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Madinah to Host 120 Startups During Int’l Investment Forum

Saudi Arabia hosts several events to expand the work of small and emerging enterprises (Asharq Al-Awsat)
Saudi Arabia hosts several events to expand the work of small and emerging enterprises (Asharq Al-Awsat)
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Madinah to Host 120 Startups During Int’l Investment Forum

Saudi Arabia hosts several events to expand the work of small and emerging enterprises (Asharq Al-Awsat)
Saudi Arabia hosts several events to expand the work of small and emerging enterprises (Asharq Al-Awsat)

King Salman International Conference Center in Madinah will host 120 startups, including 60 global companies, in the Startup Investment Forum (SIF) from February 21 to 23.

The Small and Medium Enterprises General Authority (Monshaat) recently launched the Accelerator and Startup Studio Funds, which targets promising technology fields such as e-commerce, finance, artificial intelligence, and software.

The conference will host MIT Enterprise Forum Arab Startup Competition on the forum's sidelines. The event provides international facilities with the opportunity to expand their business in the Saudi market and meet local investors.

The Saudi Ministry of Investment facilitates the entry of startups into the Kingdom, issuing their licenses at a discounted rate, and supporting them to obtain the Saudi Commercial Registration (CR) after the entrepreneurship license.

Director of the Entrepreneurship and Innovation Sector at the Ministry Mohammed al-Amr said SIF contributes to achieving a set of goals by developing innovative small and medium-sized enterprises (SMEs).

Amr explained that entrepreneurs and business leaders who seek to expand in the Saudi market through this platform would receive investments from companies and individual investors.

He added that the Kingdom believes entrepreneurship and emerging companies achieve economic diversification, sustainability, and increasing investment opportunities in new and emerging sectors following Vision 2030.

Amr added that international startups would understand the diverse and dynamic entrepreneurship system that characterizes the Kingdom through the forum.

Companies will also find investment opportunities and get exclusive access to a vast network of investors, businessmen, and government agencies wishing to support pioneering and innovative institutions.

The director-General of Entrepreneurship and Humanitarian Initiatives at Community Jameel, Mohammed Abdulgaffar, explained that the Saudi initiative, in partnership with the Ministry of Investment, reflects the importance of the forum and its potential to achieve the Kingdom's ambitions.

Jameel Community seeks to boost the relationship between startups and investors in the country and establish partnerships between local and international institutions.

Abdulgaffar explained that the forum includes an exhibition of more than 60 international startups and 60 innovative Saudi facilities from the MIT Enterprise Forum Arab Startup Competition.

SIF also attracts local, regional, and international investors to the local market and contributes to achieving broader economic ambitions in line with Vision 2030.

The forum will bring together companies from Egypt, Jordan, Algeria, Poland, Georgia, Greece, the UK, and the US. It will include workshops provided by senior executives from several entities in Saudi Arabia and abroad.

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Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
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Türkiye Says Aims to Rein in Tax Breaks, Target Avoidance in Reform Plan

A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN
A woman takes pictures as a ferry sails on the Bosphorus in Istanbul, Türkiye, 29 June 2024. EPA/ERDEM SAHIN

A drive by Türkiye 's government to modernize the country's tax system will seek to boost revenue by tackling tax avoidance and scrapping incentives that are no longer needed rather than raising the overall burden, the finance minister said on Monday.

Mehmet Simsek said, however, that preliminary draft proposals being discussed within the government envisioned a minimum 15% corporate tax on multinational companies, confirming a report last month by state-owned Anadolu Agency.

According to Reuters, he did not give further details about the proposal. At present, multinational companies face varying levies depending on numerous factors.

Speaking to local broadcaster BloombergHT, Simsek said the government's plans - which would need to be approved by parliament - also included raising the corporate tax on public-private partnerships (PPPs) to 30% from 25% at present.

Simsek, who has spearheaded a year-long policy-tightening program to tackle soaring inflation, said in Monday's interview that the tax plan being discussed by government officials was in the early stages and could be subject to changes before being presented to parliament.

He said there were no plans to introduce a transaction tax on the purchase and sale of stocks, but the government could propose taxes on stock market gains sometime in the future.

Earlier this month, an economy official said Türkiye had almost finalized work on imposing a transaction tax on the purchase and sale of stocks and crypto assets.
The plans are part of broader efforts to boost government savings, fiscal discipline and price stability after years of turmoil that fueled soaring inflation.

As part of the tightening program, the central bank has aggressively hiked interest rates to 50% from 8.5% since June last year. Annual inflation hit 75% in May but was expected to have dipped in June.