RIYADH: An up-and-coming Saudi business incubator recently launched a new incentive program aimed at keeping the young and budding entrepreneurs it supports and advises focused “on the prize.”
Oqal, which merges the Arabic word “aqel” (mind) with the Arabic word “amwal” (financial resources), helps youth with business plans and capital make the most of their resources by creating economically viable startups.
The jury on the panel of this latest competition, which was for the Kingdom’s Eastern Province, narrowed down 10 emerging projects to three finalists. Five Saudi judges with experience in the business sector were tasked with selecting the finalists.
Educa, an education-related initiative, won SR50,000 ($13,329) and a car. Qosoor, which rents out wedding and events venues, also won SR50,000. The third-place prize went to a real estate valuation company, which won SR25,000. The winners will also have their businesses accredited.
Since its inception in 2011, Oqal, a not-for-profit online platform, has helped foster the talent and resources of more than 50 entrepreneurs whose companies are now thriving in the Saudi market.
Oqal is working with Monsha’at, Arabic for startups, a government initiative attempting to empower small- and medium-sized enterprises (SMEs) to contribute more significantly to the country’s national economy.
“These prizes are a motivating tool and big form of exposure for these businesses, which will need to keep up momentum on this huge initial boost,” said Yaser Al-Ahmed, one of the judges on the panel.
“These businesses will continue to be guided by Monsha’at, which recently announced that the financial pledges made by young owners will be matched by other high-net-worth individuals in order to encourage future investments in startups.”
The latest initiatives come amid efforts to increase the contribution of SMEs to the gross domestic product (GDP). SMEs only account for 20 percent of Saudi Arabia’s GDP, a weak figure compared with first world countries, some of which enjoy an up to 70 percent SME contribution rate.
SMEs in the Kingdom continue to bear the brunt of complex administrative procedures and funding challenges. Currently, financial institutions only provide a 5 percent rate of funding to startups. Monsha’at is trying to increase funding to 20 percent by 2030.
The authority responsible for SME performance is reviewing cumbersome regulations and increasing access to finance methods, as well as introducing more business incubators and helping local businesses export their products.
Saudi startups win big with business incubator Oqal
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Saudi startups win big with business incubator Oqal
- Currently, financial institutions only provide a 5 percent rate of funding to startups
- SMEs in the Kingdom continue to bear the brunt of complex administrative procedures and funding challenges
Saudi Arabia launches Makkah Route Initiative at Ankara Esenboga Airport
- A lounge was set up at the airport in Ankara, making it the second Turkish airport to facilitate Makkah Route Initiative pilgrims
RIYADH: Saudi Arabia launched the Makkah Route Initiative at Ankara Esenboga Airport on Monday with the Kingdom’s ambassador to Turkiye in attendance.
A lounge was set up at the airport in Ankara, making it the second Turkish airport to facilitate Makkah Route Initiative pilgrims, Saudi Press Agency reported.
The initiative aims to provide high-quality services to Hajj pilgrims from beneficiary countries.As part of the initiative, biometric data is collected in the pilgrim’s home country and the necessary procedures are carried out there. An electronic Hajj visa is also issued in the pilgrim’s country.
The Kingdom’s General Directorate of Passports will ensure that health requirements are met before pilgrims enter the country, and baggage will be coded and sorted according to transportation and accommodation arrangements.
Pilgrims will be transported to their residences in Makkah and Madinah by bus and partner agencies will transport their luggage separately.
Rainy Abha alive with color as jacaranda trees bloom
- Scores of picnickers and tourists have been drawn to areas like Art Street where the blossoms provide a picturesque backdrop
- Asir is home to more than 15,000 jacaranda trees, some of which can grow to a height of 18 meters (60 feet)
RIYADH: After the recent rains in Asir, the city of Abha is awash with color as the jacaranda trees that line its streets spring into life.
Scores of picnickers and tourists have been drawn to areas like Art Street where the blossoms provide a picturesque backdrop to the hustle and bustle of the city, the Saudi Press Agency reported.
The Asir region is home to more than 15,000 jacaranda trees, some of which can grow to a height of 18 meters (60 feet).
The jacaranda genus, which comprises about 45 species of trees and shrubs, is known for its ability to thrive in temperate regions. Within the Kingdom, the trees are mostly cultivated in moderate regions to the south.
Saudi FM meets with Standing Committee of International Humanitarian Law delegation
- Strengthening of international unification with regard to supporting efforts made to ensure human security and safety in all parts of the world was discussed
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received the chairman of the Standing Committee of International Humanitarian Law Dr. Jalal Al-Owaisi in Riyadh on Monday.
During the reception, Prince Faisal, Al-Owaisi, and his accompanying delegation discussed aspects of cooperation in the fields of international humanitarian law.
The strengthening of international unification with regard to supporting efforts made to ensure human security and safety in all parts of the world was also discussed during the meeting.
Later, a memorandum of understanding to enhance joint cooperation in the field of international humanitarian law was signed by the Foreign Ministry and the committee.
The MoU aims to support the integration of joint efforts and facilitate the exchange of experiences and transfer of knowledge in the field of international humanitarian law.
Madinah governor inspects pilgrim services ahead of Hajj
RIYADH: Madinah Gov. Prince Salman bin Sultan on Monday visited the Welcome and Reception Center for Pilgrims on the Hijrah route to inspect the services offered to pilgrims and the preparations made to receive those who are coming to perform the Hajj rituals this year.
He also reviewed the center’s workflow, ensuring it guarantees the comfort of pilgrims and the expeditious completion of procedures related to the services provided to them, the Saudi Press Agency reported.
Prince Salman, who is also chairman of the Hajj and Visit Committee in the region, inspected the workflow mechanism and services provided to pilgrims arriving from King Abdulaziz International Airport and Jeddah Islamic Port, as well as those visiting Madinah after completing the rituals.
He also examined the center’s operational indicators, which automatically monitor arrivals and groupings, along with the plan to enhance the service system through screens monitoring bus arrivals and the completion of procedures within a period not exceeding 120 seconds, by guiding pilgrims and ensuring their residences are ready to receive them.
During the tour, Prince Salman received an explanation of the center’s components, including a support center for transportation services, health clinics and ambulance transportation services, as well as the security and safety system and integrated operational services in welcome lounges, bus routes, the charity warehouse headquarters, transportation companies, and other administrative buildings within the center’s scope.
Al-Yanfa village restoration unlocks Asir’s architectural treasures
RIYADH: Municipal authorities in the Asir region have announced the completion of renovation and development works in the historic Al-Yanfa heritage village in the Tamniah district.
The initiative aims to elevate the village into a premier destination, attracting visitors and tourists from across the world, the Saudi Press Agency reported on Monday.
Al-Yanfa, situated in the scenic Al-Shaaf district of Asir, reflects the region’s cultural heritage. Just 45 km from Abha, the village features historical landmarks such as ancient buildings, mosques and fortified structures amid Asir’s picturesque landscapes. It is also known for its moderate climate and lush green surroundings.
Bandar Al-Nafiei, deputy secretary for projects at the Asir Municipality, highlighted the restoration efforts. He said that the project began with rehabilitating pathways and courtyards, with stone paving throughout the village.
To enhance the village’s charm, illumination fixtures were placed along pathways and courtyards, Al-Nafiei said.
Extensive landscaping was also undertaken, covering every part of the village, from entrances to pathways and courtyards. Additionally, a rainwater drainage project was implemented, incorporating natural wood elements, the SPA reported.
Al-Nafiei said that the village project, spanning more than 60,000 sq m, was implemented using advanced engineering methods. This approach aimed to provide visitors with easy access to explore the village and its historical heritage.
