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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)
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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.

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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)

China’s ambassador to Saudi Arabia, Chang Hua, expressed Beijing’s hopes to strengthen its partnership with the kingdom, especially in electric vehicle production and other industries.
Speaking to Asharq Al-Awsat, Hua condemned violations of Lebanon’s sovereignty and the targeting of civilians.
He called for immediate action to reduce tensions and prevent further escalation in the region.
“China is deeply shocked by the high civilian casualties from the conflict between Israel and Lebanon,” Hua said, urging the international community to work on calming the situation.
He emphasized that, no matter how things unfold, “China will always stand for justice and remain committed to peace and stability in the Middle East. We are ready to work with all parties to promote peace in the region.”
China’s Economic Growth
Hua highlighted China’s rise from a $30 billion economy to a $17.8 trillion one, making it the world’s second-largest economy and a leader in trade and industry.
He reiterated China’s goal to maintain high-level openness, push for high-quality economic development, and promote a multipolar world with fair global governance and inclusive economic globalization.
Saudi-China Relations
Hua described the partnership between Saudi Arabia and China as entering a new phase of deep development, congratulating Saudi Arabia on its 94th National Day.
He noted that Chinese Premier Li Qiang’s recent visit to Saudi Arabia has boosted bilateral relations and strengthened the comprehensive strategic partnership, driving it towards a more stable and prosperous future.
The ambassador stressed the need to expand trade and investment between the two countries and highlighted the upcoming “Saudi-Chinese Cultural Year 2025” as a key event.
Hua also pointed out that Saudi Crown Prince Mohammed bin Salman values the strong and historic relationship between the two nations.
The Crown Prince looks forward to further aligning Saudi Vision 2030 with China’s Belt and Road Initiative, expanding cooperation in energy, investment, and culture.
Hua noted that China is Saudi Arabia’s largest trading partner, with bilateral trade exceeding $100 billion in the past two years. He also mentioned the recent currency swap agreement between the two countries, which has helped boost trade and investment.
New Developments in Saudi-China Relations
According to Hua, the cooperation between the two nations has grown significantly, particularly in the automotive, renewable energy, and tourism sectors.
In 2023, Saudi imports of Chinese cars reached $4.12 billion, driven by companies like Changan, Geely, MG, Chery, Great Wall, Hongqi, GAC, and BYD, which have opened branches in the kingdom.
Discussions are ongoing about building local manufacturing plants. China exported 4.91 million vehicles in 2023, making it the largest car exporter globally for the first time, including 1.203 million electric vehicles, a 77.6% increase from the previous year.
Hua noted that Saudi Vision 2030 aims for electric vehicles to account for at least 30% of all cars in Riyadh by 2030, and he expressed optimism about enhancing collaboration in automotive manufacturing.
Chinese companies are also increasingly involved in Saudi Arabia’s renewable energy sector. They are working on multiple solar projects, including the Al Shuaibah photovoltaic plant, the largest of its kind in the world, with a capacity of 2.6 gigawatts.
In July 2023, the Renewable Energy Localization Company (RELC), backed by the Saudi Public Investment Fund, signed agreements with three Chinese firms—Envision Technology Group, Jinko Solar, and TCL Zhonghuan—to establish joint ventures for high-efficiency solar cell production in Saudi Arabia.
These projects will focus on producing solar components, helping Saudi Arabia achieve its goal of sourcing 75% of renewable energy project components locally by 2030.
Hua also highlighted the increasing exchange of visits between citizens of both countries. In September 2023, China and Saudi Arabia signed a memorandum of understanding to facilitate group tourism, making the kingdom an official destination for Chinese tour groups.
Several Chinese travel agencies have begun offering packages to Saudi Arabia, and direct flights between the two countries are increasing. Saudi Airlines has expanded its routes, operating numerous weekly flights between Beijing, Shanghai, Shenzhen, Riyadh, and Jeddah.