Final Day of InFlavour in Riyadh Celebrates Regional F&B Ecosystem

InFlavour ended its three-day run on Wednesday. (SPA)
InFlavour ended its three-day run on Wednesday. (SPA)
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Final Day of InFlavour in Riyadh Celebrates Regional F&B Ecosystem

InFlavour ended its three-day run on Wednesday. (SPA)
InFlavour ended its three-day run on Wednesday. (SPA)

InFlavour ended its three-day run at Riyadh Exhibition and Conference Center, Malham, on Wednesday with the region’s growing start-up industry at the top of the menu. Prominent figures from across the Middle East took to the inaugural event’s various stages to share personal growth stories, while the first Five-Star Pitch Fest – a three-day knock-out competition for F&B start-ups – confirmed its winners.

Speaking on the Main Course stage early in the afternoon, Jordanian chef Manal Al Alem discussed the importance of keeping tradition and culture alive. With more than four million followers on Instagram and in excess of 2.6 million subscribed to her YouTube channel, the “Queen of the Arabian Kitchen” believes social media can help rather than hinder when it comes to ensuring younger generations remain connected with their food heritage.

“It is an ongoing challenge with the new generation as they are so used to quick food – the press of a button nowadays means you can have any cuisine you wish,” she said. “Also, traditional food can sometimes be one-dimensional in terms of flavors and the new generation prefers multiple flavors when they eat a meal.

“I like to use my influence on social media to try and encourage my followers to try different things. I work with them to find ways of merging tradition with current trends and have seen some incredible recipes come out of social media. I always like to engage with my followers and leave comments on how they can improve their creations – I believe this is very important when trying to inject traditional culture into modern cuisine trends.”

Later on the same stage, the grand finale of InFlavour’s inaugural Five-Star Pitch Fest saw the industry’s brightest and best start-ups compete to win one of three coveted prizes: The “Plant The Idea Award” for best early-stage start-up included a US$10,000 prize; “Flourishing Founder Award” celebrated the best well-established start-up and also provided a prize of US$10,000; while the “InFlavour Award” was given to the most impressive startup overall, rewarding the winners with a check for US$30,000.

Starting on InFlavour’s opening day, 33 semi-finalists battled it out on stage to impress the 24 investors-turned-judges and secure one of six finalist spots. The grand finale welcomed Prince Khaled bin Alwaleed bin Talal Al Saud, the founder and CEO of KBW Ventures, alongside industry veterans Andrew D Ive, founder and managing general partner of Big Idea Ventures, and Dana Al Salem, founder of Merit Capital, as part of the judging panel, who scored the start-ups based on how each tackled creativity, innovation, potential, functionality, impact, and people and society.

Taking home the “Plant The Idea Award” for best early-stage start-up was Saudi-based Terraxy, a spin-off from King Abdullah University of Science and Technology (KAUST). Commercializing its SandX and CarboSoil technologies, Terraxy aims to address the ongoing challenges posed by harsh and arid environments by ultimately providing low-cost and environmentally friendly solutions for growing plants in deserts.

The “Flourishing Founder Award” for best well-established start-up, meanwhile, was Saudi-based Barakah, an online marketplace that enables food retailers to sell their surplus products and meals to consumers at heavily discounted prices.

Taking home the “InFlavour Award” and its US$30,000 prize was US-based A Dozen Cousins, a natural food brand that makes convenient and nutrient-rich meals, side dishes, and sauces inspired by traditional Creole, Caribbean and Latin American recipes.

“I was thrilled to showcase our brand and what we’ve built over the years,” said Ibraheem Basir, company founder and CEO. “It was so refreshing to hear all the pitches and it’s always a privilege to emerge as the winner. Looking ahead, our future involves continued growth, expanding distribution, and entering new markets. The prize money will help us expand our team and allocate resources efficiently.”

Speaking on the experience of judging some of the most innovative start-ups in the F&B ecosystem, Prince Khaled added: “It has been an incredible three days of pitches. We’ve seen some truly groundbreaking innovations and products from around the world. It is really exciting to see how these start-ups plan to transform not only the wider world’s F&B landscape, but also specifically Saudi Arabia’s. Congratulations once again to all participants and especially the three winners.”

Earlier in the day, Alia AlKasimi, the co-founder of Oh Delices Creative, had delivered a masterclass focused on current trends, spotlighting a cookbook her company created using only generative artificial intelligence (AI), and what potential repercussions the technology could have on the food marketing industry.

“After seeing so much talk about the possibilities of AI, my team and I got together in February of this year to explore how we could use these tools in our work, and in particular, the culinary space,” she said.

“We set out to make a cookbook solely using both text and image-based generative AI. As we are a Morocco-based company, we asked the program to come up with dishes that have never been done before, but still encompass the tradition of Moroccan food. What came out was nothing short of amazing,” she added.

Some of the dishes that made the final cut of Spice & Machine: 10 Moroccan Recipes Born From Artificial Intelligence include a strawberry harissa gazpacho, orange honey quinoa, and a Moroccan mint tea cake. Yet before they could be included, first Al Kasimi and her team needed to generate supporting images – and then, of course, the best part: Testing the recipes for real.

“I’ll be honest, we were all expecting the dishes to taste horrible, but we ended up changing next to nothing as every dish worked perfectly,” she said. “It was a real eye-opener for us all just how powerful AI can be if you learn to harness it properly. A project like this would usually take seven people up to four weeks to create – we did this with two people in less than a week. Is AI going to replace humans? It’s a broad question, but what I do know is humans who have learnt to properly utilize AI will replace humans who haven’t. That much is certain.”

Organized by Tahaluf, the Informa LLC joint venture with the Events Investment Fund and SAFCSP, and with the support of the Saudi Ministry of Environment, Water and Agriculture, the inaugural InFlavour proved a hive of activity with tens of thousands of visitors being joined by 400 brands, 200 investors, and 200 speakers representing 143 countries across the three days.



ECB Says Will Have to Act Again if 2nd-round Inflation Effects Appear

European Central Bank (ECB) President Christine Lagarde (CL) and Gabriel Makhlouf (CR), Governor of the Central Bank of Ireland during the family photo at the Informal meeting of EU Finance Ministers in Dublin Castle, Dublin, Ireland 18 September 2026. EPA/BRYAN MEADE
European Central Bank (ECB) President Christine Lagarde (CL) and Gabriel Makhlouf (CR), Governor of the Central Bank of Ireland during the family photo at the Informal meeting of EU Finance Ministers in Dublin Castle, Dublin, Ireland 18 September 2026. EPA/BRYAN MEADE
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ECB Says Will Have to Act Again if 2nd-round Inflation Effects Appear

European Central Bank (ECB) President Christine Lagarde (CL) and Gabriel Makhlouf (CR), Governor of the Central Bank of Ireland during the family photo at the Informal meeting of EU Finance Ministers in Dublin Castle, Dublin, Ireland 18 September 2026. EPA/BRYAN MEADE
European Central Bank (ECB) President Christine Lagarde (CL) and Gabriel Makhlouf (CR), Governor of the Central Bank of Ireland during the family photo at the Informal meeting of EU Finance Ministers in Dublin Castle, Dublin, Ireland 18 September 2026. EPA/BRYAN MEADE

European Central Bank will have to raise interest rates again if high energy prices feed through to other areas but so far there is no sign of such second-round inflation effects, ECB policymaker ⁠Gabriel Makhlouf said on ⁠Wednesday.

"Although inflation is above our target, we're not seeing the sorts of second round effects ⁠that start feeding through to prices," Makhlouf, Ireland's central bank chief, told national broadcaster RTE in an interview.

"If that happens (energy prices remain high and feed into other areas), we will have to take ⁠action ⁠again to meet our target."

Makhlouf cautioned earlier this month following the ECB's second interest rate hike this year that raising interest rates "a great deal more" risked damaging economic growth.

Also Wednesday, the ECB said the European Union could close a third of its productivity gap with the United States if it had as many large companies, adding its voice to calls for reforms that make it easier for businesses to scale up.

European policymakers are trying to tackle the EU's economic underperformance relative to the United States, which is home to many of the world's largest companies and is leading the race to develop artificial intelligence.

EU workers produce ⁠20% less output ⁠per hour than their US counterparts, according to academic studies. They were almost on an even keel in 1995.

ECB staff found that if Europe had the same distribution of large and small firms as the United States – without changing how productive each ⁠type of company is – the productivity gap would shrink by roughly one-third.

Large firms are significantly more productive than smaller ones. Companies with at least 250 employees generate an average of €86,800 in value added per worker annually, while firms with fewer than 10 employees produce less than half that amount.

The ECB said Europe's weaker productivity performance also reflects lower innovation, fragmented regulation and less developed capital markets, all of which ⁠make it ⁠harder for companies to grow and compete internationally.

The central bank backed the proposed "EU Inc" framework, an EU-wide corporate law regime aimed at reducing barriers to cross-border business activity.

Modelled loosely on Delaware's corporate framework in the United States, EU Inc would create a single legal structure operating across the bloc, bypassing a patchwork of 27 national company law systems and dozens of corporate forms.

"EU Inc. has the potential to support the Single Market, by strengthening competition, innovation and productivity growth," the ECB said.


Surveys: Europe's Economy Surprisingly Resilient amid War-Driven Energy Shock

A view of the European Parliament in Brussels, Belgium, 23 September 2026. EPA/OLIVIER HOSLET
A view of the European Parliament in Brussels, Belgium, 23 September 2026. EPA/OLIVIER HOSLET
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Surveys: Europe's Economy Surprisingly Resilient amid War-Driven Energy Shock

A view of the European Parliament in Brussels, Belgium, 23 September 2026. EPA/OLIVIER HOSLET
A view of the European Parliament in Brussels, Belgium, 23 September 2026. EPA/OLIVIER HOSLET

Europe's economy is showing unexpected signs of health even as conflicts in the Middle East and Ukraine drive up energy costs for firms and households, key business surveys showed on Wednesday.

Business activity across the euro zone accelerated in September at its fastest rate in over three years, S&P Global said, with solid growth registered across both the manufacturing and service sectors.

The S&P Global Flash Euro Zone Composite PMI Output Index — where readings above 50.0 signal an expansion in activity — jumped to 53.1 in September from August's 52.0, defying expectations in a Reuters poll ⁠for a dip ⁠to 51.7. The highest forecast in the poll was for 52.6.

"All in all, today’s PMI readings are almost too good to be true," said Carsten Brzeski at ING.

"A euro zone economy that remains completely unharmed by an energy price shock and supply chain disruptions is a welcome surprise. Let’s hope it doesn’t turn out to be a mirage."

S&P said the latest rise in output was broad based across geographies covered by its data.

Business activity in Germany, Europe's largest ⁠economy, expanded solidly in September despite firms facing increased inflationary pressures while in France it grew at its fastest pace in just over two years, driven by a rebound in services demand.

But in Britain, outside the European Union, growth cooled this month as inflation pressure built, its PMI showed, an awkward backdrop for finance minister John Healey ahead of his first budget next month.

Overall new orders in the currency union surged at their fastest pace in over four years supported by a further rise in exports — which include intra-euro zone trade.

The bloc's services PMI bounced to its highest in nearly a year and was well ahead of estimates for a fall, while the manufacturing index held steady.

A gauge of output - ⁠which feeds into ⁠the composite PMI - nudged higher.

To meet the rise in demand firms took on more staff but faced a jump in input costs due to elevated energy prices stemming from the US war with Iran. They were able to pass some of this on to customers.

"September’s big improvement in the euro zone’s composite PMI supports our view that despite the weakness in the official activity data in July, GDP will increase in Q3," said Jack Allen-Reynolds at Capital Economics. "The output price PMIs rose too, but there is still no sign of 'second-round' effects on wages."

Earlier this month the European Central Bank raised interest rates for the second time this year to quell an energy-driven inflation rise and warned price pressures could prove lasting.

Markets are pricing three more ECB rate hikes by the end of June 2027.

"Today's PMI readings make it more difficult for even the ECB's most dovish policymakers to rule out another rate hike," said ING's Brzeski.


What Do Saudi SMEs Need to Grow?

What Do Saudi SMEs Need to Grow?
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What Do Saudi SMEs Need to Grow?

What Do Saudi SMEs Need to Grow?

Financing alone is no longer enough to propel Saudi Arabia’s small and medium-sized enterprises into their next phase of growth, as their needs increasingly extend to accessing markets and contracts, securing operating liquidity, reducing business costs and boosting productivity, competitiveness and their ability to expand.

Financing available to the sector has nevertheless continued to grow. Cumulative credit facilities extended to micro, small and medium-sized enterprises reached about SAR 467 billion ($124.5 billion) by the end of 2025, up 33% year on year.

At the same time, Saudi Arabia’s National Strategy for Entrepreneurship and SMEs is seeking to address challenges beyond the financing gap by improving access to markets, procurement and supply chains, reducing the cost of doing business and strengthening companies’ capacity for sustainable growth.

In the latest financing initiative, the Small and Medium Enterprises General Authority, known as Monsha’at, signed a cooperation agreement with STC Bank in September 2026 for a financing portfolio of up to SAR 5 billion ($1.33 billion) for micro, small and medium-sized enterprises.

The portfolio includes short-, medium- and long-term facilities covering working capital, operating needs, purchases of assets and equipment, and financing for contracts, projects and supply chains.

Businesses also require more than long-term financing. The Social Development Bank’s Working Capital product offers financing ranging from SAR 150,000 ($40,000) to SAR 10 million ($2.67 million), with repayment periods of up to 12 months, to cover day-to-day operating costs and strengthen cash-flow management.

The bank distinguishes between working-capital financing for operating costs and capital-expansion financing for assets and expansion.

From financing to growth

Rayan bin Ibrahim Alfayez, Monsha’at’s deputy governor for enterprise services, said the 13 initiatives under the National Strategy for Entrepreneurship and SMEs are designed to directly address priority challenges facing business growth and create a more efficient environment that supports expansion and sustainability while strengthening competitiveness in the coming period.

Alfayez explained that one initiative aimed at expanding opportunities for businesses focuses on empowering SMEs and startups in industrial cities and special economic zones. It seeks to help them capitalize on opportunities available in those areas and provide support and incentives suited to the nature of their businesses, supporting their growth and strengthening their presence in industrial and economic activities and value chains.

He added that the strategy also includes an initiative to increase SMEs’ share of procurement by large companies, broadening their access to opportunities and contracts, strengthening their participation in supply chains and helping build sustainable commercial relationships that support business growth and expansion.

Alfayez noted that another initiative aimed at reducing the cost of doing business addresses one of the challenges affecting enterprise growth by examining fees and requirements in coordination with the relevant authorities and developing mechanisms to support fees based on carefully considered criteria. The initiative is intended to ease the financial burdens associated with doing business and create a more favorable environment for companies’ growth and sustainability.

He said the initiatives work together to address a range of factors linked to business growth, from the operating environment to opportunities, markets and value chains, strengthening SMEs’ ability to grow and expand while increasing their competitiveness and contribution to the national economy.

Markets after financing

Financial and economic adviser Hussein Al-Attas told Asharq Al-Awsat that the increase in financing directed toward SMEs reflected clear progress in Saudi Arabia’s financing ecosystem, but the challenge was no longer financing alone. Rather, it was an enterprise’s ability to turn that financing into sustainable growth.

Al-Attas explained that an enterprise needs three interconnected elements: appropriate financing, access to markets, and operational and competitive capacity.

He said a company may secure financing, but in the next stage it needs contracts and sales opportunities that allow it to increase revenue, alongside managerial and technological development to boost productivity and the ability to manage cash flows and expand without allowing growth to become a financial burden.

Al-Attas added that access to markets and contracts represents the link most closely associated with an enterprise’s transition from survival to growth. Financing gives a business the capacity to act, while contracts and markets turn that capacity into revenue and cash flow.

He further stated that greater SME participation in government procurement and the supply chains of large companies, along with opening export channels, could have a direct impact on their ability to expand, alongside efforts to reduce the cost of doing business and raise productivity.

The next phase requires moving from the concept of “financing the enterprise” to “financing the enterprise’s growth,” he underlined, meaning that financing should be linked to markets, contracts, technology, productivity and expansion.

Strategy broadens its scope

The focus on markets forms part of the wider National Strategy for Entrepreneurship and SMEs, which includes 13 initiatives addressing sector challenges in access to markets and opportunities, financing, the business environment, innovation, data and expansion.

The strategy also aims to raise SMEs’ contribution to gross domestic product to 35% by 2030 and create more than 500,000 direct and indirect jobs.

Some initiatives seek to turn market access from a broad objective into direct contracting opportunities by qualifying enterprises and connecting them with the supply chains of large companies and projects.

This approach is reflected in Monsha’at’s Jadeer service, which aims to improve businesses’ readiness, qualify them to enter supply chains and enable them to benefit from procurement opportunities.

The equation for SME growth therefore does not stop at increasing available financing. It also depends on businesses’ ability to use that financing first to fund operations, then gain access to demand and contracts, improve productivity and reduce costs before moving into expansion and investment.

This reflects a shift from addressing the financing gap to addressing the growth gap: liquidity gives an enterprise the ability to continue operating and move forward, while access to markets and operational efficiency determine its ability to turn financing into revenue and sustainable growth.