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Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go!
From 30th September to 07th October 2024
New Tech Initiative unveiled to support Startups and drive digital growth
RIYADH: The Tech Talent Hub initiative was launched by Saudi Arabia’s Ministry of Communications and Information Technology to boost startups and the digital economy in the kingdom. Launched in collaboration with recruitment and human resource companies, the initiative will help technology startups and skilled digital professionals.
The main aim is to speed up the growth of tech startups by giving them advanced human resource services to assist these companies to realize their full potential. This effort is in line with Vision 2030 which aims to create a sustainable and thriving future by developing the digital sector and economy.
The initiative will offer HR services like recruitment, hiring, outsourcing, HR systems, consulting and skills assessments. It aims to help the tech companies and professionals to improve their capability.
Through this collaboration between the ministry and HR companies, tech businesses and professionals will be able to access valuable resources and thereby further develop the digital economy.
Tourists’ spending surpasses $ 24 bn in the first half of 2024
RIYADH: In the first half of 2024, foreign tourists in Saudi Arabia spent more than $ 24.5 bn (SR 92.6 bn), 8.2% more than that compared to the same period of the last year. This increase led to surplus in the travel account estimated to be at SR 41.6 bn, the Saudi Press Agency said.
Improvements in Saudi Arabia’s tourism sector have resulted in the increase in tourist spending. The UN World Tourism Organization reported that in the first seven months of 2024, an increase of 67% in the number of international tourists and 75% in tourism revenue as compared to 2019 resulting in the kingdom ranking first among G20 countries.
These achievements were achieved due to the continued efforts by the Saudi Tourism system which targeted on applying the best practices, improving services and products and cooperation of government bodies. The primary reason for this progress is the Ministry of Tourism working under the National Tourism Strategy to help boost the tourism sector and contribute to the country’s economic growth.
Riyadh Forum set to boost SMEs and Startups in Saudi Arabia
RIYADH: Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) organised the Biban 24 forum which will be held in Riyadh from November 5 to 9 2024 under the theme ‘Global Destination for Opportunities’. The event is an effort to encourage entrepreneurship, boost startups and improve competitiveness. The event will bring over 250 speakers and 1,350 exhibitors including local and international entrepreneurs.
The forum aims to discover investment opportunities in the public as well as private sector, introduce innovative strategies that are in line with Vision 2030 which highlights the contribution of SMEs to economic growth. According to Monsha’at’s Governor Sami Al Husseini, the forum is a place for SME development and to foster networking between local and international entrepreneurs.
Over 150 public and private entities will take part, providing support in capacity building as well as e-commerce, confronting the barriers to business development. The forum will also hold the finals of Entrepreneurship World Cup with participants from 151 countries, an opportunity to win $1 million cash prizes.
There will be 420 training sessions for more than 19,000 participants focusing on different segments of entrepreneurship. It will have 9 sections focusing on different needs of SMEs like startups, funding, e-commerce, franchising and market access.
Several other launches and agreements will be launched towards encouraging SME investment and financing options to empower the entrepreneurial ecosystem in the country.
Saudi Minister meets Canadian business leaders to boost Industrial and Mining cooperation
RIYADH: Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef, met with Canadian Business Leaders to bring in collaboration in industrial and mining sectors. The meetings primarily had knowledge transfers and innovation in food, automotive and mining industries. Alkhorayef’s meetings in Canada are a part of boosting cooperation and attract foreigner investors to Saudi Arabia.
At a roundtable meeting organised by Saudi-Canadian Business Council, Alkhorayef highlighted favourable investment climate in Saudi Arabia and opportunities under the Kingdom’s National Industrial Strategy and mining initiatives. He also highlighted investors being provided with incentives like tax exemptions, joint financing and full foreign ownership. The meeting also discussed how the country’s extensive geological data could be used to attract more investments in its $ 2.5 trillion mineral wealth.
Alkhorayef held meetings with several large Canadian companies like Allied Gold, Hatch Ltd, Agnico Eagle Mines and Kinross Gold to explore the investment opportunities in Saudi Arabia’s mining sector. He talked about the revamped mining laws and competitive advantages they provide to the investors, like reduced financial risks and more transparency.
The minister also had a meeting with the officials of McCain Foods to discuss the transfer of food manufacturing technologies and boost Saudi Arabia’s food security. Meetings with Magna Internationals focused on growing the local automotive industry covering electric vehicles and safety technology.
As part of Vision 2030’s objectives to boost its mining and industrial sectors, to position mining as a key factor along with oil and petrochemicals. The country has also been putting efforts to develop its automotive and food industries to promote economic growth and self-sufficiency.
