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Saudi Arabia Launches 'The Garage'... Middle East's Largest Business Accelerator

Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Launches 'The Garage'... Middle East's Largest Business Accelerator

Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)

Saudi Arabia launched The Garage, the region's largest business accelerator, in an event at the King Abdulaziz City for Science and Technology in Riyadh.

The Garage's new headquarters opened on an area of 28,000 square meters on the main campus of King Abdulaziz University for Sciences and Technology (KAUST) in the presence of Minister of Communications and Information Technology Abdullah al-Swaha, Minister of Municipal and Rural Affairs and Housing Majed al-Hogail, and Minister of Media Salman al-Dossary.

The Garage is a startup district focusing on local and international startups, scouting and inviting them to join its programs and events. It encompasses over 300 startups, features 24 meeting rooms, an event space accommodating over 1,000 attendees, and dedicated training workshop areas.

The Garage began fostering startups since its inception in April 2022 in collaboration with various partners, including Google for Startups and the National Technology Development Program, KAUST Destination Deep Tech, and the Ministry of Investment.

The accelerator offers six distinct programs: Garage Plus, ACCESS Disability Technologies Accelerator, Garage Incubator, MVP Lab, GAIA Business Accelerator, and the Middle East's first iteration of the Antler program.

Garage has supported ten batches throughout these programs, encompassing over 230 startups and 450 founders from more than 50 countries.

The startups have achieved significant milestones, earning combined revenues of $6.5 million, securing investments exceeding $57.3 million, and engaging in extensive training programs.

Moreover, The Garage hosted over 40 events, with the participation of 150 local and international startups and attendance surpassing 3,500 guests, including partners, investors, entrepreneurs, and industry experts.

The inauguration of Garage marks a significant step in the startup ecosystem, locally and globally, as it allows entrepreneurs to join a comprehensive community of partners and founders.

Garage was first introduced at the inaugural Leap Conference in 2022, positioning itself as a primary hub for Saudi and global promising ventures from the heart of Riyadh.

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Business

Saudi Arabia to Host Multilateral Industrial Policy Forum

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia to Host Multilateral Industrial Policy Forum

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia, in partnership with the United Nations Industrial Development Organization (UNIDO), will host the Multilateral Industrial Policy Forum (MIPF) in October, underscoring the Kingdom's significant industrial transformation, in line with Vision 2030, and aiming to expand the Saudi industrial base and solidify its position as a leading global industrial center.
Organized by the Ministry of Industry and Mineral Resources in Riyadh, the forum is yet another substantial industrial development initiative the Kingdom relentlessly takes.
By carrying out programs focused on innovation, diversification, and boosting of the industrial sectors, including 12 strategic sectors identified in the National Industrial Strategy, Saudi Arabia seeks to raise competitiveness and support its national economy.
Beyond the National Industrial Strategy, the Kingdom has invested in developing industrial infrastructure, such as industrial cities and special economic zones, and fostered international cooperation to facilitate transfer of knowledge and technology. The forum, in which global experts and decision makers participate, is an ideal platform to exchange expertise and set best practices in industrial policies.
Saudi Arabia aims to develop policies that are in line with international standards, thus increasing the global competitiveness of its industrial sector. By leading initiatives for sustainable industrial practices, promoting international cooperation, exchanging expertise, and adopting environmentally friendly technologies, the Kingdom seeks to enhance the flexibility of its supply chains, in line with the Global Supply Chain Resilience Initiative.
The industrial sector in Saudi Arabia witnessed significant developments in 2023, including announcing major investment opportunities in targeted sectors, issuing a license for the first Saudi-made electric car brand "Ceer", and opening the first electric vehicle manufacturing factory "Lucid". The Kingdom aims to produce over 300,000 cars annually by 2030.
Attracting private sector investments is crucial to achieving the goals of the National Industrial Strategy. The industrial sector focuses on enhancing integration among various sectors and their supply chains, developing infrastructure, encouraging joint investments, promoting local content, and empowering national companies through policies, financing, and training.
In July 2022, the Ministry of Industry and Mineral Resources launched the Future Factories Program, which aims to transform 4,000 factories from labor-intensive models to efficient, automated operations utilizing advanced industrial solutions. This initiative seeks to enhance competitiveness, improve product quality, and increase exports of Saudi non-oil products.
The ministry has also made strides in improving the regulatory and legislative environment for the industrial sector, creating an environment conducive to investments and fair competition.
The ministry's goals for 2024 and 2025 include attracting investments in targeted industrial sectors, reaching a total investment volume of SAR451 billion, adding 1,500 products to the mandatory local content list, increasing the industrial sector's contribution to non-oil GDP to SAR412 billion, and boosting non-oil exports to over SAR300 billion. Moreover, the ministry aims to launch the industrial sector governance initiative to stimulate integration and concerted efforts among relevant stakeholders.
The second edition of the Multilateral Industrial Policy Forum, hosted by Riyadh under the theme "Transforming Challenges into Sustainable Solutions through Industrial Policies", will bring together some 3,000 industry leaders from around the world, including decision makers, CEOs, industry specialists, and people interested in developing industrial policies.