The Global Entrepreneurship Congress has just concluded in Riyadh. From March 27 to 30, thousands of entrepreneurs, investors, researchers and policy makers from 170 countries traveled to meet and exchange ideas. The future of entrepreneurial ecosystems also highlighted the booming market that is the Arab world, as well as the need for connectivity and cross-border collaborations.
An opportunity for the Saudi market
In just three days, investment agreements worth $13.8 billion were signed at the conference in Riyadh. The event also represented an open door for companies from all over the world to enter the Saudi market. No less than four internationally renowned companies, such as GoDaddy and Lens Kart, have chosen to establish themselves in the kingdom, since the first day of the meeting.
“We live in a country that’s blessed to have a youth bulge. It’s a great opportunity but only if utilized correctly. It’s a challenge but also a big opportunity.”
In addition, the messaging platform Unifonic has raised $125 million, which is the largest funding round ever for a Saudi start-up. After the United Arab Emirates, Saudi Arabia has become the second most funded nation in the ANMO region.
A rewarding international event
Silicon Valley personalities such as Steve Wozniak, co-founder of Apple and Marc Randolph, co-founder of Netflix, also spoke alongside local personalities. The conference was thus enriched by the experiences of everyone to focus on the challenges ahead for the entrepreneurial sector: ecology, inclusiveness, technology, the role of politics.
“We should work together with the Arab world to develop a more ethical and sustainable digital approach.”Alexandre Zapolsky, Co-founder & CEO, Linagora
Several important announcements were made, including the launch of new Social Development Bank products and initiatives that will support and strengthen entrepreneurs to the tune of nearly $3 billion.
A sign of Saudi Arabia’s true commitment to responsible and engaged entrepreneurs in the region.
