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Saudi Arabia Sees Growth in Entrepreneurs' Funds

Saudi Arabia Sees Growth in Entrepreneurs' Funds

Tuesday, 29 March, 2022 - 09:30
The Global Entrepreneurship Congress (GEC) discusses youth priorities in entrepreneurship. (Asharq Al-Awsat)

Investment in Saudi Arabia has witnessed a qualitative leap in the stock market and a significant growth in entrepreneurs' funds, be it private or venture investment or startup funds, announced Chairman of the Capital Market Authority (CMA) Mohammed al-Kuwaiz.

Speaking at a panel discussion at the Global Entrepreneurship Congress (GEC) in Riyadh, Kuwaiz pointed out that the crowdfunding platforms contributed to accelerating the financing process for pioneering projects and shortening the time and effort, as it is now possible to obtain funding in less than two minutes through the platforms.

"The financing targets fast-growing businesses, and we see great work from various public and private sectors, and we have an association specialized in venture investment and a government funding program, which did not exist before," he added.

He explained that the quality of ideas of Saudi entrepreneurs is the real driver of venture financing, noting that CMA is working to reshape the companies' code to allow them to have flexibility and more significant benefit.

"The angel investment is developing in the Kingdom, and we currently have five angel groups," he revealed, calling on ambitious young people to enter into entrepreneurship and start from scratch to achieve their ambitions.

Speaking at GEC, G20 Young Entrepreneurs Alliance (YEA) President Prince Fahad bin Mansour addressed topics that interest emerging entrepreneurs in Saudi Arabia.

A panel session on "Priorities of Young Entrepreneurs in Saudi Arabia" discussed the best ways to benefit from the services provided by the government and private entities that help facilitate the entrepreneur's journey.

Prince Fahad revealed that many means enable and support entrepreneurs, including the business environment that generates opportunities.

He stressed that Saudi Vision 2030 is witnessing significant developments to boost and enhance the economy, including supporting youth.

Prince Fahad believes that the entrepreneurship education curricula may be sufficient to create a promising generation of interested youth.

He indicated that it is essential to enlighten the youth on entrepreneur needs, including the difficulty of the journey and obstacles, adding that every entrepreneur wants to become a billionaire, but there are many difficulties facing their journey.

He stressed that everyone must be aware of all the complications and problems that may arise well before starting their project.

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