RIYADH: New licenses were issued on Wednesday to encourage the world’s entrepreneurs and inventors to start up in the Kingdom and boost growth of the small and medium-sized enterprise (SME) sector.
Minister of Commerce and Investment Dr. Majid Al-Qassabi issued 11 new licenses on the sidelines of the Second Misk Global Forum, which was inaugurated on Wednesday.
Senior officials from the Monsha’at, Saudi Arabia’s SME Authority, the Saudi Arabia General Investment Authority, King Abdullah Economic City (KAEC), King Abdulaziz City for Science and Technology and the Economic Cities Authority were present during the launch of the new program.
Before handing over the licenses to 11 entrepreneurs, Al-Qassabi said the effort was to promote the SME sector as well as to diversify the economy of the country in line with Saudi Vision 2030.
Knowledge industries represent a particularly high-growth sector: Saudi Arabia’s young and educated population has one of the world’s highest digital adoption rates, and the knowledge sector is characterized by small and medium, innovative companies.
“Saudi Arabia offers extraordinary opportunities for foreign innovators and investors. This is an incredibly dynamic market with a young, entrepreneurially inclined population and significant latent demand in high-growth industries. We know we have the talent — our job now is to match-make and help provide the opportunities,” said Dr. Ghassan Al-Sulaiman, governor of Monsha’at, stressing that foreign entrepreneurs would bring with them innovation and expertise and help local youths to get to know their operations.
“The new licensing initiative is designed to help build up the private sector and move away from an over-reliance on oil revenues,” said Al-Sulaiman. This initiative, he said, was inspired by the Vision 2030, which will help Saudi Arabia to attract the best minds in the world, transferring knowledge, expanding the economy, increasing the contribution of small and medium-sized companies to GDP and creating jobs for Saudis.”
Fahad Al-Rashid, CEO of KAEC, said the new regulations enabled entrepreneurs to establish a business in the city. The Kingdom has given several incentives such as free housing, transportation and education for children to attract foreign investors.
Opportunities for foreign entrepreneurs are ‘extraordinary’ in Saudi Arabia
Opportunities for foreign entrepreneurs are ‘extraordinary’ in Saudi Arabia
Saudi tourism minister visits heritage sites along Northern Trail
- Ahmed Al-Khatib highlights natural, historical landmarks
- Northern Trail sites are a part of the Saudi Winter program
RIYADH: The Kingdom’s Tourism Minister Ahmed Al-Khatib recently traveled on the Northern Trail from Riyadh to Hail, the Saudi Press Agency reported on Monday.
Part of the Saudi Winter program, the Northern Trail has natural and historical landmarks running across various regions of the country.
Al-Khatib began the trip in Thadiq governorate where he was briefed on sites including the tourist village of Ghamra.
He perused the village’s Najd-style mud buildings, ancient alleyways and mosques which are typical of the region’s historical sites.
The minister visited the geopark north of Riyadh to see the natural rock formations and valleys.
The park is a UNESCO-recognized Global Geopark and is run under the supervision of the National Center for Vegetation Cover Development.
From there, he continued north to the Qassim region, passing through rural farms and agricultural tourism destinations.
Al-Khatib visited the Al-Bustan shrine in the city of Buraidah, and the Cultural Heritage Center that is a major attraction for local and foreign visitors.
The minister ended his trip in Hail’s historical mountainous region.
One of his stops was Jabel Umm Sinman in Jubbah, a UNESCO World Heritage site featuring rock inscriptions dating back more than 10,000 years.
The itinerary included hiking trails in the Aja Mountains, desert adventure experiences, the Al-Didhan Reserve, and a stop at the home of pre-Islamic tribal leader and poet Hatim Al-Tai.
Other points of interest along the Northern Trail include the Sheikh Omar bin Muqrin Archaeological Palace in Shaqra, the heritage village in Ushaiqer, and the Al-Askar Palace in Al-Majmaah.
More details about the various sites along the Northern Trail can be found at visitsaudi.com.
