عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Aims to 'Reboot, Rethink, and Regenerate' Entrepreneurship

The Global Entrepreneurship Congress (GEC) seeks to benefit from Saudi Arabia as a platform to reboot, rethink, and regenerate the entrepreneurship system at the international level. (Asharq Al-Awsat)
The Global Entrepreneurship Congress (GEC) seeks to benefit from Saudi Arabia as a platform to reboot, rethink, and regenerate the entrepreneurship system at the international level. (Asharq Al-Awsat)
TT
TT

Saudi Arabia Aims to 'Reboot, Rethink, and Regenerate' Entrepreneurship

The Global Entrepreneurship Congress (GEC) seeks to benefit from Saudi Arabia as a platform to reboot, rethink, and regenerate the entrepreneurship system at the international level. (Asharq Al-Awsat)
The Global Entrepreneurship Congress (GEC) seeks to benefit from Saudi Arabia as a platform to reboot, rethink, and regenerate the entrepreneurship system at the international level. (Asharq Al-Awsat)

The Global Entrepreneurship Congress (GEC) seeks to benefit from Saudi Arabia as a platform to reboot, rethink, and regenerate the entrepreneurship system at the international level.

Speakers at the conference reiterated that economic strength depends on the sector's development to return to the economies of countries positively.

The conference witnessed the signing of 33 agreements and the launch of several investment initiatives worth over $4.2 billion, supporting entrepreneurship in various fields and boosting the Kingdom’s status as an attractive environment for pioneers, innovators and creators in the Middle East and North Africa.

Saudi Aramco signed ten memoranda of cooperation and two agreements with local and international companies in digital transformation, information technology, and national development.

The Social Development Bank signed agreements with several entities, including the Royal Commission in Yanbu and the National Entrepreneurship Institute (Riyadah), and announced the launch of several initiatives to support Empowering entrepreneurs valued at around $3 billion.

The Saudi Venture Investment Company (SVC) signed agreements with several investment funds of more than $656 million.

SABIC launched the “Nusaned Fund 2" with al-Ahly Capital Holding worth $200 million to support startup companies and develop the industrial sector.

Minister of Communications and Information Technology Abdullah al-Swaha stressed that Saudi Arabia boasts several innovative companies and institutions led by the ministry that contribute in the growth of the entrepreneur sector.

Speaking at a panel discussion at GEC, Swaha noted that the Riyadh Green Initiative realizes its work and set goals, indicating that Crown Prince Mohammad bin Salman is one of the leading entrepreneurs, with his many projects in Saudi Arabia.

He added that the ministry supports and provides advice to entrepreneurs, all of whom “work for meaning and purpose, rather than money.”

Swaha continued that entrepreneurship is an essential part of the skills for success and is needed to reap the benefits of the 21st Century.

The minister said the Saudi government supports all procedures that help develop technology and benefit significantly from it, searching for innovation and creating different and advanced technologies that benefit all technological and economic aspects.

Egyptian businessman Samih Sawiris announced he intends to invest in the Saudi market during the coming period, stressing that work will be done to translate the project on the ground whenever appropriate opportunities are found.

During one of the dialogue sessions, Sawiris stated that the very encouraging thing in the business world is the low cost of becoming an entrepreneur.

“The world of business has now shaped in such a way that it is very easy and cheap to become an entrepreneur.”

Meanwhile, the speakers discussed topics aimed at helping entrepreneurs expand their businesses worldwide, providing them with the necessary skills to face crises, enhance flexibility, and reach the desired goals to support countries' economies.

The participants stressed the importance of establishing a unified global entrepreneurship system, helping sustain and expand the business, and acquiring the new global trends for pioneering work after the pandemic.

They also noted the need to reboot, rethink, and regenerate the entire system to achieve the goals set for the sector in the future.

The Social Development Bank (SDB) announced the allocation of $2.9 billion to finance entrepreneurs in the Kingdom in the next three years, as part of the Bank’s efforts in empowering Saudi youth and promoting comprehensive national development.

SDB CEO Ibrahim al-Rashid stated at the event that business financing programs in the past period exceeded $2.6 billion, noting that this support contributed to creating more than 100,000 jobs so far.

Rashid indicated that the Bank would allocate, during the coming period, several financing, training, and sponsorship programs to support entrepreneurs in establishing and developing their projects. The aim is to finance more than 68,000 startups and small businesses in the next three years.

On the sidelines of the conference, the SDB signed several agreements with various strategic bodies aiming to provide training, rehabilitation, and sponsorship services to male and female entrepreneurs.

It was also keen to initiate effective communication with the guests and visitors of the conference and introduce its services and financial and non-financial programs to them through the Bank’s pavilion in the exhibition accompanying the conference.

Furthermore, the Saudi Industrial Development Fund (SIDF) and the General Authority for Small and Medium Enterprises (Monsha'at) signed a cooperation agreement to support small and medium industrial enterprises in the Kingdom through their programs (Afaq and Tomooh).

The agreement seeks to enable SIDF's current and new small and medium enterprises to benefit from the services and programs provided by Monsha'at.

Cars24, an automotive e-commerce platform, Lenskart, the largest Asian optical eyewear retail chain, and Kitopi, a cloud-kitchen platform, signed memorandums of understanding (MoU) with Monsha’at to support entrepreneurs in specialized fields.

Monsha'at also signed an MoU with the Saudi Authority for Data and Artificial Intelligence to launch the "Ruwad" initiative.

The Royal Commission for Jubail and Yanbu, the Saudi Industrial Development Fund, and King Abdullah University of Science and Technology signed another MoU with Monasha'at to cooperate in the fields of data, artificial intelligence, and boost cooperation in various initiatives for entrepreneurs and small and medium enterprises.

Moreover, an agreement was signed with Aljabr Finance Company to finance products for entrepreneurs and small and medium enterprises, valued at $5.33 million.

The conference witnessed broad international participation through the launch of several investments.

Watheeq Financial Services closed an investment in Spiders Mobility for the pre-launch stage, at a value of $1.4 million, Courier Solutions for Logistics Services closed an investment round of $4.5 million, and PayPal received an investment of $1.6 million.

Merak Capital, an investment firm focused on technology, closed the seed round, led by Merak Capital, with the participation of MERCED, and an investor with a value of $1.3 million.

Antella closed an investment led by HALA Ventures in Egypt with $1 million. HALA Ventures also achieved an investment in Daily Mills, with the participation of Sidra Venture and Vida Holding, with a value of $5.3 million.

Vision Fund closed an investment in Krusty Company with a value of $2 million, at a pre-seed stage, with the participation of Access bridge Ventures and 500 Startups, with a value of $400,000.

The agreement stipulates for Monsha’at to add programs for the Industrial Fund within Tomooh, in line with the program's terms that target rapidly growing small and medium enterprises with added value to the national economy.

It aims to enhance growth and development by linking service providers and support agencies from the public and private sectors.

Most Viewed

 
 
Business

Saudi Arabia's Industrial and Mining Sectors Record Strong Growth in 2025

The Ministry of Industry and Mineral Resources logo
The Ministry of Industry and Mineral Resources logo
TT
TT

Saudi Arabia's Industrial and Mining Sectors Record Strong Growth in 2025

The Ministry of Industry and Mineral Resources logo
The Ministry of Industry and Mineral Resources logo

The Ministry of Industry and Mineral Resources announced the 2025 performance indicators for the Kingdom’s industrial and mining sectors, highlighting continued growth and increased investment.

According to the ministry, 1,660 new industrial licenses were issued in 2025, with investments exceeding SAR76 billion and the potential to create approximately 34,847 jobs.

During the same year, 1,201 factories began production, representing investments of more than SAR31 billion and employing around 45,454 workers, reflecting the sector’s growing appeal to both local and international investors.

In the mining sector, the ministry issued 736 new mining licenses. By the end of the year, the total number of active mining licenses reached 2,925, covering various license types across the sector.

These indicators underscore the ministry’s ongoing efforts to develop the mining industry, strengthen its global competitiveness, and position it as the third pillar of Saudi industry.

Business

US Consumer Prices Likely Increased in February Ahead of Iran Conflict

09 December 2025, Saxony, Dresden: A woman walks into a supermarket. (dpa)
09 December 2025, Saxony, Dresden: A woman walks into a supermarket. (dpa)
TT
TT

US Consumer Prices Likely Increased in February Ahead of Iran Conflict

09 December 2025, Saxony, Dresden: A woman walks into a supermarket. (dpa)
09 December 2025, Saxony, Dresden: A woman walks into a supermarket. (dpa)

US consumer prices likely picked up in February as the cost of gasoline increased in anticipation of an escalating war in the Middle East, and with the conflict driving up oil prices, a further rise in inflation is expected in March.

The anticipated increase in the Consumer Price Index last month would also reflect the continued, but staggered pass-through from President Donald Trump's sweeping tariffs, which he pursued under a law meant for use in national emergencies, that have since been struck down by the US Supreme Court.

The Labor Department's consumer inflation report on Wednesday is, however, expected to show underlying price pressures rising moderately last month, thanks to relatively cheaper used motor vehicles and airline fares. It is unlikely to have any impact on near-term monetary policy, with the Federal Reserve expected to keep interest rates unchanged next week.

"The February CPI is likely to show that progress on lowering inflation is stalling out again," said Sarah House, ‌a senior economist at Wells ‌Fargo.

"Although the conflict in the Middle East started at the end of February, oil ‌and ⁠gasoline prices were ⁠already rising last month in anticipation of an escalation," House said.

The CPI likely increased 0.3% last month after climbing 0.2% in January, a Reuters survey of economists predicted. Estimates ranged from a 0.1% rise to a 0.3% increase. In the 12 months through February, the CPI was estimated to have advanced 2.4%, which would match January's increase, and reflect last year's high readings dropping out of the calculation.

The US central bank tracks the Personal Consumption Expenditures price indexes for its 2% inflation target.

Economists estimated that gasoline prices rose by about 0.8% in the CPI report after declining for two straight months.

Prices at the pump have jumped by more than ⁠18% to $3.54 per gallon since the US-Israeli war on Iran started at the end of February, ‌data from motorist advocacy group AAA showed. Oil prices shot up well ‌above $100 per barrel, before pulling back on Tuesday after Trump stated the war could end soon.

UPSIDE RISK TO FOOD PRICES FROM WAR

"The ‌recent 15% move alone suggests a 0.15-0.30 percentage point lift to headline inflation depending on how the conflict evolves," said ‌Andy Schneider, a senior US economist at BNP Paribas Securities.

Food prices likely maintained a moderate pace of increase, though Schneider added "a sustained oil price shock would raise fertilizer and transportation costs that could push food inflation higher later in the year."

Excluding the volatile food and energy components, the CPI was forecast to have gained 0.2% after rising 0.3% in January. The so-called core CPI inflation was likely curbed by a ‌decline in used motor vehicle prices, as well as smaller increases in rents and airline fares.

But prices for goods like apparel and household furnishings likely increased solidly as businesses passed ⁠on tariffs. January's Producer Price Index ⁠report showed a widening in margins, including for apparel, footwear and accessories retailing.

Though businesses have absorbed much of the import duties, economists said they were unlikely to continue doing so, citing among others persistently higher readings of input costs in the Institute for Supply Management surveys.

Trump has responded to the Supreme Court ruling by imposing a 10% global tariff, which he said would rise to 15%.

"The trouble is that there is evidence that input costs continue to escalate, even as the level of tariffs has mostly stabilized," said Stephen Stanley, chief US economist at Santander US Capital Markets. "The pass-through dynamic could persist for a while."

In the 12 months through February, the core CPI inflation is forecast to have increased 2.5% after rising by the same margin in January, also reflecting favorable base effects.

Economists said the tame core CPI readings were unlikely to translate into moderate core PCE inflation gains in February. January's delayed PCE price index data due on Friday is expected to show a solid increase in core inflation.

"Weighting differences and unexpected strength in PPI service prices are likely to produce a significantly larger increase in the broader consumption index," said Lou Crandall, chief economist at Wrightson ICAP. "Similar effects are likely to give the core PCE price index an upward bias in the February data due out on April 9."

Business

Asian Shares Advance as Markets Await Signals on When the War with Iran May End

South Korean dealers work in front of monitors at the Hana Bank in Seoul, South Korea, 09 March 2026. (EPA)
South Korean dealers work in front of monitors at the Hana Bank in Seoul, South Korea, 09 March 2026. (EPA)
TT
TT

Asian Shares Advance as Markets Await Signals on When the War with Iran May End

South Korean dealers work in front of monitors at the Hana Bank in Seoul, South Korea, 09 March 2026. (EPA)
South Korean dealers work in front of monitors at the Hana Bank in Seoul, South Korea, 09 March 2026. (EPA)

Asian shares were mostly higher Wednesday with several benchmarks giving up much of their early gains as investors awaited signals on when the war with Iran may end.

US futures rose and oil prices were mixed.

Tokyo's Nikkei 225 gained 1.3% to 54,926.50 and South Korea's Kospi picked up 0.6% to 5,562.40 after gaining more than 3% earlier in the day.

In Hong Kong, the Hang Seng fell back, slipping 0.2% to 25,921.02, while the Shanghai Composite index edged 0.2% higher to 4,131.39.

Australia's S&P/ASX 200 rose 0.6% to $8,743.50.

Taiwan's benchmark climbed 4.1% and the Sensex in India fell 1.1%. In Bangkok, the SET gained 1.3%.

Oil prices have remained sharply below their peaks hit on Monday. Such spikes have been rocking financial markets worldwide because of worries that the war could block the global flow of oil and natural gas for a long time.

“Asian equities and global futures managed to steady the ship today, helped by crude holding just below the psychologically charged $90 line. In the current regime, that single number functions less like a price and more like a pressure valve,” Stephen Innes of SPI Asset Management said in a commentary.

Early Wednesday, the price for a barrel of Brent crude, the international standard, was down 2 cents at $87.78. That’s about 10% below its settlement price the day before.

US benchmark crude oil gained 53 cents to $83.98 per barrel.

Oil prices plunged Monday afternoon from a high of nearly $120 per barrel, its most expensive level since 2022, after President Donald Trump told CBS News he thinks “the war is very complete, pretty much.” That raised hopes that the war may end relatively soon, which could allow oil to flow freely again from the Middle East to customers around the world.

However, both sides have sharpened their rhetoric as the war enters its 11th day. US Defense Secretary Pete Hegseth promised the most intense strikes yet while the Pentagon detailed the broader toll of injuries sustained by US troops.

The US said it took out more than a dozen minelaying Iranian vessels Tuesday, and Tehran vowed to block the region’s oil exports, saying it would not allow “even a single liter” to be shipped to its enemies.

One point where Trump has remained clear was his desire to keep the Strait of Hormuz open. The war has effectively blocked the waterway off Iran’s coast, where a fifth of the world’s oil sails on a typical day.

“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far,” Trump said in a posting on his social media network late Monday.

On Tuesday, the S&P 500 dipped 0.2% to 6,781.48, a day after its latest wild swings caused by extreme moves in the oil market. The Dow Jones Industrial Average fell 34 points, or 0.1% to 47,706.51 and the Nasdaq composite edged higher by less than 0.1% to 22,697.10.

Oracle's shares on the Nasdaq surged 12% in premarket trading early Wednesday after the company reported its earnings and revenue jumped 20% in the last quarter, much better than analysts had forecast.

Stock markets have a history of bouncing back relatively quickly from military conflicts, as long as oil prices don’t stay too high for too long. Uncertainty about whether that may happen this time around has led to stunning swings up and down for markets worldwide, often hour-to-hour.

If oil prices do stay high for long, household budgets already stretched by high inflation could snap under the pressure. Companies would see their own bills jump for fuel and to stock items on their store shelves or in their data warehouses. It all raises the possibility of a worst-case scenario for the global economy, “stagflation,” where growth stagnates and inflation remains high.

In other dealings early Wednesday, the dollar rose to 158.08 Japanese yen from 158.05 yen. The euro rose to $1.1638 from $1.1610.