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Saudi Arabia Allocates $2.9 Billion for SMEs

Biban 2023 - Saudi Arabia’s largest start-up, SME, and entrepreneurship conference – kicked off on Thursday at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
Biban 2023 - Saudi Arabia’s largest start-up, SME, and entrepreneurship conference – kicked off on Thursday at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
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Saudi Arabia Allocates $2.9 Billion for SMEs

Biban 2023 - Saudi Arabia’s largest start-up, SME, and entrepreneurship conference – kicked off on Thursday at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
Biban 2023 - Saudi Arabia’s largest start-up, SME, and entrepreneurship conference – kicked off on Thursday at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)

Saudi financing agencies announced the allocation of 11 billion riyals ($2.9 billion) for entrepreneurship projects and SMEs in the Kingdom.

This came during the launching of Biban 2023 - Saudi Arabia’s largest start-up, SME, and entrepreneurship conference – which kicked off on Thursday at the Riyadh Front Exhibition and Conference Center.

Organized by Monsha’at - the Saudi General Authority for Small and Medium Enterprises – the conference is attended by 350 speakers representing entrepreneurs, investors and experts from around the world, more than 120 public and private entities, and 750 exhibitors.

Monsha’at Governor Sami Al-Husseini said thanks to government support, the number of SMEs in the Kingdom grew to more than 1.141 million by the end of 2022.

Speaking at the event, Minister of Hajj and Umrah Dr. Tawfiq Al-Rabiah said: “We are working on several methods and incentives to attract entrepreneurship in the fields of Hajj and Umrah.” He noted that financial technology (FinTech) was a fertile field for entrepreneurs in the Hajj sector.

Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi explained that startups and medium-sized companies employed more than 6 million people in Saudi Arabia. He added that more than two million Saudis are working in the private sector.

“The government has involved the private sector in the employment process, which has created different job opportunities for young men and women... The number of workers in the private sector have exceeded that of government employees,” he remarked.

Minister of Transport and Logistics Services Eng. Saleh Al-Jasser stated that various government sectors, including transportation and logistics, were supported by SMEs.

Addressing a panel at the conference, he said: “Many of the initiatives today are not suitable for large companies, and are therefore a golden opportunity for SMEs... Most of the applications related to the transportation sector started with simple ideas by entrepreneurs, and today they compete with many large companies.”

Minister of Industry and Mineral Resources Bandar Alkhorayef stressed that promoting local content activity was an excellent opportunity, adding that the Biban 2023 forum will witness the launch of unique industrial projects.

“Supporting small and emerging industrial companies establishes a successful work system in Saudi Arabia. Young people must make sufficient efforts to search for promising opportunities in various fields of industry,” he added.

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Europe and India Seek Closer Ties with 'Mother of All Deals'

European Commission head Ursula von der Leyen and Indian Prime Minister Narendra Modi met in February 2025 in New Delhi as the two economic behemoths sought to forge closer ties. Money SHARMA / AFP
European Commission head Ursula von der Leyen and Indian Prime Minister Narendra Modi met in February 2025 in New Delhi as the two economic behemoths sought to forge closer ties. Money SHARMA / AFP
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Europe and India Seek Closer Ties with 'Mother of All Deals'

European Commission head Ursula von der Leyen and Indian Prime Minister Narendra Modi met in February 2025 in New Delhi as the two economic behemoths sought to forge closer ties. Money SHARMA / AFP
European Commission head Ursula von der Leyen and Indian Prime Minister Narendra Modi met in February 2025 in New Delhi as the two economic behemoths sought to forge closer ties. Money SHARMA / AFP

India and Europe hope to strike the "mother of all deals" when EU chiefs meet Prime Minister Narendra Modi in New Delhi next week, as the two economic behemoths seek to forge closer ties.

Facing challenges from China and the United States, India and the European Union have been negotiating a massive free trade pact -- and talks, first launched about two decades ago, are nearing the finishing line.

"We are on the cusp of a historic trade agreement," European Commission President Ursula von der Leyen said this week.

Von der Leyen and European Council president Antonio Costa will attend Republic Day celebrations Monday before an EU-India summit Tuesday, where they hope to shake hands on the accord.

Securing a pact described by India's Commerce Minister Piyush Goyal as "the mother of all deals", would be a major win for Brussels and New Delhi as both seek to open up new markets in the face of US tariffs and Chinese export controls.

But officials have been eager to stress there is more to it than commerce.

"The EU and India are moving closer together at the time when the rules-based international order is under unprecedented pressure through wars, coercion and economic fragmentation," the EU's top diplomat, Kaja Kallas said Wednesday.

- 'Untapped potential' -

Russia's invasion of Ukraine and US President Donald Trump's punitive tariffs have brought momentum to the relationship between India and the EU, said Praveen Donthi, of the International Crisis Group think tank.

"The EU eyes the Indian market and aims to steer a rising power like India away from Russia, while India seeks to diversify its partnerships, doubling down on its strategy of multi-alignment at a time when its relations with the US have taken a downward turn," he said.

The summit will offer Brussels the chance to turn the page after a bruising transatlantic crisis over Greenland -- now seemingly defused.

Together the EU and India account for about a quarter of the world's population and GDP.

Bilateral trade in goods reached 120 billion euros ($139 billion) in 2024, an increase of nearly 90 percent over the past decade, according to EU figures, with a further 60 billion euros ($69 billion) in trade in services.

But both parties are eager to do more.

"India still accounts for around only around 2.5 percent of total EU trade in goods, compared with close to 15 percent for China," an EU official said, adding the figure gave a sense of the "untapped potential" an agreement could unlock.

EU makers of cars, machinery and chemicals have much to gain from India lowering entry barriers, said Ignacio Garcia Bercero, an analyst at Brussels think tank Bruegel, who led EU trade talks with New Delhi over a decade ago.

"India is one of the most heavily protected economies in the world, with very, very high tariffs, including on many products where the European Union has a competitive advantage," he told AFP.

Its economy in the doldrums, the 27-member EU is also pushing to ease exports of spirits and wines and strengthen intellectual property rules.

India -- the fastest growing major economy in the world -- wants easier market access for products such as textiles and pharmaceuticals.

- Defense pact -

EU officials were tight-lipped about the deal's contents as negotiations are ongoing.

But agriculture, a sensitive topic in both India and Europe, is likely to play a limited role, with New Delhi eager to protect its dairy and grain sectors.

Talks are focusing on a few sticking points, including the impact of the EU's carbon border tax on steel exports and safety and quality standards in the pharmaceutical and automotive sectors, according to people familiar with the discussions.

Still EU officials said they were confident negotiations could be concluded in time for the summit.

An accord on mobility to facilitate movement for seasonal workers, students, researchers and highly skilled professionals, is also on the menu, alongside a security and defense pact.

The latter envisages closer cooperation in areas including maritime security, cybersecurity and counter-terrorism, an EU official said. It is also a "precondition" for the possible joint production of military equipment, said a second EU official.

New Delhi, which has relied on Moscow for decades for key military hardware, has tried to cut its dependence on Russia in recent years by diversifying imports and pushing its own domestic manufacturing base. Europe is doing the same vis-a-vis the US.

"We're ready to open a new chapter in EU-India relationships, and really to unlock what we think is the transformative potential of this partnership," said another EU official.

Business

Saudi Arabia to Host World Economic Forum Global Collaboration and Growth Meeting in April

The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting on April 22-23, 2026 - SPA
The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting on April 22-23, 2026 - SPA
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Saudi Arabia to Host World Economic Forum Global Collaboration and Growth Meeting in April

The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting on April 22-23, 2026 - SPA
The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting on April 22-23, 2026 - SPA

The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting: "Building Common Ground and Reviving Growth" in Jeddah on April 22-23, 2026.

The announcement came during the closing day of the 56th Annual Meeting of the forum in Davos, Switzerland.

Minister of Economy and Planning Faisal Alibrahim confirmed the details of the regular high-level WEF meeting, announced at the 2025 WEF annual meeting, SPA reported.

In his closing remarks at the forum, the minister stressed the need for sustained dialogue to accelerate global growth, calling on participants to engage actively in the World Economic Forum's Global Collaboration and Growth meeting, set to take place in Jeddah in April.

He noted that the meeting will build on the momentum generated by the World Economic Forum's Special Meeting hosted by Riyadh in 2024, affirming that the Kingdom has emerged as a global capital of pragmatism and consequential decision-making.

President of WEF Børge Brende highlighted the forum's deepening engagement with the Kingdom. He said: "We are pleased to return to Saudi Arabia in 2026 to carry forward the conversations started at our annual meeting, creating space for leaders to work together, build trust, and ensure dialogue leads to meaningful collaboration and action."

The announcement of the Kingdom's hosting of the World Economic Forum Global Collaboration and Growth Meeting comes as a continuation of the significant success achieved at the forum's special meeting hosted by Riyadh in April 2024, reinforcing Saudi Arabia's position as a reliable international partner in promoting economic stability and enhancing cooperation between developed and developing economies to confront shared global challenges.

Business

First SDRPY Oil Derivatives Grant Arrives in Yemen's Socotra

The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects - SPA
The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects - SPA
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First SDRPY Oil Derivatives Grant Arrives in Yemen's Socotra

The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects - SPA
The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects - SPA

The first shipment of the Oil Derivatives Grant from the Saudi Development and Reconstruction Program for Yemen (SDRPY) arrived in Socotra on Friday.

The shipment will be providing fuel for electricity stations in Hadibu, Qalansiyah, Muri, and Alamah and eventually serving over 70 power plants across all Yemeni governorates.

The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects.

According to SPA, under an agreement with the Yemeni Ministry of Electricity and Energy, SDRPY is providing 339 million liters of diesel and fuel oil valued at $81.2 million, purchased through the Yemeni petroleum company PetroMasila.

This initiative aims to stabilize the electricity sector and support vital infrastructure, including hospitals, schools, and airports, while stimulating economic growth.

The current grant follows previous Saudi fuel support totaling $180 million in 2018, $422 million in 2021, and $200 million in 2022.