdom of Saudi Arabia. Today's launch coincides with the visit to the United States of H.M. Abdullah bin Abdul Aziz Al-Saud, King of Saudi Arabia, who meets today with U.S. President Barack Obama. The newsletter release also comes just weeks after President Obama's Summit on Entrepreneurship, which attracted hundreds of entrepreneurs from Arab and Muslim nations worldwide. Click here to access a web-version of the newsletter.
"In Saudi Arabia today, and throughout the Middle East and North Africa (MENA) region, there is a new breed of entrepreneurs that is gradually reshaping the economic landscape," notes David Hamod, President & CEO of the National U.S.-Arab Chamber. "These talented men and women are 'pushing the envelope' in their respective communities and challenging longstanding assumptions about value creation and risk aversion in the Arab world."
NUSACC's most recent edition of U.S.-Arab Tradeline, the Chamber's quarterly newsletter, highlights the growing market for start-ups and the emerging entrepreneurial ecosystem in Saudi Arabia. The 40-page newsletter profiles 27 success stories in such sectors as education, tourism, healthcare, information technology, management, public relations, sports, and consumer items. The new publication also focuses on steps that the Government of Saudi Arabia has taken to promote small and medium-sized enterprises (SMEs).
"Saudi Arabia is moving away from being the gas station to the world," says H.E. Abdullah Zainal Alireza, the Kingdom's Minister of Commerce and Industry. "Sustainable economic growth and real diversification is the goal of Saudi Arabia," he notes, and it is clear that creating a promising environment for entrepreneurship and start-ups is an important part of that transformation.
The newsletter highlights some of the government and private sector institutions that are leading the way in the Kingdom's transition to a knowledge-based economy. These include the Saudi Arabian General Investment Authority (SAGIA), the King Abdullah University of Science and Technology (KAUST), King Saud University, Prince Sultan Fund to Support Women's Small Enterprises, the Prince Salman Young Entrepreneur Awards, Abdul Latif Jameel Community Services Programs, the National Entrepreneurship Center, the Council of Saudi Chambers of Commerce and Industry, and others.
"SAGIA has committed to making the Kingdom of Saudi Arabia one of the most competitive nations in the world," says H.E. Amr Al-Dabbagh, Governor of the Saudi Arabian General Investment Authority. "In order to achieve this ambitious goal, the Kingdom must nurture emerging growth companies since they are the oxygen of the economy."
SAGIA has spearheaded efforts to promote entrepreneurship with the establishment of the Saudi Fast Growth 100, a list of the Kingdom's fastest growing enterprises by revenue. This group boasts annual revenue growth of 43 percent, garnering international attention.
"Entrepreneurship is alive and well in Saudi Arabia," concludes Professor Michael Porter of the Harvard Business School, an enthusiastic supporter of the Saudi Fast Growth 100. "You can't build an economy just on state enterprises or multinationals. You have to have a rich texture of SMEs which can drive entrepreneurship, provide support services, and make the economy work.... A list - such as the Saudi Fast Growth 100 - becomes very fundamental in bringing attention and energy to this part of the economy that is so crucial to success."
This point is reinforced in an interview with Professor Choon Fong Shih, President of the King Abdullah University of Science and Technology (KAUST). "The people who apply to a start-up university like KAUST are culturally, intellectually, and professionally adventurous," he says. "These are the ingredients that contribute to entrepreneurship.... We can offer them a long runway from which their research projects can take off. These are the individuals who will play a catalytic role in economic development within and beyond Saudi Arabia."
Others interviewed by NUSACC include: Dr. Fahad Al-Sultan, Secretary General of the Council of Saudi Chambers of Commerce and Industry; Dr. Naif Al-Mutawa who, with Saudi investors, created "The 99" - a comic book that Forbes magazine ranks among the top 20 trends sweeping the world; Amer Kayani, Counselor for Commercial Affairs at the U.S. Embassy in Riyadh; Deirdre Coyle and Anne Habiby, co-founders of the AllWorld Network, which is coordinating the Saudi Fast Growth 100 and the Arabia Fast Growth 500; Dr. Michael Connelly, CEO of Mosaica Education, which provides educational services in the MENA region.
The newsletter also includes special features about: Lubna Suliman Olayan, Cornell University's "Entrepreneur of the Year" and one of the most influential women in the world according to such publications as Time, Fortune, and Forbes; Dr. Ghassan Al-Sulaiman, Chairman of Siraj Capital, a major investor in the Kingdom's new start-ups; Noura Al-Shaaban, founder of Ebda'a, a networking organization developed by and for businesswomen.
A theme expressed repeatedly by Saudi entrepreneurs interviewed for U.S.-Arab Tradeline is the desire to help pave the way for future start-ups. "This encourages more people to become entrepreneurs and to give a lot back," says one. "I hope I can always be a role model for young people in our country," says another. "I am not interested in just making a profit," says a third entrepreneur. "It is also about making a difference," he concludes.
"Credit for much of this transformation starts at the top with H.M. King Abdullah bin Abdul Aziz Al-Saud and H.R.H. Crown Prince Sultan bin Abdul Aziz Al-Saud," notes David Hamod of the National U.S.-Arab Chamber of Commerce. "Through a variety of forward-looking programs, both leaders are empowering universities, chambers of commerce, and private foundations to create jobs for men and women -- thereby laying groundwork for the next generation of Saudi Arabia's business leaders."
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