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Saudi Arabia Boosts Entrepreneurship in Industry, Logistics

Signing ceremony at the Global Entrepreneurship Congress (GEC) in Riyadh (Asharq Al-Awsat)
Signing ceremony at the Global Entrepreneurship Congress (GEC) in Riyadh (Asharq Al-Awsat)
    Riyadh - Bandar Al-Mosalam, Mohammed Helal
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Saudi Arabia Boosts Entrepreneurship in Industry, Logistics

Signing ceremony at the Global Entrepreneurship Congress (GEC) in Riyadh (Asharq Al-Awsat)
Signing ceremony at the Global Entrepreneurship Congress (GEC) in Riyadh (Asharq Al-Awsat)

The Saudi National Industrial Development and Logistics Program (NIDLP) launched the "Thousand Miles" initiative for small and medium enterprises (SMEs) in the industrial and logistics fields.

The initiative seeks to facilitate material support, feasibility studies, and asset investment.

The launch came during the Global Entrepreneurship Congress (GEC), organized by the Small and Medium Enterprises General Authority (Monsha'at) in cooperation with the Global Entrepreneurship Network.

The conference witnessed the signing and launching of many programs and initiatives with a total value exceeding $1.6 billion.

NIDLP's new program is an opportunity to qualify entrepreneurs in industry and logistics in cooperation with the relevant authorities. It will also enable the qualification of skills in theory and practice, prepare preliminary and detailed feasibility studies, and provide qualitative incentives.

Technical Spending

Governor of the Saudi Digital Government Authority (DGA) Ahmed al-Suwaiyan said that 73 percent of the venture capital funding is going to technology and digital entrepreneurs.

Suwaiyan indicated during one of the panels at GEC that the Kingdom is the highest in the world in technical government spending out of national technical spending, reaching 21.7 percent last year with a value of $24 billion until 2025.

Several panels and sessions were held at GEC addressing young people and their interests, with the participation of several public and private officials aiming to develop entrepreneurs in all fields and provide them with the support needed to increase the most prominent issues of the emerging generation.

Saudi opportunities

CEO of Mohammed bin Salman Foundation (Misk) Badr al-Badr reviewed the trends that dominate entrepreneurship in 2022 and the sectors in high demand in the future.

Badr confirmed that 50 percent of Saudi youth are thinking about starting their own business, indicating that Misk programs are available to all ambitious people who need support.

He added that the most difficult challenges facing entrepreneurs are regulations, local and global expansion, and lack of talent.

"Misk's focus on supporting the entrepreneurship sector is driven by creating real opportunities for the youth to become entrepreneurs, lead successful businesses, and enable employment opportunities for others," he said.

Business setup

Meanwhile, a session entitled "Nurturing Youth Entrepreneurship" hosted Vice President of Nesma Noura al-Turki, Independent Consultant Khaled al-Zamel, and CEO of the Entrepreneurial Learning Initiative Gary Schoeniger to discuss the need of current and future generations for a stimulating environment to develop new skills and ways of thinking.

The panel discussed how governments tap into this potential and empower young people to become future innovators, addressing the key sectors.

Turki stated that maintaining the entrepreneurial mindset within companies and within the youth who choose corporate careers, noting that it is vital to keep the spirit alive 40 years down the line in a company.

Zamil stated that entrepreneurship faces many difficulties and obstacles, noting that it is necessary to prepare for such possibilities always.

Entertainment

The speakers in the "Looking Ahead - Rise of The Film Industry" session discussed the challenges and opportunities of this sector. It was hosted by UTURN Chairman Kaswara al-Khatib and General Manager of MBC Studio Zainab Abu al-Samh.

Khatib stated they are enough stories to reflect the Saudi identity and be creative in highlighting its culture, adding that expectations are high and Saudi and Arab consumers have high energy and taste.

"Be authentic, focus on the storytelling itself. We have our own identity. We have a lot of stories to tell! Amazing stories!"

Samh indicated that the industry has all possibilities and opportunities, with creators capable of producing new materials. She explained that currently, there is a need to focus on young talents that will contribute to the continuation and development of the industry.

Speaking at the "Disrupting Entertainment: A future view" panel, Netflix co-founder Marc Randolph stressed that ideas must be revised to know that the product or service reaches the customer quickly and inexpensively, indicating that addressing the problem is better than creating ideas.

Programs and initiatives

On its third day, GEC witnessed the signing and launch of several programs and initiatives supporting the SME sector and entrepreneurship, with a total value exceeding $1.6 billion in support of the industry and providing financing solutions for SMEs.

The Small and Medium Enterprises Financing Guarantee Program (Kafalah) signed several agreements with the Ministries of Industry and Mineral Resources, Municipal and Rural Affairs and Housing, and Sports, as well as several funds, including the Cultural Development Fund, the Tourism Development Fund, the National Industries Development and Logistics Program (NIDLP).

Kafalah also signed an agreement with King Saud University, Jouf University, and Saudi Incubators and Accelerators.

Monsha'at signed several cooperation agreements with the Council of Health Insurance and the Saudi Commission for Health Specialties, the Saudi Food and Drug Authority to support and empower entrepreneurs and small and medium enterprises.

The Banque Saudi Fransi signed a cooperation agreement with Saudi Arabian Airlines (Saudia).

It also launched the fourth batch of influential mentoring for an ambitious program in cooperation with Endeavor Saudi Arabia to support fast-growing enterprises by facilitating access to the best mentors in local and global networks and linking with regional and international offices.

It aims to support more than 26 fast-growing firms represented by 35 Saudi entrepreneurs, with more than 400,000 direct and indirect jobs.

Over 20 fast-growing Saudi companies cooperated with the global Elite Network to launch the sixth batch of Elite's ambition, aiming to qualify four to six companies to be offered in Nomu, the parallel stock market.

Meanwhile, Chaizer Power signed a cooperation agreement with the European MegaTel Group to manufacture and supply electric vehicle chargers in Saudi Arabia and the Middle East.

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Business

War Weighs on Egypt’s Private Sector as PMI Hits Near Two-Year Low in March

People walk past a closed cinema as shops close early under a government-ordered curfew aimed at reducing energy costs in downtown Cairo on April 2, 2026. (AFP)
People walk past a closed cinema as shops close early under a government-ordered curfew aimed at reducing energy costs in downtown Cairo on April 2, 2026. (AFP)
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War Weighs on Egypt’s Private Sector as PMI Hits Near Two-Year Low in March

People walk past a closed cinema as shops close early under a government-ordered curfew aimed at reducing energy costs in downtown Cairo on April 2, 2026. (AFP)
People walk past a closed cinema as shops close early under a government-ordered curfew aimed at reducing energy costs in downtown Cairo on April 2, 2026. (AFP)

Egypt's non-oil private ‌sector deteriorated at its sharpest pace in almost two years in March, as the Middle East war drove up costs and dampened client demand, a closely watched business survey showed on Sunday.

The headline S&P Global Egypt Purchasing Managers' Index fell for a fourth consecutive month, dropping to 48.0 in March from 48.9 in February — its lowest reading since April 2024.

The ‌figure remained below ‌the 50.0 threshold that ‌separates growth ⁠from contraction, though ⁠it was broadly in line with the survey's long-run average of 48.2.

Output and new orders were the chief drags on the index, with both measures also hitting their lowest levels for nearly two years. Firms frequently blamed ⁠the Middle East conflict for dampening client ‌demand, partly through ‌intensifying price pressures.

In a first, business expectations for the ‌coming 12 months slipped into negative territory, with ‌companies citing uncertainty over the war as a key reason for pessimism, though the degree of gloom was described as mild.

David Owen, senior economist at ‌S&P Global Market Intelligence, nevertheless noted that "the latest figure of 48.0 still relates ⁠to ⁠annual GDP growth of around 4.3%," adding that "recent data suggests the domestic non-oil sector is on a solid underlying growth path."

Cost pressures remained a serious concern, however. Input prices surged at their joint-sharpest pace in one-and-a-half years, as firms cited fuel costs and other war-related commodity price increases, compounded by a stronger US dollar.

In response, companies raised their selling prices at the fastest rate in 10 months, though the increase remained modest overall.

Business

Middle East War Presents ‘Serious Risk’ for Africa, Warns Report

Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
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Middle East War Presents ‘Serious Risk’ for Africa, Warns Report

Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)

The Middle East war "presents a serious risk to Africa", the African Union and the African Development Bank (AfDB) said in a report seen by AFP Saturday.

The conflict threatens to increase the cost of living and curtail growth on the continent, the report warned.

The Middle East accounts for 15.8 percent of Africa's imports and 10.9 percent of its exports, the report noted.

"The conflict, which already has triggered a trade shock, could quickly turn into a cost-of-living crisis across Africa through higher fuel and food prices, rising shipping and insurance costs, exchange rate pressures, and tighter fiscal conditions," it added.

The growth rate of most African countries continues to be slower than before the Covid pandemic, it noted.

"A loss in output growth of 0.2 percentage points on Africa's GDP is projected for 2026 if it (the conflict) exceeds six months," it said.

"The longer the conflict lasts and the more severe the disruption to shipping routes and energy and fertilizer supplies, the greater the risk of a significant growth slowdown across the continent."

Reduced deliveries of liquefied natural gas (LNG) from the Gulf will impact fertilizer production, limiting its availability during the crucial planting period up to May, it added.

- Currencies hit -

The report was compiled by the UN Development Program (UNDP) and the United Nations Economic Commission for Africa (UNECA).

According to recent data from the AfDB, the currencies of 29 African countries have already depreciated, increasing the cost of servicing external debt, making imports more expensive and reducing foreign exchange reserves,

Some countries could see some short-term gains, such as Nigeria for its oil exports or Mozambique for its LNG.

The rerouting of ships around Cape of Good Hope could benefit ports in Mozambique, South Africa, Namibia and Mauritius.

Kenya is establishing itself as a logistics hub in East Africa, while Ethiopian Airlines, the leading carrier in Africa, is serving as an "emergency air bridge" between the continent, Asia, and Europe, the report noted.

But these gains are likely to be uneven and will not offset the consequences for inflation, budgets, and food security in Africa, they warned.

Above all, the current crisis could hit the costs of humanitarian aid and divert donor funds towards other priorities.

Business

Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
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Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)

Taiwan has received ‌supply assurances from the energy minister of a "major" liquefied natural gas-producing country, the island's economy minister said on Saturday, speaking about the Iran war's impact on Middle East energy imports.

Taiwan, a major semiconductor producer, had relied on Qatar for around a third of its LNG before the conflict, and has said it has secured alternate supplies for the months ahead from countries including Australia and the United States, said Reuters.

Speaking to ‌reporters in Taipei, ‌Economy Minister Kung Ming-hsin said that ‌because ⁠Taiwan has good ⁠relationships with its crude oil and natural gas suppliers, neither adjusting shipment origins nor purchasing additional spot cargoes would be a problem.

Kung said that about two weeks ago the energy minister of a certain "major energy-producing country" proactively contacted him.

The person "explained to us that they ⁠would fully support our natural gas needs. ‌If we have any ‌demand, we can let them know," he added.

"Another country even ‌said that some countries have released strategic petroleum ‌reserves, and they could also help coordinate matters if Taiwan needs assistance," Kung said.

"This shows that Taiwan has in fact earned considerable goodwill internationally through the long-term trust ‌it has built over the years," he said.

He declined to name the countries involved.

Angela ⁠Lin, ⁠spokesperson for state-owned refiner CPC, said at the same news conference that crude oil inventories were being maintained at pre-conflict levels and overall petrochemical feedstock supplies have remained stable.

CPC Chairman Fang Jeng-zen said that to reduce dependence on the Middle East, a new contract with the US will see 1.2 million metric tons of LNG supplied annually, with even more to come in the future, including eventually from Alaska.

However, Taiwan is not considering importing crude or LNG from Russia, he added.