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
Female students take top prizes at university’s Engineering Hackathon
- 88 teams from the Eastern Province took part in the event at Imam Abdulrahman bin Faisal University
- Team Al-Farahidi took first place with its Aram project, which aims to help prevent sleepwalking
RIYADH: Teams of female students took the top three prizes at Engineering Hackathon 24, which concluded on Wednesday at Imam Abdulrahman bin Faisal University in Dammam.
A total of 88 teams of male and female students from the Eastern Province took part in the event, which began on April 27, the Saudi Press Agency reported.
Murad Al-Thubaiti, dean of the university’s College of Engineering, welcomed the high level of participation by students from universities across the province, and said 16 teams were chosen as finalists to present their projects, which covered a variety of specializations.
Team Al-Farahidi took first place with its Aram project, which aims to help prevent sleepwalking. The members were Nada Al-Dosari, Sarah Al-Nami, Manal Al-Tamimi and Nihal Al-Suhaibani.
Second spot went to Al-Khawarizmi, a team comprising Fatima Shuwaiheen, Fatima Al-Baik, Hawraa Al-Suwaiket, Walaa Al-Sulays and Amani Al-Saeedi, who designed a device that helps isolate cardiac signals from background noise.
Team Al-Battani was awarded third place for its system to help surgeons deal with stress. Its members were Hawraa Al-Wael, Dahhouk Al-Sabaa and Zainab Bou Moza.
Al-Thubaiti said activities such as the hackathon are an essential element for the development of students’ personalities and helping them prepare for the future.
Illegal workers in Riyadh region arrested after changing expiry dates on food products
- Seized products included 248,000 chicken stock cubes weighing 8 grams, 4,600 potato chip products, 2,900 soy sauces, and 1,500 pasta sauces
- A laser device used to print new production dates was also seized
RIYADH: Illegal workers at a farm in Riyadh region’s Huraymila governorate were arrested after they were caught by the Saudi Ministry of Commerce changing the expiry dates on products, Saudi Press Agency reported on Thursday.
A 3.00 a.m. raid was carried out in cooperation with Riyadh region police and Huraymila governorate police after expired products that were seized in the possession of expatriates a few hours earlier were traced back to the farm.
Seized products included 248,000 chicken stock cubes weighing 8 grams, 4,600 potato chip products, 2,900 soy sauces, and 1,500 pasta sauces. The products were later destroyed. A laser device used to print new production dates was also seized.
The workers were referred to the competent authorities so that deterrent measures could be taken against them in accordance with the provisions of the anti-commercial fraud law.
The ministry said that violators of the anti-commercial fraud law could be imprisoned for up to three years, fined up to SR 1 million ($266,623), or receive both punishments. They could also be deported, the ministry added.
Saudi Arabia calls for unified Arab efforts to confront environmental challenges
- Minister Abdulrahman Al-Fadli spoke of biodiversity and the Arab region’s natural resources
- Al-Fadli said that the region was capable of utilizing technology and innovation
RIYADH: Saudi Minister of Environment, Water and Agriculture Abdulrahman Al-Fadli has stressed the importance of regional action to combat environmental challenges facing the Middle East and North Africa region and the world, the Saudi Press Agency has reported.
Speaking during the 38th meeting of the Arab Organization for Agricultural Development in Riyadh, the minister spoke of biodiversity, the area’s natural resources and the range of agricultural environments, while stressing the challenges facing the region. He called for a united effort to reduce the impact on the region’s peoples.
Al-Fadli said that the Arab region was capable of utilizing technology and innovation, as well as seizing opportunities to invest in agriculture and improve practices to become more productive, efficient and sustainable in the use of water and natural resources.
He said enhancing trade, regional and international cooperation, and the benefits of international organizations were sources of optimism.
The minister said that the Arab region could take advantage of opportunities in technology, innovation and investment in agriculture by improving practices to make the utilization of water and natural resources more productive, efficient and sustainable.
Ibrahim Al Dukhairi, the director general of the organization, pledged his support for sustainability and agricultural development in the region, along with the development of the Arab landscape and food security.
He pointed out the significance of strategies to launch the necessary initiatives and partnerships to achieve the region’s goals.
Tourism Ministry signs job-creation deal
- Agreement was inked by Hind Al-Zahed, in charge of human-capacity development at the MoT, and Sabbar’s founder and CEO Mohammed Taha Ibrahim
- Agreement is aimed at ensuring the sector employs citizens in line with the Kingdom’s Vision 2030 plan
RIYADH: Saudi Arabia’s Ministry of Tourism (MoT) has signed an agreement in Riyadh with Sabbar, a hiring company, to ensure job creation for the sector.
The agreement was inked by Hind Al-Zahed, in charge of human-capacity development at the ministry, and Sabbar’s founder and CEO Mohammed Taha Ibrahim.
Sabbar is a digital platform connecting employers with those seeking jobs.
The agreement is aimed at ensuring the sector employs citizens in line with the Kingdom’s Vision 2030 plan, and to boost the development of the nation’s tourism companies.
The ministry wants to ensure that quality jobs are created in the private sector; and establish a database of those seeking employment.
Specialist hospital is top healthcare institution
- Report highlighted a 31 percent increase in the brand value of the institution, surpassing SR5.6 billion
- Increase is attributed to its commitment to integrate the latest medical technologies and treatments
RIYADH: King Faisal Specialist Hospital and Research Centre (KFSH&RC) has led its sector for the second successive year, ranking as the top healthcare institution in the Kingdom and the Middle East.
It stands out as the only hospital globally to be among the top 10 valuable brands in its country, according to two reports by Brand Finance about the top 50 most valuable brands in Saudi Arabia, and the top 150 most valuable brands in the Middle East for 2024.
The report highlighted a 31 percent increase in the brand value of the institution, surpassing SR5.6 billion ($1.49 billion). This increase is attributed to its commitment to integrate the latest medical technologies and treatments, provide specialized medical care according to the latest international standards, and continuously develop research and patient care.
Muhannad Abdullah Kadi, chief corporate communications and marketing officer at KFSH&RC, said: “This achievement reflects the hospital’s commitment to achieving the highest quality standards and providing exceptional healthcare, as well as the value it provides to beneficiaries.”
He stressed that being among the top 10 most valuable brands in the Kingdom was evidence of the success of the transformations taking place in the healthcare sector in Saudi Arabia.
