As part of the Development Ecosystem's support for entrepreneurs One Billion Riyals Fuels the Growth of More Than 800 SMEs in 2023

The Kingdom is making every effort to support entrepreneurship through various development finance funds and banks within the Kingdom's development ecosystem. In addition, the Kingdom has launched numerous programs, initiatives, and institutions to develop an entrepreneurial ecosystem and entrepreneurial business leaders, which aligns with the goals of Saudi Vision 2030. The National Development Fund coordinates and integrates the operations of its affiliated funds and banks regarding medium—and long-term development financing needs to enhance their efficiency and financial sustainability. This aligns with the Fund’s goal of encouraging and motivating entrepreneurs. The SME Bank provides various financing solutions as part of the development ecosystem. It has offered, so far, one billion riyals in financing to support more than 800 SMEs in 2023.

Innovation... Carving the Cornerstone of Entrepreneurship

In today's era, where people's needs are changing at an accelerating pace, innovation has become an indispensable factor in the success of any entrepreneurial venture. Innovation is the guiding light on the path of entrepreneurship. Innovation fosters the development of new methods, the discovery of innovative solutions to business challenges, and the design of new products and services, thereby enhancing its presence and competitiveness in the market. Innovation is a key driving force for the business, enabling it to rank higher and attract both potential customers and investors. The impact of innovation does not stop there; it expands the scope of projects and opens up new potential for growth. However, the entrepreneurial journey is only feasible with three essential elements: inventive vision, a stimulating business environment, and successful implementation of development plans.

Tamara: A Beacon of Inspiration for Aspiring Entrepreneurs

Amidst the dynamic world of finance and business, the story of Tamara unfolded—a Saudi startup that emerged with an innovative seed nurtured by exceptional support from the Saudi Venture Capital Company (SVC). At the dawn of 2020, Tamara embarked on its journey under the leadership of visionary entrepreneur Abdulmajeed Al Alsukhan and his partners, Turki Bin Zarah and Abdulmohsen Al Babtain. This trio combined their passion and experience working with some of the world's leading corporations. Tamara's innovative approach swiftly caught the eye of the SVC, which strategically extended its support to Tamara, to help it expand. Further cementing its position as a trusted entity, Tamara secured a license from the Saudi Central Bank (SAMA) to operate as a 'Buy Now, Pay Later' service provider. This pivotal regulatory approval not only broadened Tamara's service offerings but also significantly bolstered customer confidence in the company. Marking a remarkable early success, Tamara closed an initial Seed funding round of SAR 22.5 million in January 2021, just five months after commencing operations in September 2020.

Mr. Abdulrahman Bin Mansour: Saudi Arabia's 52% share of MENA VC investments shows The Kingdom's growing interest in entrepreneurship.

Mr. Abdul Rahman bin Mohammed bin Mansour, Acting CEO of the SME Bank, emphasized the Saudi leadership's unwavering support for the SME sector. He highlighted the sector's critical role in economic growth, accounting for a remarkable 99% of enterprises in the Kingdom. During his interview for the KHUTA newsletter, His Excellency highlighted the organizational link between the SME Bank and the National Development Fund. He emphasized that the bank?is dedicated?to bridging the financing gap for SMEs and addressing existing challenges through financing and investment solutions. He also pointed out the bank's introduction of new financing models that have benefited more than 800 enterprises. Mansour viewed the Kingdom's acquisition of a 52% share of the total venture capital investment in the MENA region in 2023, compared to 31% in 2022, as a confirmation of the strength and resilience of the Saudi economy and its investment attractiveness.

Business Accelerators and Business Incubators: Difference in Concept, Unity in Goals

Entrepreneurs face a journey filled with challenges but also brimming with opportunities as they establish their businesses. Therefore, tools?are provided?to help them make informed decisions, enhance their business efficiency, and achieve their goals. These tools vary to align with companies' needs and growth stages, including business accelerators and incubators. Despite their similarities and shared goals of providing training and guidance services to companies, the two have fundamental differences. Business incubators provide a comprehensive support program for early-stage startups, aiming to help them transform their plans into tangible products, services, or other ventures within a flexible timeframe. Business accelerators, also known as startup accelerators, are intensive, time-bound programs that provide mentorship and education to help early-stage startups accelerate their growth.

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Saudi Arabia's Wind Energy Voyage

?Giant Sails, Navigating Towards a Carbon-Free Future

Wind energy heralds a promising future for the Middle East region, which is endowed with vast geographical areas suitable for the construction of giant wind power plants, particularly along the Red Sea coasts. Saudi Arabia, in particular, boasts coastlines well-suited to generating over 200 gigawatts of wind energy, surpassing the potential of most countries pursuing wind-powered electricity production. As the Kingdom embarks on its journey towards a greener future powered by wind energy, it has set an ambitious target of achieving 10 gigawatts of wind power annually by 2025. This objective aims to diversify energy sources, reduce carbon emissions, foster economic growth, and offer new employment opportunities, ultimately bolstering economic and social development.

H.E. NDF Governor: Innovation & Entrepreneurship are Crucial to Sustainable Growth

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al Saud - may Allah protect him - the Islamic Development Bank's Global Forum on Islamic Finance was held in Riyadh on April 28, 2024, under the theme "Innovation, Entrepreneurship, and Leadership in Islamic Finance." During his participation in the 18th session of the forum, H.E Dr. Stephen Groff, Governor of the National Development Fund, stressed the importance of innovation and entrepreneurship in bolstering the global economy, highlighting the role of financing activities in accelerating the pace of sustainable development and the role of entrepreneurship in achieving sustainable growth across many countries, including Saudi Arabia.

ADF Approves Loans Exceeding 770 Million Riyals

The Agricultural Development Fund Board of Directors approved several developmental and investment loans worth more than SAR 770 million in its first meeting of the current fiscal year, headed by His Excellency the Minister of Environment, Water, and Agriculture, Chairman of the Board of Directors, Engineer Abdulrahman bin Abdulmohsen Al-Fadhli. This brings the total approved loans to SAR 1.132 billion.

HRDF Facilitates the Employment of 73,878 Saudis in 90 Days

The Human Resources Development Fund contributed to the employment of 73,878 male and female citizens in private sector enterprises during the first quarter of 2024. During the same period, the number of beneficiaries of the Fund's guidance, training, and empowerment services and programs exceeded 1.1 million, while the number of enterprises benefiting from the Fund's services during the same quarter surpassed 72,000.

REDF: 961 Million Riyals Deposited in Sakani Beneficiaries' Accounts for April

The Real Estate Development Fund deposited SAR 961 million in the accounts of beneficiaries of the "Sakani" housing program from the Ministry of Municipal Rural Affairs and Housing and the REDF for April 2024. This aims to achieve the goal of improving the ability of beneficiaries to own homes and to achieve the housing program's targets— a key tenet of the Saudi Vision 2030.