Saudi Arabia Participates in Global Entrepreneurship Congress in Australia

SPA
SPA
TT

Saudi Arabia Participates in Global Entrepreneurship Congress in Australia

SPA
SPA

Saudi Arabia is taking part in the Global Entrepreneurship Congress (GEC), held in Melbourne, Australia, between September 19 and 22, under the umbrella of the General Secretariat of the Gulf Cooperation Council (GGC).

The Small and Medium Enterprises General Authority (Monshaat) Vice Governor for Entrepreneurship Saud Al-Sabhan heads the Kingdom’s delegation that is made up of representatives of several public institutions and Saudi entrepreneurs.

Participating in the congress is bound to boost Saudi Arabia’s status as an important supporter of SMEs, as well as highlight efforts that the authority exerts in support of entrepreneurs and SMEs. It will also give an opportunity to entrepreneurs to network with global experts and specialists, and benefit from their expertise, through various programs and initiatives that Monshaat organizes.
The delegation, which includes several government institutions, including the ministries of investment, communications and information technology, environment, water and agriculture, and industry and mineral resources, is slated to discuss with representatives of international institutions important opportunities for SMEs and means to boost cooperation to develop entrepreneurship in the Kingdom.
The delegation is expected to visit Melbourne Entrepreneurial Center and the Hatch Quarter incubator and accelerator, which provide support and consultations to SMEs to help them expand and participate in global markets to attract investments.



Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.