Saudi Arabia Sees Growth in Entrepreneurs' Funds

The Global Entrepreneurship Congress (GEC) discusses youth priorities in entrepreneurship. (Asharq Al-Awsat)
The Global Entrepreneurship Congress (GEC) discusses youth priorities in entrepreneurship. (Asharq Al-Awsat)
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Saudi Arabia Sees Growth in Entrepreneurs' Funds

The Global Entrepreneurship Congress (GEC) discusses youth priorities in entrepreneurship. (Asharq Al-Awsat)
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.



US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.