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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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Petrochemical Recovery Boosts Saudi SABIC’s Profits by 84.7%

SABIC’s technical center in Shanghai, China (company website)
SABIC’s technical center in Shanghai, China (company website)
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Petrochemical Recovery Boosts Saudi SABIC’s Profits by 84.7%

SABIC’s technical center in Shanghai, China (company website)
SABIC’s technical center in Shanghai, China (company website)

Saudi Basic Industries Corp (SABIC), one of the world’s biggest petrochemical companies, beat analysts’ forecasts in the second quarter, indicating a recovery in the petrochemical sector.
SABIC, 70% owned by Aramco, posted a profit of SAR 2.18 billion ($581 million), significantly higher than the expected SAR 859.5 million. This represents an 84.7% jump from the previous year.
The company attributed the rise to better product margins and reiterated its commitment to improving its strategic portfolio and restructuring weak assets.
The global petrochemical industry is recovering after a tough 2023, characterized by slow demand growth and overproduction.
SABIC credited its growth to a 32% rise in gross profit to SAR 1.76 billion ($469 million), due to better margins on key products, though higher operating expenses from one-off charges partly offset this.
Additionally, reversing a Zakat provision resulted in non-cash gains of SAR 545 million in Q2, up from SAR 440 million in the same period in 2023, due to recent regulatory updates.

Global trade showed signs of recovery, driven by higher exports, inventory restocking and increased financial activities, said SABIC CEO Abdulrahman Al-Fageeh.
As inflationary pressures ease some central banks have begun reducing interest rates, potentially providing additional stimulus to the global economy, he added.
Mohammed Al-Farraj, Senior Asset Management Director at Arbah Capital, stated that improved profit margins boosted SABIC’s earnings despite higher operating expenses in Q2.
Speaking to Asharq Al-Awsat, Al-Farraj highlighted potential future challenges for SABIC, including price volatility, as its profits depend heavily on fluctuating raw material and product prices.
He also mentioned intense competition in the petrochemical industry and changes in the global economy.
Al-Farraj added that anticipated interest rate cuts by the US Federal Reserve could further grow SABIC’s profits in the second half of the year by reducing borrowing costs and encouraging investment in new projects and expansion.
Former senior advisor to the Saudi Energy Minister, Dr. Mohammed Al-Sabban, predicted a recovery in the petrochemical sector, driven by increased demand from Asian countries, especially China.
He noted that despite current economic fluctuations in China, government efforts to avoid a recession are expected to succeed by the fourth quarter, with a more significant recovery in 2025.
Al-Sabban told Asharq Al-Awsat that the recovery will be supported by other developing countries, leading to gradual price increases, benefiting Saudi petrochemical companies. He expressed optimism about continued sector growth in the coming phase.